Acting as an insurance policy for home sellers, Brickfloor’s Home Price Guarantee product sees the fintech committing to buying the seller’s home for a competitive price.
If the seller receives a higher offer during the sale process, the seller sells to the third party and keeps 100 per cent of the difference. If not, Brickfloor buys the home for the agreed price.
As a condition, home sellers are charged a fee of 2 per cent of the offer amount, payable upon settlement of the home.
According to Brickfloor, the product provides sellers with peace of mind, the ability to safely buy before they sell, and leverage to extract higher offers from other buyers.
“Buying first is a great strategy in a rising market, but our research shows less than 20 per cent intend to do this because of uncertainty around the sale process,” said Brickfloor founder and chief executive Dean Fraser.
“Brickfloor eliminates this uncertainty and empowers homeowners to buy first.
“Our Home Price Guarantee is an innovative advancement in the residential property sector that puts home sellers’ needs first and removes uncertainty and stress from one of the biggest financial decisions of a person’s life.”
Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.