Only pay when you win
2.95% if you decide to rent without buying.
Ribbon charges 1.95 % of the contract price or 2.95 % if you rent without buying(i.e. you choose not to buy after we buy the home or you cannot securing financing to repurchase the home back from us).
While this number can vary across markets and even neighborhoods specifically, our research finds that the average Ribbon Offer typically commands a 5 % discount relative to competing bids which have financing contingencies.
After your bid has been accepted by the seller and the due diligence period is underway (where applicable), you would pay our Ribbon transaction fee (1.95 % of the purchase price) within 72 hours.
Absolutely not. We believe in being transparent and forthright with all of our customers and prospective customers.
You can expect to pay the exact same in closing costs as you would in any standard, non-Ribbon home purchase.
In the event that we purchase the home, we would be on the hook for the buyer’s share of closing costs. In the event where you ultimately secure financing and purchase the home, you would be on the hook for paying for your relevant closing costs as normally expected. In the event where we buy the home but you then purchase the home back from us, you would also be on the hook for paying your share of the buyer’s closing costs.
In addition to helping you win your dream home, guaranteeing that you secure the home and get to move in, Ribbon’s offers also typically command a discount of ~5 % or more to the standard home price. When you compare this discount relative to our minimal fee, it’s a no brainer. Winning is only fun when we do it together.
In this case, you are still in your lease and can continue renting and living in the home. Ribbon is not in the business of long term property management and may sell the home to another landlord. Because we take a lot of transfer costs and the financial risk on the price of the home, Ribbon charges you an extra 1 % of the home price if you decide not to purchase.
We will resell/convey the home back to you at the same price we purchased it for on the official purchase agreement. No painful markups.
We only charge rent in the event you haven’t secured your mortgage prior to closing. If not, we have you covered. When we buy and reserve the home for you, we charge rent based on fair market value based on similar homes in the area. This covers our costs, but our model is not to make money on rent. In fact, we encourage you to secure your mortgage as soon as reasonably possible so you can own your beautiful new home. The best part is that you will know the rental amount prior to making an offer as part of our mission for you to know everything upfront so you can bid, win and close with confidence.
A one month security deposit is due prior to the commencement of the lease.
As outlined in the Ribbon Program Agreement(along with the lease agreement), first month’s rent and a one month security deposit are both due prior to the commencement of the lease.