Home Flipping Platforms

Home Flipping Platforms

Home flipping, or simply flipping, is the term used to describe the act of buying low and selling high or buying a house that needs repair, then fixes it up, before reselling it. Flipping is a traditional practice conducted by locals but has suffered major changes throughout the years since the housing bust in 2008. Nowadays, since the America’s housing stock has aged considerably, the home flipping is becoming more and more attractive, thus attracting more startups.

When buying or selling a house, it is proven that the seller gets under stress and tend to commit a lot of mistakes. Besides that, it is also common to see houses getting sold under the recommended price or not being sold at all. To solve that, or to simply make the process easier for those who desire to buy a house, there are companies that are investing in home flipping platforms. Furthermore, this practice is also quite known to help renovate America’s housing stock and get the money moving without the need to put a common citizen at risk of getting financial troubles. With that said, it is important to note that the practice of home flipping is a high-risk business, therefore, it is not advisable for those who desire to make money out of it.

The companies that are investing in the home flipping practice mostly desire to help the customer avoid the hassle and uncertainty of bidding for a house. The Bungalo, for example, is a new platform founded by the Amherst Residential and is already revolutionizing the market by offering an all-in-one package and the chance of buying the house to the first bidder. While the Bungalo buys, renovates and sells the house, all while prioritizing the customer’s experience, there are also a few others platforms that reach into another type of home flipping.

The Opendoor and the Offerpad, for example, buys the house from sellers who do not want to wait for the market to get favorable or to get the highest offer, and then renovate the house before selling it on an open market. Meanwhile, the Knock, which has a similar model to the platforms previously mentioned, does not renovate the house but instead puts it into open market after buying it. The Ribbon, another example, turns the customer’s offer into all cash to avoid a future problem with the house’s mortgage. Furthermore, even listing services, such as Zillow and Redfin, have launched similar platforms, thus showcasing the increasing importance of new platforms to the home flipping practice.

Although the home flipping practice is already quite old, it has undergone dramatic changes throughout the years ever since the housing bubble burst in 2008. With the purpose of renovating America’s housing stocks and to facilitate the process of buying a house without the need to undergo the hassle of the market, the home flipping platforms are a promising way to acquire the desired result of buying a house. Furthermore, the increasing number of platforms proves the rumor of it being the new way of buying from the market and, thus, showcasing the importance of renovating houses to then sell it for a better price.

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