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.
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.
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.
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.
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.
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.
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.
No. We just show up with cash when negotiations are finalized and the seller is ready to close!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
You get paid when Board buys the home. No need to wait 45 days for closing.
We can close whenever you and your seller client want after the first 7 days. You pick the closing date, we’ll be there!
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.
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.
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.
Yep! Shoot us an email and we are happy to hop on a call or arrange an on-boarding session with your brokerage.
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.
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.
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.