NEW YORK, April 21, 2021 /PRNewswire/ -- Ribbon, a real estate technology company empowering the real estate ecosystem on its mission to make homeownership achievable, today announces the launch of Appraisal Protection, a new feature of RibbonCash Offers. With Appraisal Protection, Ribbon enables homebuyers to make winning offers by waiving the appraisal contingency. Buyers have peace of mind that Ribbon will cover any difference if the home is under-appraised.
The real estate market has been extremely competitive with record-low inventory and home prices have increased 15% year over year. First-time homebuyers and everyday families face even more competition with the rise of institutional buyers making cash offers without the need for appraisals, leaving first-time homebuyers with limited cash unable to compete.
"We are seeing a dangerous trend in today's market - middle-class families, especially in the starter home market, are losing out on homes to institutional investors and high net worth individuals," said Shaival Shah, CEO and co-founder of Ribbon. "This has only strengthened our commitment to our mission. Appraisal Protection is one of the ways we can level the playing field and help everyday families turn their dream of owning a home into a reality."
Ribbon's Appraisal Protection applies to all RibbonCash Offers, empowering every family to win the home they love. Homebuyers can make a winning RibbonCash Offer, without appraisal contingencies, up to a predetermined valuation by Ribbon's team of experts. If the home appraises below the offer amount, Ribbon covers every dollar. For example, if a RibbonCash Offer is accepted at $360,000 but the home appraises for $350,000. Ribbon covers the $10,000 difference.
Ribbon's Appraisal Protection gets rid of all the stress and uncertainty that comes with appraisals, and puts everyday families on a level playing field with real estate investors and wealthy individuals who can buy with cash.
"Appraisal Protection has been a game-changer," said Tass Ploskas, an agent based in Houston. "With Ribbon, we were able to win in a multiple offer situation and Ribbon saved the day when the appraisal came in low."
The Appraisal Protection feature is available today in all markets Ribbon operates in - North Carolina, South Carolina, Tennessee, Georgia and Texas. To learn more about how to use Appraisal Protection and RibbonCash Offers to make a winning offer, visit https://www.ribbonhome.com/buying/.
Founded in 2017, Ribbon is on a mission to make homeownership achievable. Ribbon allows everyday families to compete on a level playing field with high net worth individuals and institutional buyers by upgrading their offers to winning RibbonCash Offers. Ribbon is the leading real estate technology platform that empowers agents, brokerages, and lenders to create a world-class experience for home buyers and sellers through powerful financial products and digital workflow software.
Patrick Murphy, BLASTmedia for Ribbon