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An online property marketplace for investors to buy homes as-is has announced a new feature that allows buyers to purchase at a set price.
Sundae announced the feature that lets sellers of as-is homes set a price that investors can see when deciding whether to buy.
The new feature called Purchase Direct comes at a time of slower home sales, an uptick in interest from sellers to sell quickly and after a period of intense competition among investors.
“Before starting Sundae, I spent many years as a property investor and know the frustrations that come with finding and winning a property,” Sundae CEO Josh Stech said in a statement. “Purchase Direct gives property investors a fast way to acquire properties while our sellers stay in control of the price that’s set.”
The company said it’s trying to meet a growing demand for quick home sales. Internet searches for the phrase “sell my house fast” have more than doubled compared to a year ago, the company said.
Investors who use Purchase Direct will eliminate the guesswork associated with buying sales, face less competition by finding deals online and save time by moving quickly to the acquisition, according to the company.
Sundae works with sellers on setting the “sell-now” price in the markets in which it operates. Investors will see a licensed inspection report and often a 3D home tour, the company said.
Independent investors have faced a challenging market competing with not just each other but with traditional homebuyers and institutional buyers backed by Wall Street.
Under Purchase Direct, the first investor to make an offer on the fixed price set by the seller will receive a purchase agreement.
Sundae recently rolled out more services to investors in more markets, expanding into the Carolinas and Tennessee earlier this year and adding financial services for buyers.