Drew Uher, HomeLight's Founder and CEO, said:
"Our vision at HomeLight is to make every real estate transaction simple, certain and satisfying. Cash Close and HomeLight Elite Agent are huge steps toward fulfilling that vision."
HomeLight Cash Close
HomeLight's Cash Close program encompasses a suite of products that allow prospective buyers to make an all-cash offer on a new home — even before they sell their existing home or even if they plan to get a loan. Since all-cash offers are stronger and give sellers more peace of mind, Cash Close buyers increase their chances of winning their new home, and at the best price possible. Cash Close aims to forever eliminate contingencies from real estate transactions, which historically have created uncertainty for all parties involved.
HomeLight has been piloting the Cash Close products in California with fantastic results for homebuyers. These products are powered under the hood by HomeLight's Home Loans and Closing Services divisions.
"We would not have been able to get into our new house without HomeLight Trade-In. Everyone I talk to about moving wants to know how we were able to purchase and move before the sale of our old house. I've already referred several people to the program!" said Brent Cowing, one of HomeLight's first Trade-In customers.
HomeLight's Cash Close program includes two new products: HomeLight Trade-In and HomeLight Cash Offer. Cash Close products will be available to buyers and sellers working with a top agent on HomeLight.
With HomeLight Trade-In, homeowners can trade in their existing home for their new home as quickly and easily as trading in a car to a dealership. HomeLight Trade-In is the only product to not only guarantee the sale of their existing home but also give the homeowner the upside from their existing home, when it sells with an agent from the HomeLight network.
Before HomeLight Trade-In, most homeowners had to sell their home before they could buy their new home. Now, homeowners can shop for their new home at their own pace, and submit an all-cash offer with no home-sale contingency. They can move on their own timeline.
With HomeLight Cash Offer, HomeLight backs qualified clients so they can make cash offers for their new home — even if these clients will be financing the home with a mortgage. After a client qualifies for Cash Offer, HomeLight will either guarantee that they are clear to close and/or will purchase the new home on behalf of the client and transfer ownership once financing has been completed.
"These products are a huge step forward for HomeLight's clients — NAR transaction data shows that in November of 2019, 23% of settlements were delayed while 4% were cancelled altogether. 41% of those delays were caused by issues related to buyer financing. HomeLight's goal with Cash Close is to take those numbers to zero," said Uher.
HomeLight Elite Agent
HomeLight Elite Agent delivers on the promise of the exceptional agent: one that has not only demonstrated top performance in their local market but also represents the values that HomeLight believes serve consumers best. To identify agents who qualify for this program, HomeLight uses key metrics such as days on market, transaction close rate, time to contact, win rate, and ratings from past clients.
"Unlike other premium agent programs on real estate search portals, real estate agents cannot pay for HomeLight Elite Agent status. Instead, HomeLight Elite is awarded to the top 1% of real estate agents on HomeLight's platform. HomeLight Elite Agent will be the preeminent community of agents in the real estate industry, not a marketing gimmick or pay-to-play program," said Uher.
Elite Agents are granted additional privileges designed to help them succeed both on and off HomeLight's platform, such as:
Initially, Cash Close will be available to real estate agents and clients based on a waiting list and HomeLight Elite Agents will receive priority registration.
"The demand we're seeing for the Cash Close product from agents has been way beyond our initial expectations," continued Uher. "We're excited to get it into the hands of top agents nationwide and completely transform the real estate experience for homebuyers and sellers."
HomeLight Cash Close is available in California and HomeLight Elite is available in select markets in California, Colorado, Texas and Florida. HomeLight expects to aggressively launch both products in more markets across the nation in 2020.