Flexible plans that put you in control and guarantee closing
The fee will be fully negotiated on the purchase contract and allocated to Ribbon at closing. The Ribbon fee is added into the buyer's earnest money deposit (and/or DD deposit in North Carolina) when submitting the offer. Instead of deducting the buyer's deposits from the purchase price at closing, Ribbon will just absorb the deposits on the final closing statement.
There is no fee to pay if the offer is not accepted.
While two sets of closing costs exist, Ribbon will pay customary buyer-paid closing costs on the first transaction and the buyer will pay customary closing costs at the repurchase (when the buyer purchases the home back from Ribbon). You will never pay double closing costs.
If the buyer secures financing and purchases the home, the transaction fee is reduced to 1% for reserving the home and providing security.
Rent is based on the carrying costs of the home (our financing fees, insurance, taxes, HOA fees etc) however this does not cover renter's insurance. Rent is charged from the day the home is purchased by Ribbon until the date the buyer repurchases it back from us, pro-rated by the day. A security deposit is not required.
In this case, your buyer is still in their lease, but Ribbon may need to sell the home to another landlord. Our Ribbon guarantee is that we will purchase the home after the inspection period (or Due Diligence in North Carolina). If you decide that you no longer want the home after this period, then the total amount due to Ribbon will be the Ribbon fee, due diligence money (if applicable), earnest money deposit, and 2 months rent (or fulfill 6 month lease).