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

And then other companies, they charge a flat fee for the service. matched

And so that might be somewhere usually between 1% and 3% of the purchase price of the home. matched

These startups do vet buyers to make sure that they're financially qualified and able to afford the homes that they're buying. matched

And so these products are not necessarily going to help somebody who is just on the threshold of homeownership, barely qualified for a mortgage. matched

It's not necessarily targeted at that kind of buyer. matched

This is more a product targeted at well-qualified buyers who are able to afford the homes that they're looking to buy. matched

They're just having a little bit of trouble competing in the market against all cash buyers. matched

And so this puts them matched

on the same footing as all cash buyers. matched

So usually the buyer is still getting a traditional mortgage. matched

This is just a way to help them make their offer more competitive. matched

And so they are at the end of the day matched

still financing their home purchase, whether they're getting the mortgage from one of these startups or getting it from a more traditional bank or mortgage lender. matched

This is just that even buyers with very good credit who are very well qualified, if they don't have all of the cash to buy the home up front, sometimes they're finding it hard to compete. matched

And so this is really to help them compete in the market, help make their offer more competitive, but they are still usually actually getting a mortgage at the end of the day. matched

So as an example, one of the families that I spoke to, they were moving to Northern California and they worked with a startup called Fly Homes. matched

And Fly Homes bought a house on these buyers' behalf. matched

And then when the buyers were able to close their mortgage a few weeks later, they then bought the home back from Fly Homes at the same price. matched

One of the biggest challenges is often lining up the timing of selling one home and buying another. matched

Often, buyers need the cash from the sale of their old home in order to afford the new one, but it can be hard to line up those transactions smoothly. matched

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