Homebuying tech platform Homelight continues to expand around the country, most recently adding its flagship financial offerings, HomeLight Trade-In and HomeLight Cash Offer, to top real estate agents, homebuyers and sellers across Colorado.
HomeLight Cash Offer enables homebuyers to make all-cash offers even if they need a mortgage. HomeLight Trade-In enables buyers to unlock liquidity from their current home to buy their new home. Both products allow homebuyers and sellers to make contingency-free offers while accelerating commission for top agents.
Based on transactions closed since December 2019, HomeLight Trade-In homes have sold for 5% above market valuation, closed five times faster and helped clients save 3.5% on the purchase price of their new home, compared with the traditional method of listing on the market, the company said. Offers powered by HomeLight Cash Offer have saved home buyers up to 4.4% compared to offers with a loan.
Fueled by a $100 million credit facility from Credit Suisse, HomeLight plans to expand across the U.S. The products are currently available in California, Texas and Colorado, with new markets planned to open in the coming months.
“We’re deeply committed to providing the best agents with the most innovative solutions to compete and win in today’s competitive market,” said Drew Uher, founder and CEO of HomeLight. “Cash Offer and Trade-In are the hottest products in real estate. With our expansion into Colorado, thousands of top agents can now enable their clients to have a buying or selling experience that is simple, certain and satisfying.”
HomeLight Cash Offer gives top agents and their clients the ability to make an all-cash offer on their next home, even if they need a mortgage, the compay said. HomeLight Home Loans verifies the client’s income and assets to determine purchasing power, and once the client and their agent find a home, HomeLight makes an all-cash offer on the client’s behalf and holds the home until the client secures financing. As soon as the client’s loan closes, HomeLight sells the home to the client at the purchase price, plus a small program fee.
HomeLight Trade-In lets homeowners buy before they sell, while still capturing the full market value of their home. HomeLight purchases the individual’s home once they’ve found a new home to purchase — typically for 90% of the home’s expected value — which frees up their equity to close on their new home. HomeLight then lists and sells the home on the market with the agent. If the home sells for more than HomeLight’s purchase price, the company pays the client the difference, less a small program fee.
