Ribbon Expands to Illinois, Empowering Buyers and Sellers With Novel All-Cash Offer and Closing Certainty in an Ever-Changing Market
Homebuyers and sellers now have confidence and certainty with all-cash Ribbon offers that are guaranteed to close
NEW YORK, Sept. 15, 2022 /PRNewswire/ -- Ribbon, the homeownership company, today announces its expansion into Illinois, empowering local homebuyers and sellers to face growing market challenges with more certainty and flexibility. Ribbon's Cash Offer is a guaranteed close, providing sellers peace of mind that the offer will go through while giving buyers flexibility by removing home sale, financing and appraisal contingencies.
Investor-owned homes and mortgage rate increases present affordability challenges for buyers, especially first-time homebuyers. RibbonCash Offers allow buyers to upgrade offers and bid confidently for the home of their dreams, using the most powerful offer in real estate: cash. On the other side of the transaction, Ribbon offers give sellers certainty that their homes will close on time, even in the most volatile markets so that they can move into the next chapter of their lives.
"Everyday buyers deserve a fighting chance to own a home in and around the Windy City," said Shaival Shah, CEO and co-founder of Ribbon. "By expanding our powerful homeownership solutions and best-in-class software to Illinois, we're empowering buyers to win their dream homes and providing sellers with the peace of mind to move on to the next chapter. We are excited to help level the playing field for Illinois homebuyers and their agents — beginning today."
The city of Chicago ranks among the top places to raise a family and grow as young working professionals. Chicago homebuyers continue battling rising costs in a city where homes sell for a median price of $370,000 – up 4.8% compared to last year. Now, with Ribbon, buyers can have the time and flexibility to secure financing for their home when needed.
Ribbon partners with local lenders and brokerages to give buyers and sellers an advantage - instead of competing with them like others in the PropTech space. Ribbon's powerful Cash Offers for lenders enable buyers to become competitive against challenging marketing conditions and a persistent investor presence. With 16.7% of pending sales falling out of contract in June, sellers also look for certainty. Utilizing Ribbon relieves such risk by guaranteeing the sale.
"Fairway's CashReady program, in partnership with Ribbon, changes the game for buyers and agents across the region," said Michael Facchini, Branch Manager, Fairway Independent Mortgage Corporation. "An all-cash offer that is guaranteed to close, providing our clients the option to buy before selling their current home, means our buyers don't have to wait until they sell to begin looking for their next home. It's a big win for both buyers and sellers."
In addition to Illinois, Ribbon expanded into Michigan this week. The company is now in 17 states with plans to expand to half of the U.S. by the end of 2022. For more information about Ribbon, visit www.ribbonhome.com.
About Ribbon:
Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. Ribbon allows everyday families to compete on a level playing field with high-net-worth individuals and institutional buyers by upgrading their offers to winning RibbonCash Offers. As the leading real estate technology platform, Ribbon empowers agents, brokerages, and lenders to create a world-class experience for homebuyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.
Media Contact:
BLASTmedia for Ribbon
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317.806.1900
SOURCE Ribbon
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