Real Estate Startup Will Help You Make An All-Cash Bid
Bloomberg Businessweek|July 2018

In property bidding wars, buyers are desperate for an edge. These startups say they’ll back you.

Noah Buhayar and Patrick Clark

The most active real estate broker in the Pacific Northwest this year is a former Microsoft Corp. program manager who used to work on Bing. Tushar Garg isn’t the typical salesman walking would-be buyers through carefully staged houses. He’s co-founder of FlyHomes Inc., a three-year-old real estate brokerage in Seattle that promises to turn its clients into cash buyers.

The idea is relatively simple: A house hunter hires FlyHomes as her broker. When she’s ready to bid on a home, she gives the startup a deposit of 5 percent of the bid price. FlyHomes then makes an all-cash offer for the property, using its line of credit from a bank. After the deal is done, it sells the house to the homebuyer once she’s gotten a mortgage. In return, the company earns the typical 3 percent commission from the original seller.

In tight housing markets, this pitch can be seductive. Stories of house hunters “losing” several homes before getting a bid accepted are legion in greater Seattle, where prices have shot up faster than any other big metro area in the country for 20 months. Cash has long appealed to sellers, because it gives them certainty and puts money in their pocket more quickly. FlyHomes says more than half its offers are accepted.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView All

Strongmen? Us?

Don’t let their confidence fool you: Xi, Putin, and other authoritarians are increasingly vulnerable at home

6 mins read
Bloomberg Businessweek
November 22 - 29, 2021

The Most Broken Business in America

Biden’s Build Back Better plan may make day care more affordable for parents—if the providers don’t go belly up first

10+ mins read
Bloomberg Businessweek
November 22 - 29, 2021

The Gucci Girlfriend

A love affair with Sheree McLaughlin led fashion scion Maurizio Gucci to leave his wife—a decision that would get him killed. As audiences ready for Ridley Scott’s retelling in House of Gucci, McLaughlin shares her story for the first time.

10+ mins read
Bloomberg Businessweek
November 22 - 29, 2021

Crypto's Regulation Fix: We'll Handle It

Execs say traditional agencies don’t have the tools or expertise to oversee the sector alone

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021

Ghost at the Controls

Boeing insisted pilots didn’t need expensive training for the new 737 Max and wouldn’t have trouble diagnosing software errors midflight. Then Maxes started pointing themselves toward the Earth. Adapted from the new book Flying Blind: The 737 Max Tragedy and the Fall of Boeing, by Peter Robison

10+ mins read
Bloomberg Businessweek
November 22 - 29, 2021

Xi's Great Moderation

The Chinese leader wants to downsize the real estate sector, even if it means sacrificing economic growth

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021

There's a Blockchain App for That

○ The technology is being used for digital health passports, banking, and gaming

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021

Teaching Digital Currencies Not to Guzzle

Alternatives to “mining” augur power-sipping coins

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021

Rivian's Success Is a Tribute to Tesla

Why is a company with no sales worth $130 billion? Belief in EVs

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021

Retailers Gain The Upper Hand

○ Supply chain disruptions will mean fewer deep discounts for shoppers this Christmas

4 mins read
Bloomberg Businessweek
November 22 - 29, 2021
RELATED STORIES

Is Now a Good Time to Sell My Home?

What sellers can expect from Orlando’s housing market in 2020.

1 min read
Central Florida Lifestyle
January 2020

Property Brothers' Porn Shame!

THEIR NEW IN-LAW STARS IN SHOCKING FETISH FLICK

1 min read
National Enquirer
December 2, 2019

How To Get Rid Of A Timeshare

It’s not easy, and you will never get back what you paid for it.

4 mins read
Kiplinger's Personal Finance
November 2019

A Florida Retiree's Uncut Lawn May Cost Him His House

The city of Dunedin, Florida, really wants Jim Ficken’s house.

3 mins read
Reason magazine
November 2019

Why You Need A Partner!

Drew and Jonathan Scott, the home-renovating stars of HGTV’s PROPERTY BROTHERS, have built an entertainment empire out of hard work, an eye for design, and a healthy dose of schmaltz. And they owe it all to this belief: In business, two heads are better than one.

8 mins read
Entrepreneur
March 2019

Tips To Keep Peace among your heirs

Use our guide to save on taxes, avoid probate and keep peace among your heirs.

10+ mins read
Kiplinger's Personal Finance
December 2018

Does The Indian Festive Season Attract NRI Homebuyers?

Anil Pharande, chairman, Pharande Spaces, ponders on how it works for the world of real estate

2 mins read
Construction Week
November 2021

Embracing The Real Estate Boom

While the pandemic may have initially slowed the real estate dreams of buyers and developers, the trend is seeing a dramatic surge in recent times. Sowmya Putran looks at why it is worth investing in real estate now, more than ever

3 mins read
CULTURAMA
October 2021

The Home Of The British Grand Prix Can Be Your Home, Too

At these new luxury residences, the home of the British Grand Prix can be your home, too.

1 min read
Robb Report Singapore
November 2021

‘Mortgage' Has More To It Than Meets The Eye

“Property is theft”, declared the ‘father of anarchism’, Pierre-Joseph Proudhon. We are all grand larcenists, suggests Andrew Leci, who asserts that the word ‘mortgage’ has more to it than meets the eye.

4 mins read
Robb Report Singapore
November 2021