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Ribbon, a tech-enabled company that helps homebuyers make all-cash offers, said today it has expanded into Kentucky, allowing Kentucky homebuyers to make all-cash offers with RibbonCash.
Kentucky represents a major milestone, as it becomes the 15th state in which Ribbon operates. With the addition of Kentucky, Ribbon has now expanded into eight states this year. The company says it expects to be in half of the U.S. states by the end of 2022.
Hopes of homeownership have dwindled for many in the face of rising interest rates and increased competition from wealthy investors. Home sales in Louisville rose 3.5% in June 2022 compared to last year, selling for a median price of $211,000, Ribbon said. With high mortgage rates causing additional disruption, buyers lean on real estate brokerages to get the most value for their purchase while sellers prioritize certainty in the transaction, Ribbon said.
"Buyers in the market are swimming against a current of fluctuating costs, rising rates, and low inventory,” said Shaival Shah, Ribbon co-founder and CEO. "At Ribbon, we advocate for everyday people who want to own a home — not investors. We're leveling the playing field by equipping buyers with the most powerful offer in real estate and working directly with their agent and loan officer of choice. Further, sellers can feel confident that their deal will close, so they can move on to the next chapter."
With RibbonCash Offers, homebuyers can make an all-cash offer on a home, waiving mortgage, appraisal, and home sale contingencies. Ribbon's guaranteed close gives buyers, sellers, and agents added predictability, the company said.
Ribbon said its RibbonCash Offers are guaranteed to close, providing sellers certainty even in the most competitive and volatile markets. In a time of fluctuating interest rates, buyers utilizing Ribbon can shop around for the best mortgage rates, elevate their home purchase options, and bid with confidence for the home of their dreams using the most powerful offer in real estate, Ribbon said.
The company said it works directly with real estate professionals and lenders who remain key advocates for buyers and sellers. Ribbon said it is partnering with Finish Line Realty in Louisville. Finish Line Realty can now provide all-cash, non-contingent offers on homes that pass inspection to its customers — empowering them to more effectively compete with the institutional investors snapping up residential homes and driving up prices beyond actual value, Ribbon said.
“Finish Line Realty’s goal is to help everyday buyers achieve their home ownership goals in Louisville’s challenging housing market,” said Scott Hack, broker/owner at Finish Line Realty. “Leveraging Ribbon’s all-cash offers allows us to make the American Dream, with all its traditions, a reality for more of our clients.”
In addition to Kentucky, Ribbon operates in Alabama, Arkansas, Colorado, Florida, Georgia, Indiana, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and Virginia.