Power buyer Ribbon has launched its services in Virginia, according to an announcement made Wednesday.
Ribbon is partnering with Weichert Financial Services to offer homebuyers in the Northern Virginia and the Virginia Beach area access to all-cash offers.
In the current low inventory-high price housing market, buyers that want to successfully get into a home need to find different ways to compete. All-cash offers are one way to do this, but not all homebuyers can produce an all-cash offer. As a power buyer, Ribbon works by buying homes for buyers regardless of where the buyer is in the mortgage process. According to the company, RibbonCash Offers come with guaranteed close and appraisal protection. Ribbon also says they will waive mortgage, appraisal, and home sale contingencies. In addition, Ribbon allows homebuyers to work with their choice of real estate agent and lender.
“Given the challenges many people experience when purchasing a home, homebuyers looking for their homes are increasingly delaying their pursuit. This is not how the homebuying process should be,” Shaival Shah, co-founder and CEO of Ribbon said in a statement. “Instead, we want to ensure homeownership is achievable for all — no matter how competitive the market is.
The average sales price for a single-family home in Virginia rose 13.7% year over year in January, despite housing inventory rising 32% month over month and the average days on market coming in at 35 days, according to Ribbon. The power buyer stated that these statistics indicate that buyers are “hesitant to enter the market” as they fear they will not be able to compete.
Last week, Ribbon launched two new locations in Indiana and Missouri. Since its founding in 2017, the company has rapidly expanded. In addition to the locations launched this month, Ribbon also operates in North Carolina, South Carolina, Texas, Tennessee, Georgia, Florida, Alabama and Oklahoma. The power buyer says it plans on expanding to of the U.S. by the end of 2022.