Flyhomes, a Seattle startup, has announced the launch of its Trade Up program, which is designed to help sellers who are looking to buy new homes.
According to the company, the Trade Up program provides a guaranteed price for the buyer’s current home. Flyhomes lists home for sale and will purchase the property if it does not sell within 90 days. If Flyhomes sells the property for more than the listing price, they’ll hand over the proceeds from the sale. The program is now available in Seattle and San Francisco.
“For most people, a home is the single biggest purchase they’ll ever make, and the traditional process of making that purchase is fraught with obstacles, stress, and worry,” said Tushar Garg, Flyhomes CEO and co-founder. “We believe our approach—which supports homebuyers with a vertically integrated product offering—is the future of real estate. Because we do everything from touring homes to funding their purchase, we have greatly simplified the process for buyers. We are thrilled to partner with Canvas Ventures and a16z on this investment, which represents a significant vote of confidence in our mission and ambitious goals for the future.”
Flyhomes also announced it has received $141 million in new financing, with $21 million in Series B equity financing led by Canvas Ventures with participation from existing investors Andreessen Horowitz (a16z), and $120 million in debt financing from multiple lenders including Genesis Capital, who originates loans on behalf of Goldman Sachs Bank USA.