Flyhomes

Flyhomes is a pioneering financial technology company dedicated to simplifying the complex process of buying and selling a home. Founded in 2015 by Tushar Garg and Steve Lane, who were frustrated with the traditional real estate market, Flyhomes leverages technology, finance, and machine learning to create innovative solutions. The company's flagship offering is the "Buy Before You Sell" program, designed to eliminate the stress and uncertainty of coordinating a home sale and purchase simultaneously. By empowering homebuyers to secure their new home first, Flyhomes transforms a typically arduous journey into a seamless and confident experience.

The platform operates primarily as a wholesale lending partner, collaborating with a vast network of over 30,000 loan officers and real estate agents. This conflict-free model ensures that clients' existing relationships with their trusted professionals are maintained, while Flyhomes provides the powerful financial backing needed to win in competitive markets. With over $6.7 billion in real estate transaction volume and having empowered more than 6,800 homebuyers and sellers, Flyhomes has established itself as a leader in the PropTech space.

How to use Flyhomes

The process for homebuyers is designed for simplicity and speed, typically involving three main steps:

1. Get Program Approval: The first step is to submit your current home for program approval with Flyhomes. This evaluation determines your eligibility and the amount of equity you can leverage.
2. Make a Winning Offer: Once pre-qualified, you can work with your agent to find your dream home. Flyhomes provides the financial solutions, such as the Flyhomes Cash Offer, to make a strong, non-contingent offer that stands out against others, similar to an all-cash bid.
3. Move In, Then Sell: After your offer is accepted, you can close on your new home and move in immediately. This eliminates the need for temporary housing or a double move. Afterward, you can take your time to list and sell your old home for its full market value, without the pressure of a tight deadline.

For loan officers and real estate agents, partnering with Flyhomes involves requesting credentials to access their platform, submitting client scenarios for customized quotes, and utilizing their marketing support to grow their business.

Core Features of Flyhomes

• Buy Before You Sell: The core program that allows you to buy a new home and move in before you sell your current one.
• Flyhomes Cash Offer: A financial tool that turns a financed offer into a powerful, cash-like offer, significantly increasing the chances of acceptance in a competitive market.
• Instant Equity: A solution that allows homeowners to unlock the equity in their current home to use as a down payment on their next home, without having to sell first.
• Guaranteed Backup Contract: This product helps lower a buyer's debt-to-income (DTI) ratio by providing a guarantee on the sale of the current home, helping them qualify for a larger mortgage on the new property.
• AI-Powered Home Search: The company utilizes AI and machine learning in its home search and research portal to provide data-driven insights to clients and partners.
• Wholesale Partnership Platform: A dedicated platform for loan officers and real estate agents to collaborate, access financial products, and manage their client deals efficiently.

Use Cases for Flyhomes

A prime example is a client named Alex in Sacramento, CA, who was expecting a new family member and needed to upsize quickly. Despite having a stable job and significant assets in stocks, he did not want to liquidate his long-term investments for a down payment. Using the Flyhomes Buy Before You Sell program, Alex was able to leverage his income, home equity, and stock portfolio for pre-approval. This allowed him to purchase a new $1,000,000 home with just a 5% down payment, secure the home without a sale contingency, and move in seamlessly before selling his old property. This provided immense financial flexibility and removed the stress of a rushed sale.

For professionals, a loan officer, Yuki Hoang, used the Flyhomes Cash Offer for a client in a bidding war with 22 other offers. The cash-like nature of the offer made it stand out, and it was accepted, demonstrating the product's power in helping agents close difficult deals and grow their referral business.

Advantages of Flyhomes

• Move Only Once: Eliminates the need for temporary housing, storage units, and the logistical nightmare of a double move.
• Maximized Buying Power: By excluding the current mortgage from DTI calculations and unlocking equity, homebuyers can qualify for more and afford their dream home.
• Competitive Advantage: Cash-like offers are significantly more attractive to sellers, giving buyers a winning edge in bidding wars.
• Sell for Full Value: Homeowners can sell their previous home after they've moved, allowing them to wait for the best offer without pressure.
• Conflict-Free Partnerships: Flyhomes works with existing loan officers and agents, not in competition with them, fostering a strong and supportive ecosystem.

Pricing and Plans

Flyhomes does not operate on a flat-fee or subscription model. As a financial services provider, its costs are integrated into the loan products it offers. The pricing, including interest rates on bridge loans and any associated service fees, is customized based on the individual's financial situation, the properties involved, and the specific program used. Prospective clients and partners are encouraged to submit their scenario to receive a customized quote and detailed breakdown of all potential costs. This bespoke approach ensures that the terms are tailored to each unique transaction.