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Using Ribbon as a first time or move up buyer

September 17, 2021
/ by 
Mackenzie Kruvant
Using Ribbon as a first time or move up buyer

Ribbon works to make homeownership achievable—no matter the buyer situation. Our solutions can help first time buyers or buyers who already own and are looking to move into their new home. We do so through our financial solutions RibbonBoost and RibbonReserve, which empower agents, and their clients, every step of the way. 

First time home buyers

The current sellers market is leaving new buyers out of the equation. As individuals with large budgets and financial institutions are buying up inventory with all cash—some sellers aren't even looking at buyers who need traditional financing to purchase. First time home buyers can benefit by using RibbonBoost to turn their offers into a cash offer to be more competitive, especially in multi offer situations.

Tennessee Agent, Brian Lurie, shared this story of his clients working with Ribbon to  secure their dream home: 

“I had first time homebuyers looking in Bartlett, TN who understood what was going on in the market, but only qualified for an FHA loan with the minimum down payment. Those buyers were certain they were on a long road of pain and suffering. I introduced them to Ribbon and they were on board. 

We started looking at houses and found the perfect one a few weeks later. Of course, it was in a multiple offer situation. Ribbons value came in a few thousand over list price, and my buyer offered $1000  on top of that and we got the house by making a cash offer over list price. They were able to beat out not only 20% down conventional loan offers, but also a cash offer that was not as high. 

Ribbon turned one of the lesser desirable loan products (in this market now), into the winning cash offer. Buyers were thrilled!"

RibbonBoost backs your buyer with cash, eliminates contingencies, and provides appraisal protection to strengthen their offers. If your client secures financing on time, great! If not, Ribbon will reserve the home using our program RibbonReserve and sell it back to them for the same price. They can even move in right away, which brings us to move up buyers.

Move up buyers

Move up buyers have a unique need. As you know, if they’re using a traditional financial backer, like a bank, they will need to sell their current home before purchasing a new one. This leaves them with an inflexible and stressful timeline, as well as added expenses. Ribbon created RibbonReserve to help in this exact case.

Brian had another success story with Ribbon: 

“They were looking to stay in the same area and buy a home with a pool. A home came on the market at over 600k and it was in a multiple offer situation. Ribbon’s value came in a little over list price and they offered more cash on top of that. We won the multiple offer situation, then I quickly scrambled and got their existing home on the market. We were able to get their home under contract and close at the same time as the new home. ”

RibbonReserve allows buyers to reserve their new home for up to 180 days while they are able to secure financing. Ribbon then sells the home back to your client at the same price. In the meantime they can move in right away, skipping the step of finding storage and a hotel or with a family member to stay with. Once they’re all settled, they can work on selling their own home. More flexibility and more money saved.

Ribbon for every buyer

From buyers looking for a new construction to buyers relocating far from home, RibbonBoost and RibbonReserve offer more security, flexibility, and money saved for everyone. Book time to speak with a Ribbon Advisor to learn more here.

Written by: 
Mackenzie Kruvant