Mortgage bank American Financial Network Inc. (AFN) is teaming up with Savvie, a software technology company empowering loan officers and real estate agents, to win and close more deals with its popular Cash Offer programs.
By partnering with zavvie, AFN aims to help turn more buyers into “cash buyers” through more than 1,150 trusted loan originators in 240-plus offices nationwide. According to the National Association of Realtors, cash buyers surged to a decade-high last month. Home buyers paying cash accounted for nearly one in three home sales (32%) in January, the highest share since 2014.
“As we endeavor to support more of our clients to compete against all-cash buyers and win more offers, we’re not just participating in a market trend — we’re leading it,” said John D’Onofrio, executive vice president, retail branching of American Financial Network.
Zavvie’s research shows that a buyer using a traditional mortgage requiring a loan contingency must make offers on seven houses before their offer is accepted. Buyers using a cash offer program average just 1.1 offers submitted before successfully purchasing a home.
“Cash offers continue to be the hottest trend in the home buying market,” said Lane Hornung, co-founder and CEO of Zavvie. “Making more buyers cash buyers creates more business for AFN’s trusted loan originators, and we know that Zavvie Cash Offer programs increase loan officer business activity. More importantly, it increases their GCI (gross commission income) by as much as 33%, and loan officers average at least one more loan per month.”
Offering all cash without contingencies may simplify a home purchase, making buyers’ offers more attractive to sellers who value speed and certainty. With cash, buyers can bypass potential financing obstacles, eliminating the risk of loan approval issues or related deal cancellations. Additionally, cash offers have the potential to shorten the closing period, distinguishing them from competing offers.
American Financial Network Inc. is licensed in all 50 states and Washington, D.C. Zavvie’s nationwide footprint now covers nearly 50 states, with more than 75,000 agents using its platform and potentially reaching more than 700,000 real estate professionals through partnership integrations.
