Flyhomes, a four-year-old real estate startup that lets people make cash offers on homes while they work to secure a mortgage, has announced a new round of funding and a new service for buyers.
The Seattle-based brokerage said it raised $141 million in debt and equity that it’ll use, in part, to grow a new part of its business that targets trade-up buyers. People who use Flyhomes to buy a new property will get a guarantee that their old home will sell at an agreed-upon price within 90 days. If not, Flyhomes will buy it. If it sells above the set price during that period, the seller keeps the extra.
Flyhomes makes its money from brokerage fees, not from flipping homes, said Tushar Garg, Flyhomes’ CEO and Co-Founder. Executive Chairman Steve Lane, Flyhomes’ other Co-Founder, got the idea for the company when he was buying a home in 2015.
“For most people, a home is the single biggest purchase they’ll ever make, and the traditional process of making that purchase is fraught with obstacles, stress and worry,” Garg said. “We believe our approach – which supports homebuyers with a vertically integrated product offering – is the future of real estate.”
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