Ribbon is expanding its presence to Alabama, focused on home ownership in Birmingham and Huntsville.
Ribbon is a home ownership company that works with Realtors and buyers, backing buyers’ offers with cash. The company works with mortgage-eligible buyers on purchasing single-family homes, townhomes or condos between $150,000 and $700,000 for owner occupants. Ribbon backs the buyer’s offer with cash, and if the financing doesn’t come through in time to close on the home, Ribbon will purchase the home and rent it back to the buyer until they secure financing, at which point the company sells the home to the buyer for the amount it was purchased.
“There are always challenges in the homebuying process, but the current housing market exacerbates those challenges with low inventory and investors outbidding everyday families,” said Shaival Shah, co-founder and CEO of Ribbon. “Ribbon’s mission is to help ease those challenges, and — with the power of our cash offers — we’re leveling the playing field for Alabama homebuyers and their agents.”
Ribbon will be working with Crye-Leike Real Estate Services in north Alabama.
“We’re excited for our agents and customers in North Alabama, because using Ribbon as part of the Crye-Leike Advantage program will give them a better chance of being successful when making offers,” said Steve Brown, president of residential sales at Crye-Leike. “By making offers not contingent on appraisal and the equivalent of cash, they can compete with investors. It’s a win for the buyer, the seller and our agents who show fewer houses to get an accepted offer.”
In addition to Alabama, Ribbon is operating in North Carolina, South Carolina, Texas, Tennessee, Georgia and Florida and has plans to expand to half of the U.S. by the end of 2022.