Coldwell Banker Jumps Into iBuyer Business
September 26, 2018
Realogy Holdings announced that one of its franchises, Coldwell Banker, will be launching a direct buying business in several markets. Coldwell is debuting a “quick-cash sales program” where homeowners can get offers for their homes within 24 hours.
Coldwell Banker will work with Home Partners of America and its subsidiary, cataLIST, to offer the new product to its customers. The program will be piloted in Atlanta and Dallas in October before expanding into Tampa later this year.
Coldwell Banker is joining the ranks of a growing list of firms offering so-called “iBuyer” programs to homeowners, such as Opendoor, OfferPad, Redfin, Knock, and more. The details of these iBuyer programs may differ, but in general the idea is to allow homeowners an option to bypass the traditional selling process and the open market. Instead, they can sell their home more quickly at market value, and in a way where they can set the closing date at their convenience.
Coldwell Banker says real estate professionals will remain a central figure in this new sales process. A homeowner who lists their property with Coldwell Banker will be able to receive an instant cash offer from its partner cataLIST within one business day. The homeowner then has five days to decide whether to accept or reject the cash offer. If they decline the offer, their home will be listed using the traditional route and with a Coldwell Banker real estate agent. If they accept the offer, they could potentially close within 10 days.
“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,” Bill Young, chief executive officer of Home Partners of America, said in a statement, adding that sellers will be able to close any time within a 90-day window. “Sellers will have greater negotiating power on their next purchase knowing they have a cash contract on their existing home with a quick closing.”
Updated: August 16, 2019