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April 13, 2021

Real estate firm rolls out home-buying program for hurried sellers

PHOTO | CONTRIBUTED
By Natalie Missakian

You’ve finally found your dream home and hope to make a competitive offer before another buyer swoops in. 

But you still haven’t sold the house you’re in -- and you need the cash to make a downpayment. 

It’s a classic problem, made worse by a red-hot housing market amid the pandemic.

A Shelton-based real estate company says it has a way to help. William Raveis Real Estate earlier this month rolled out a new service called Raveis Purchase.

Under the program, clients of the real estate company can sell their existing home to William Raveis for up to 80% of its value, unlocking the majority of equity so they can quickly make an offer on their next home.

Once the home is empty, Raveis completes any needed renovations and lists it for sale. When the home sells, the homeowner gets the remaining proceeds.

“For homeowners who want to maximize the value of their home and take advantage of this hot real estate market, Raveis Purchase is a no-brainer and a guaranteed sale,” Raveis co-president Ryan Raveis said in a statement. “They will have cash in hand and be ready for their next home.”

There is no shortage of  direct home-buying companies that pay cash for homes from motivated sellers, such as Connecticut We Buy Houses, Homelight and others, although the business model varies. 

Some pay a fixed one-time cash amount to buy the home “as-is,” while others, like Raveis, promise to pass along the proceeds if they later sell the house at a mark-up.

Meanwhile, so-called iBuyers like Redfin and Zillow, buy homes sight unseen, often paying close to market value but charging a fee to purchase, market and sell the property, and billing for any needed repairs.

Raveis said it is buying homes at all price points throughout the company’s nine-state footprint, which includes Connecticut, Florida, Massachusetts, Rhode Island, Vermont, New Hampshire, Maine, New York and New Jersey.

Contact Natalie Missakian at news@newhavenbiz.com

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