HomeLight, a real estate technology platform powering innovative transactions for top agents, lenders, and their clients, announced $20 million of new funding supporting the expansion of its flagship financial product Buy Before You Sell to lenders and agents across 40 new states. This Series D extension was led by Zeev Ventures, with participation from Stereo Capital, Menlo Ventures, and others.
HomeLight Buy Before You Sell solves a major problem that millions of homebuyers face: needing to sell their existing home to buy their new one. Buy Before You Sell utilizes AI technology to allow these individuals to unlock up to 70% of the equity from their existing home and begin making offers the same day.
Buy Before You Sell has already seen rapid adoption across the lender community, with 40 lenders currently using the product, including The Loan Store and Luminate Home Loans, and others. And these partnerships with some of the nation’s largest lenders have fueled the product’s expansion, which is now operating in 47 total states.
Buy Before You Sell provides top loan officers who are trained on the product several advantages:
1.) Review and approve clients’ property condition and eligibility for the program utilizing HomeLight’s proprietary AI-driven algorithm in minutes
2.) Instantly unlock up to 70% of an approved client’s existing equity in their home
3.) Empowers clients to make a stronger and non-contingent offer on their dream home without a home sale contingency
4.) Enable clients to move on their timeline and sell their old home prepped and staged to maximize the sales price
So far, HomeLight partnered with 10,000+ top loan officers, 28,000+ top real estate agents, and unlocked over $655 million in equity from clients’ existing homes across the country with Buy Before You Sell. Top agents are now able to invite their preferred lenders to the platform to seamlessly help clients sell their current home to afford their next one.
KEY QUOTES:
“The contingent nature of homebuying for the majority of buyers is a big factor keeping more people from being active in the market. The lack of control can be a major turnoff for contingent buyers, knowing they can only afford a new home if they sell their current home first, and understanding that the timeframe for selling is completely reliant on other buyers. Empowering homeowners to buy a new home with the certainty that comes from Buy Before You Sell is immensely valuable.”
- Phil Shoemaker, CEO of The Loan Store, a flagship Buy Before You Sell partner
“We are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions. So far, the response to Buy Before You Sell has blown away our expectations and we’re thrilled to add so much value to both our lender and agent partners as well as their clients.”
- Drew Uher, Founder and CEO of HomeLight
“With Buy Before You Sell, we were able to accomplish my buyer’s goal: submitting a non-contingent offer, pulling equity out now for the down payment at closing, and only having to move once, with no rent payments in the middle. It was a very smooth process. Other programs have either cost more or didn’t communicate well; at HomeLight, everyone has been incredibly thoughtful, efficient, and communicative. We’re grateful this option exists.”
• ⁃ Lisa Shapiro, Senior Mortgage Advisor at NEO Home Loans, a subsidiary of Luminate
