Secure mortgage before closing
Flexible closing - get your mortgage after closing
Ribbon’s 1.95% of purchase price fee is paid by the seller at close. If you, the buyer, needs to rent, you simply pay a fair market price for rent which you will know upfront before making an offer.
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 home closes, the Seller pays the fee usually as a seller paid closing cost.
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.
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.
As outlined in the Ribbon Program Agreement (along with the lease agreement), first month’s rent is due prior to the commencement of the lease.