Realogy is the latest company to suspend making all-cash offers to prospective sellers through its iBuyer program RealSure, the company confirmed Tuesday to Inman after The Real Deal reported the news.
“RealSure was designed to provide home sellers peace of mind with a more flexible real estate experience anchored by assurance and expert guidance,” a spokesperson for Realogy said, in a statement. “Helping home sellers get the best value for their home is important to us, and with the volatility of the current market, we do not believe that RealSure can now provide the value the program was designed to deliver.”
“Therefore, to maintain the integrity and future of RealSure, we made the difficult decision to suspend all-cash offers at this time. We remain committed to RealSure as a great resource for agents to provide flexibility and assurance to home sellers and are actively monitoring the market with the goal of restarting the program as soon as possible.”
Realogy launched a revamped iBuyer platform called RealSure in October 2019. The updated platform built off the company’s existing partnership with HomePartners of America to give sellers a cash offer on their home that’s good for 45 days. The seller can accept the offer after a 30-day waiting period – which Realogy calls a “peace of mind” period – giving them the security of knowing just how much they could get for their home.
Realogy is the latest to suspend the actual buying part of iBuying, as the real estate industry grinds to a halt in some markets, due to the spread of COVID-19 (coronavirus). Redfin was the first to halt home buying, with Opendoor, Zillow and Offerpad soon following.