Flyhomes Reviews & Comparison to Other Home Trade-in Platforms
Editor’s note: Processes, rates, and services from real estate companies can change based on market conditions, housing trends, changes in technology, and customer needs.
Buying and selling a house at the same time has always been a challenge. In many instances, a homeowner needs to use equity from their existing home to buy their next residence.
That can mean adding a home sale contingency to their offer, which makes it weaker and less attractive to sellers, or finding temporary housing between transactions. Neither of these options are ideal.
Seattle-based Flyhomes — alongside companies including HomeLight, Orchard, Knock, and Ribbon — is one company in real estate aiming to help people navigate this balancing act more smoothly.
As you explore different real estate solutions out there, you may be curious to read up on Flyhomes reviews and how the solution compares to others available to you.
Let’s take a closer look at Flyhomes’ main offerings, as well as how the company has been reviewed by past customers.
Flyhomes’ Buy & Sell solution
The Flyhomes Buy Before You Sell program is a home trade-in service that helps homeowners buy and sell property at the same time.
Key to this process is the short-term loan they provide to clients, which allows them to make a cash offer on a new home before their current property is sold.
Here is how the process works:
Flyhomes starts by evaluating your old home and providing a price estimate, before you begin working with a partner lender to get budget pre-approved for your next home in advance.
Then, buy your new home. A Flyhomes agent will help you develop strategies with financial tools including their affiliate company, Flyhomes Mortgage, for a more competitive offer.
Finally, move into your new home while getting your old home ready to sell. Flyhomes guarantees that if your home doesn’t sell within 120 days, they will provide an offer to buy it from you.
Flyhomes’ customers who use this program will typically incur a cost of $100-$200 per day between the time they move into their new home and finalize the sale of their old home. This covers the interest on the short-term loan, which it is worth noting that Flyhomes does not make money on, and is akin to the costs you’d incur for any short-term housing solution, but without the inconvenience of moving multiple times.
The company also offers a cash offer product for people who don’t have an existing home to sell.
