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UpEquity is the latest Power Buyer to join zavvie’s solutions marketplace, giving the Austin, Texas-based mortgage platform more avenues to partner with real estate brokerages as it looks to expand its footprint to 23 states by the end of the year.
Zavvie, which provides buying and selling technology solutions to real estate brokerages, added nine Power Buyers to its marketplace last fall — Divvy Homes, Feeasy, Flyhomes for Agents, Halo, Homeward, Knock, Landis, Ribbon and Super.
UpEquity provides zero-cost cash offers for well-qualified buyers, as well as a “buy before you sell” service that allows sellers to make cash offers on their new homes before selling their old ones.
UpEquity co-founder and CEO Tim Herman claims cash buyers are four times more likely to win a deal than buyers relying on traditional financing, and that homeowners “are much more likely to sell when they are certain they have a place to move into.”
Currently licensed in 15 states — Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee and Texas — UpEquity said it plans to expand into eight more by the end of the year.
After raising $50 million in Series B funding last fall, UpEquity launched services in California in January.
“UpEquity is at the forefront of lending innovation,” said zavvie Co-founder and CEO Lane Hornung, in a statement. “While disrupting the traditional mortgage process, they continue expanding partnerships with brokerages and real estate agents. UpEquity knows this is the best strategy to accelerating its continued success.”
Zavvie claims that more than 65,000 real estate agents in 47 states use its platform to provide buying and selling solutions to clients using its “white-labeled” (unbranded) platform.
Power Buyers like Knock, Homeward, Orchard, Ribbon and Reali promise to turn any buyer into an iBuyer, with the cash offer and “buy-before-you-sell” services. The mechanics of the process — including funding methods (conventional loan, equity advance, buy-then-repurchase), transaction fees (flat fee or percentage fee plus closing costs) and ancillary features (appraisal protection, inspection guarantees, home-sale prep) — can vary from company to company.
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