Home Partners Of America And Realogy Holdings Corp. To Launch The cataLIST Program
Cash Sale Program Available to Home Sellers in Select Markets
Through the cataLIST Program, an owner of a qualifying property who lists with Coldwell Banker will have the option of receiving a cataLIST Cash Offer from cataLIST to purchase their home, generally within one business day of providing the property information.
Within five days after receiving the cataLIST Cash Offer, the homeowner has the choice of accepting the offer or marketing the home for sale through the traditional listing process. If the sellers accept the cataLIST Cash Offer, the closing can generally occur in as few as 10 days, subject to obtaining clear title to the property. If the sellers do not accept the cataLIST Cash Offer, the offer will be automatically withdrawn, and the home will be marketed through the Coldwell Banker marketing program.
According to Steve Murray, president of REAL Trends, "We believed that it would only be a matter of time before the incumbent giant of residential real estate offered an "iBuyer" program. Realogy has the access to capital, talent and distribution that can create a formidable competitor in this new service segment. We also believe that other national and regional companies will not be far behind. It is an exciting development."
The cataLIST Program allows the homeowner the flexibility to work with a fully trained and licensed market expert. With many other cash offer models, consumers lose the value and expert opinion a top real estate professional brings to the table. The cataLIST Program gives sellers the advantage of working with the same agent regardless of whether they choose the cash offer option or customary marketing provided for in the listing agreement.
Sellers who choose the cataLIST Cash Offer can benefit from the convenience of a quick sale without having to continue to pay tax, insurance, and mortgage for the property while its being marketed, additionally, sellers who accept the cataLIST Cash Offer can close any time within a 90-day window, making it easier to facilitate the move into a new residence. Sellers will have greater negotiating power on their next purchase knowing they have a cash contract on their existing home with a quick closing.
- Bill Young, Chief Executive Officer of Home Partners of America
"The cataLIST Program gives agents the distinct advantage of being able to offer their customers either the great listing experience they have long provided or an alternative to the common sale model, one that is convenient and expedites the home sale process," said M. Ryan Gorman, president and CEO of NRT. "The cataLIST program keeps our independent agents at the center of the transaction and additionally arms them with a powerful tool to compete with iBuyer players in their marketplace."
The pilot program will launch in the Atlanta and Greater Dallas market areas in October and expand into Tampa markets through the remainder of 2018. Home Partners of America expects to continue to explore more opportunities with NRT across the U.S. in 2019.
Home Partners of America announced today that its subsidiary, cataLIST, and Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, will offer the cataLIST Program, a quick-cash sale program through NRT's Coldwell Banker branded operations, available in select markets. NRT is the Realogy subsidiary that operates its company-owned real estate brokerage offices.
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