Homeward

Homeward
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About

About Homeward

Homeward is a home financing company headquartered in Austin, Tx. They work with agents to help buyers get the home they want without the hassle of the traditional real estate process. They want people to be able to say goodbye to getting stuck with two mortgages or having to move twice to try and get into the home they want. Tim Heyl, Founder of Homeward, bought the companies first home for a client with his own money giving his clients the ability to sell their old home without missing out on the new one. That is how their “buy before you sell” service came about. 

After getting funding secured, Homeward was able to offer a new service in 2021. They now also offer a buy with a cash option for thosepexels-karolina-grabowska-4968651 that don’t have a home to sell. With cash offerings being more powerful than traditional ones, this helps clients have a better chance to secure a home when there are multiple offers. Homeward also helps their clients by offering all of the services they need in one place, which they call the Homeward Way. The Homeward Way gives clients the ability to make a cash offer, finance their home, and close on the home through Homeward mortgage and title companies, reducing the time and stress involved in finding and working with different title and mortgage companies.

Quick Facts 

  • Homeward offers clients to buy with cash even if they don’t have a house to sell 
  • Their buy before you sell service is for clients that have a home to sell and one they want to purchase 
  • They have three companies to help bundle and simplify the experience: homeward cash offer, homeward mortgage, and homeward title 
  • They operate in 3 markets: Texas, Georgia, and Colorado 
  • Homeward uses an agent-focused process, but instead of giving clients an agent they don’t know they focus on working with the real estate agent the client has already chosen
  • There is a convenience fee for buyers that varies state to state and is collected at the end of the process  

How Homeward Works 

For home buyers that do not have a home to sell, Homeward offers their buy with cash option. First, the homebuyer would get approved through Homeward to get a specific amount of cash they are able to offer. Homeward works with the home buying agent to make the cashpexels-thirdman-8470836 offer on the home. If the seller accepts the offer, the agent will work with Homeward to finalize everything, while the homebuyer will need to schedule an inspection, sign all mortgage disclosure statements, and pay the earnest money deposit. As soon as the home is closed, the buyer will pay rent to Homeward until their mortgage is ready and they can purchase the home back.

When the homebuyer would like to use Homeward to purchase the home, but also needs to sell their current home, they would use the buy before you sell option. Once again the buyer would need to get approved first, and once approved can make a cash offer on a new home. After everything has been approved and signed, the buyer can move into their new home, renting it for up to 6 months from Homeward with prorated rent. The homebuyer will list their previous home, and if it doesn’t sell in 6 months, Homeward will purchase it from them. Once this is all complete, the buyer can buy back their home from Homeward. 

Homewards Values 

Homeward has three core values they stand by – the Golden Rule, calm focus, and one team, one dream. They operate under the Golden Rulemaking sure the people always come before money or growth. Their “calm focus” is a way to help stay on task without overwhelming their team with the fast past industry they are in, but still delivering results their customers will love. Homewards one team, one dream approach emphasizes their recognition for the importance of everyone on the team in order to be the best company they possibly can. 

FAQs

Yes with additional information during the approval process

Through institutional investors that help give them access to funds.

They charge a convenience fee.

No. The original purchase price is what the buyer will pay.

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About the Author

Chris Heller brings 27 years of experience in real estate. Chris serves on the AgentAdvice Editorial Board and is the Chief Real Estate Officer at OJO Labs. Chris brings deep expertise having held influential industry positions including CEO of mellohome and former CEO of Keller Williams Realty International.

Last Updated: 7/2/2021