- William Raveis Real Estate introduces Raveis Purchase to help current homeowners tap equity to purchase their next home
- Program allows homeowners to sell their property to the brokerage for up to 80 percent of its value
- The initiative aims to help homeowners be more competitive when making an offer in a hot real estate market
Summary by Dirk Langeveld
With a competitive real estate market becoming the norm, a Connecticut-based real estate brokerage is debuting a new program aimed at helping homebuyers obtain the funds necessary to make an offer.
Raveis Purchase, a program of the Shelton-based William Raveis Real Estate, lets clients sell their home to the brokerage for up to 80 percent of its value. This enables the client to acquire the funds necessary to quickly put in an offer on a new home. The program aims to assist buyers whose equity is largely tied up in their current residence, leaving them unable to make a down payment until they can sell the property.
The program is done in conjunction with Raveis Refresh, where the brokerage completes renovations and prepares the home for sale through their network of expert designers and proprietary vendor platform. This process typically helps to boost the value of the property, and the outgoing homeowner receives any leftover proceeds.
Raveis Purchase is open to all price points and property types. A base service fee, typically 3 to 5 percent of the home’s value, is charged upon its sale.
Several other home purchase programs have been launched to assist current homeowners, though they operate under a wide range of business models. These include everything from paying the homeowner a fixed price for their home to taking over the whole process of purchasing, repairing, marketing, and selling a property.