TAMPA - Attention, Tampa Bay homeowners: Here's another option for selling your house quickly for cash.
Coldwell Banker is teaming up with Home Partners of America on a pilot program that lets Coldwell sales agents present cash offers to their clients in Hillsborough and Pinellas counties. Here's how it works: Sellers with qualifying homes valued at $450,000 or less can ask for an offer from Home Partners' cataLIST subsidiary. The offer comes back within 24 hours, and the sellers can either accept it -- closing in as little as 15 days -- or continue marketing the home in the traditional way with their Coldwell agent.
The program, available so far only in Dallas, Atlanta and the Tampa Bay area, is designed for sellers who want avoid the uncertainty that often comes with real estate transactions.
"Market conditions may change, interest rates may go up, there are a lot of variables,'' said Charles Richardson, senior regional vice president of Coldwell Banker in Tampa. "If you have to get to where you are moving to very quickly, this is a very good way of accomplishing that. If your plan is to move in the next three to six months, this might not be the best option."
Coldwell Banker agents will act as "the eyes on the ground" to feed cataLIST information about a home's condition before the offer is made, Richardson said. The property also will be subject to a home inspection before a deal is finalized.
In recent years, several quick-sale companies have sprung up including Offer Pad and Opendoor. In those, the seller deals directly with the online buyer while in the cataList program, a Realtor stays in the process. "We feel it's good to have a real estate professional kind of guiding (sellers) through this," Richardson said.
Chicago-based Home Partners of America entered the bay area market three years ago with a rent-to-own program that lets consumers "try out" a neighborhood. Clients who qualify based on credit and background checks choose an available house in a community approved by Home Partners. The company buys the house and leases it to the client, who has the option to buy it later for a pre-set price.
This year, Home Partners has bought 233 homes in the Tampa Bay area at prices in the $300,000 range, Richardson said.The company's web site shows that it typically looks for houses with at least three bedrooms and two bathrooms in suburban areas like Brandon, Lutz and Wesley Chapel. Houses that qualify for cataList offers "are somewhat restricted to geographic areas (Home Partners) has identified," Richardson said. "But we are fortunate to have the opportunity to work with them."
The program is available through agents with Coldwell Banker Residential Real Estate in Pinellas and Hillsborough counties, not through agents with Coldwell Banker franchisees.
Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate.