Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Startups Help Homebuyers Win the Bidding War... With Cash · 21 Oct 2021 podcast

an offer that has a longer closing time if they're worried about, you know, lining up their timing with their next move. matched

Or maybe they are more willing to take an offer that doesn't require an inspection or an appraisal. matched

And so cash is going to be an advantage to a buyer. matched

It can make that offer a little bit more competitive, but it's not necessarily a slam dunk. matched

So definitely the more cash offers are in the market, the harder that it is to compete for buyers who don't have a lot of cash and for buyers who maybe are using mortgages that require small down payments like some of the first time buyer mortgages can be 3% down, 5% down. matched

And from what I hear in the market from buyers, even that is hard to compete with someone who has 20% down, let alone somebody who has all cash. matched

And so people with more limited budgets and less cash available, which tend to be first-time buyers because they didn't just sell a home or have the ability to sell a home, they have to save up for that down payment, it can make it harder for those first-time buyers to compete in the markets. matched

So each one operates differently. matched

The major models are that some startups will just actually buy the home themselves and then resell it to the buyer. matched

So a buyer is approved by a startup. matched

They have to provide a good amount of financial information, the same as applying for a mortgage, and they're approved. matched

And then if they find a home they want to buy, the startup will actually go ahead and buy that home. matched

The buyer will then go out and get their mortgage, or sometimes they get the mortgage directly from this startup. matched

And then once they have their financing lined up, they'll buy it back at the same price from the company. matched

And so the company is just playing this kind of middleman role, buying the home to speed along the transaction for the seller. matched

And then there's another model where some of these companies don't buy the home themselves, but they back the offer. matched

And so in the offer, it says this company kind of guarantees with its own cash that the sale will go through. matched

So there are different ways that these companies are paid. matched

In some cases, they act as the buyer's real estate agent or the buyer's mortgage broker. matched

And so then they're paid the same way any real estate agent or mortgage broker is paid, you know, through a commission, through a percent of the deal. matched

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