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Real Estate Business Review | Monday, August 01, 2022
Customers may use fintech to make cash bids while dealing with their favorite real estate expert.
Fremont, CA: The impact of labor and material shortages, growing restrictions, industry consolidation, and housing price issues have been difficult for property management organizations to bear. They've had to deal with rising demands and expectations from their tenants and customers, as well as the possibility of competition from investment firms and management organizations looking to enter the single-family rental market.
Lower's multi-channel financial platform assists clients in building wealth via homeownership, regardless of where they are in life's path. Its mortgage, banking, insurance, and real estate solutions provide clients a straightforward environment to simplify their homeownership aspirations, whether it's their first or final house. Lower.com Field, home of the Columbus Crew, is named a national and local best place to work by Lower.com.
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Lower.com is releasing MortgagePassTM to enable clients to obtain their ideal house with what it calls the greatest cash offer while continuing to interact with their favorite real estate broker.
"We recognize the immense value real estate agents bring to this transaction. All too often, customers are forced to unhook from their agents or pay an additional fee to retain their agents in order to offer cash on a home," said co-founder and CEO Dan Snyder. "We want our customers to benefit from the expertise of their local agents while also gaining the competitive advantage of offering cash, as nearly a third of purchases are cash offers."
Customers would be pre-approved for a mortgage through Lower.com as part of the initiative. Then they may look for a house and make a cash bid on it. They will continue to finance as usual, and Lower.com will buy the property in cash if the transaction gets delayed. Lower.com will sell the house to the buyer for the original purchase price once the financing gets completed.
In addition to their agent, customers who utilize MortgagePassTM have access to a straightforward application and tech platform, affordable costs, and the flexibility to set their loan term. They'll also get access to longer rate locks; if rates fall, they'll get dropped for free.
MortgagePassTM will begin operations in Columbus in 2022, with ambitions to spread throughout the country rapidly.
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