Frequently Asked Questions

Why does Board exist?

We believe everyone deserves an equal shot at homeownership. Just because you don’t have $100,000s in your bank account doesn’t mean you should lose out on your dream home or savings that come with a cash deal.

What services does Board offer?

Board buys homes for people who need a mortgage. Our purchase service allows mortgage buyers to make all cash offers on their next home using our cash. With Board, everyone can benefit from a cash deal.

What does it cost me to use your service?

All costs are paid by our partner lenders. Like any mortgage transaction, the rate on your mortgage disclosure is the rate you pay. You don’t give us an extra dime.

So what’s the catch? How does Board make money?

Board makes money the same way any mortgage broker or loan originator does. For the most competitive originators, that is typically about 1-2% of the loan amount. Of course, we make considerably less than that given the costs and risks involved in buying and holding your home for you.

Will my rates be higher by using Board and your partner lenders?

It could happen, but it’s unlikely. Because we already own the home you want to buy, we have maximum leverage over lenders. We work with you to make sure banks compete to give you the lowest rate possible.

Will I have a rate estimate before Board buys the home?

Absolutely. Just like the information you’d receive from a lender’s pre-approval letter, you will receive a similar estimate before Board buys the home on your behalf. That way, you can shop with complete confidence.

Will I pay closing costs twice?

No. Just like any purchase transaction, you will pay closing costs once: when you close on your loan and buy the home. The only difference with Board is that you are buying the home from Board instead of the original seller. That’s also why we work with the same escrow company for both transactions to ensure there are no double charges.

Can I still use my agent to help me through the process and negotiate?

Absolutely. In fact, we recommend it. Use whatever agent you wish. Board is not involved in negotiation or agent selection.

Is Board involved in the negotiation process with the listing agent and/ or seller?

No. We just show up with cash when negotiations are finalized and the seller is ready to close!

Once I decide to place an offer, how do I get Board to submit an all cash offer on my behalf?

You can initiate your Board Cash Offer online. We’ll ask you for the property address, offer amount, and agent information. Or, you and your agent can just give us a call.

What happens if I need to change my offer price during negotiations?

Give us a call or resubmit online to change the terms. Once we have approved your initial offer, this should take minutes. Our goal is to allow you and your agent to negotiate and stay out of your way. We just make sure the cash shows up.

Can I still get an inspection once Board submits an offer on my behalf?

Absolutely. When Board places an all cash offer on your new home, we always make the offer contingent on an inspection. Just like in any real estate negotiation, you and your agent can renegotiate the sales price with the seller after the report is completed. Once the final price is negotiated, Board steps in and buys the home for you.

Who pays my agent’s commission

Just like in any real estate transaction, the seller pays both agents. Once negotiations have concluded between you (the buyer), the seller, and agents, Board signs a standard representation agreement with the real estate agent that represented you. Once Board closes on the home, your agent gets paid.

If I don't have an agent what happens to the buyer’s agent commission being offered?

Board does not take a commission on the sale. We believe agents are a critical part of any real estate transaction and strongly suggest all buyers work with one.

Do I need an earnest money deposit when I place an offer with Board?

An earnest money deposit shows a seller you are serious about an offer. It is required in virtually all real estate contracts. Once you win your offer with Board, we will require you to match the earnest money deposit we provide to the seller for the home we are buying for you. This is typically around 3% of the sales price, though it can be more or less depending on the situation.

How does Board sell the home back to me?

We use a standard real estate sales contract. A contract is signed between you, the buyer, and Board when Board’s cash offer is accepted by the seller. That is also when we will ask you to match the earnest money deposit we provide to the seller.

After Board buys my home for me, what happens next?

Get ready for move-in! The only thing left is for you to submit final documents required (if any) to close on your loan. Once Board buys the home for you, the only difference between a conventional transaction and one with Board is that you are buying the home from Board as opposed to the original seller.

Is my agent still involved after Board buys the home for me?

As much as you want them to be. But remember, by the time Board buys the home, negotiations have concluded, and the agent has already been paid for the sale.

What if the value of the home changes between the time you purchase it and sell it back to me?

Nothing. We sell the home back to you at the same price we bought it for. No hidden fees or painful markups. We hate those.

What happens if I cannot secure a mortgage after Board buys my dream home? For instance, what happens if I lose my job and cannot qualify?

If you cannot secure a mortgage, Board will resell the home we purchased on your behalf and your earnest money deposit will be returned promptly. As a matter of principle, Board will not penalize any borrower if they cannot secure a mortgage and act in good faith.

How long do I have to secure a mortgage?

You have up to 45 days to secure a mortgage. Most customers will be able to close in a fraction of the time given our upfront due diligence.

Can I decide not to buy the home from Board?

Buyers and agents should make sure they have found their dream home before they Board it. When Board signs a binding contract with the seller to buy the home on your behalf, we also require you to sign a contract that obligates you to buy the home back from us.

How does the title and escrow process work? Who pays? Who choses?

We work with one escrow company for both transactions to ensure Board and our customers don’t pay closing costs twice. We may approve other title companies on a case-by-case basis.

How does this service benefit buyers?

Board was created to level the playing field between “main street” borrowers and wealthy all cash buyers. That’s why we buy homes for people who need a mortgage using our cash. With Board, buyers are 4x more likely to win their dream home at the best possible price in competitive markets (WSJ), and cash buyers can save tens of thousands of dollars off list price in less competitive ones (RealtyTrac).

Will my buyers have higher rates with you?

It’s possible, but unlikely. We have found (rather unexpectedly) that by owning the home, we have considerably more leverage over lenders than ordinary mortgage brokers and originators. That helps depress borrower prices and rates.

How does this service benefit sellers?

We believe in a future of real estate that is cash-only. With Board, there is only cash buyers and cash offers. Sellers want to move out as much as buyers want to move in. Lenders have a bad habit of delaying and botching deals. By removing the lender from the transaction, we de-risk it for your clients.

How do I know I’ll get paid if Board buys the home for my client?

Board is not involved in negotiation or agent selection. Our job is just to make sure the cash shows up. Before Board buys the home on behalf of your client, we sign an agency agreement with you to make sure that you get paid.

How do I know you’ll sell the home to my client at the same price?

Unlike conventional iBuyers, we are not home flippers and do not profit off markups of the sales price. Board will sign a sales contract with your buyer client with identical terms while concurrently signing a representation agreement with you.

When do I get paid?

You get paid when Board buys the home. No need to wait 45 days for closing.

Speaking of closing, how long does it take you to close?

We can close whenever you and your seller client want after the first 7 days. You pick the closing date, we’ll be there!

What happens if the buyer is unable to secure a mortgage? Do I have to give back my commission?

Absolutely not. Just as we de-risk the transaction for sellers, we also de-risk it for agents. If the buyer cannot secure a mortgage, that’s not your fault. You did all the negotiations, wrote the deal, and closed it. We are not joking when we say it’s time for agents to get out of the lending business.

I am a listing agent. I have pre-approved buyers and my seller only wants to entertain cash offers. How long will it take to see if Board will approve these for the all-cash purchase?

Officially, we say it takes 24 hours to get approved to Board a property from scratch. But we love a challenge here at Board. Call us to see what we can do. We are happy to coordinate with you and the buyer’s agent (if any) as needed.

What is your policy when buyers approach you before they have an agent?

We have a growing network of approved cash buyers who are not represented by agents. We typically recommend they work with the listing agent. If a buyer asks for buyer’s agent recommendations specifically, we offer contact information of agents Board has successfully worked with in the past.

Do you offer training for agents or my brokerage on best practices with Board?

Yep! Shoot us an email and we are happy to hop on a call or arrange an on-boarding session with your brokerage.

What is a cash offer?

In real estate, a cash offer comes without the contract “deal-killers” typical in a financed offer. Cash offers are preferred by sellers because they are far less likely to fall through compared to mortgage offers.

Why do sellers prefer cash buyers?

The only people who hate working with lenders more than homebuyers are sellers. Sellers prefer cash buyers because their offers do not require lender approval & red tape that have a bad habit of killing and delaying deals. The bottom line is that sellers want to move out as much as you want to move in.

Cash buyers typically spend less for the property because sellers see their transaction as more likely to reach closing. The phrase “Cash is King” is cliché for a reason. By buying the home all cash on your behalf, Board allows you and the seller to reap the benefits of a cash deal.

What is a contingency, and why are they bad?

Contingencies increase transaction uncertainty and kill real estate deals. Although meant to protect a buyer’s interests when the unexpected happens, contingencies end up working against you as they weaken your offer. Common contingencies include the financing contingency (borrower securing a mortgage) and the appraisal contingency (the property is appraised at or above the offer price), although there are many more.

Lenders require borrowers to make contingent offers, even though it’s not in your best interest. Contingencies weaken your offer in the eyes of the seller and reduce the likelihood of reaching closing.