Real Estate Technology
Flyhomes | September 12, 2023
Flyhomes, creator of the world’s best home buying and selling experience, has entered into a definitive agreement to purchase certain assets from Innovative Holdings, LLC, doing business as Home Sale Assured, a leader in the field of ‘buy before you sell.’ Founded in early 2022 by Eric Meadow, Home Sale Assured’s flagship product is the Guaranteed Backup Contract, which empowers existing homeowners to buy their next home before closing on the sale of their current one. As part of the deal, Flyhomes will be acquiring the Home Sale Assured brand, and Meadow will be joining Flyhomes in a senior executive capacity where he’ll report to EVP of Mortgage & Closing, Dan Richards.
“Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” said Tushar Garg, co-founder and CEO at Flyhomes. “Its ability to remove friction from the buying and selling process, while adding assurance, flexibility, and customer-centricity, aligns perfectly with our core tenants here at Flyhomes. This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home.”
Following the close of the deal, lender and realtor partners will be able to continue offering their customers access to the Guaranteed Backup Contract through the Home Sale Assured brand at Flyhomes. Understanding the importance of the customer-agent relationship, Guaranteed Backup Contract was designed to enhance the role of real estate agents and lenders. This ensures everyone moves in unison toward the common goals of seamlessly transitioning the customer into their new home and selling their prior home for maximum value.
“We’re thrilled to be adding Eric and the Home Sale Assured brand to the Flyhomes family of products,” said Dan Richards, EVP of Mortgage & Closing at Flyhomes. “Eric brings 25 years of mortgage industry experience, from his time as President of Celebrity Home Loans (at the time a national multi-billion dollar retail lender) to his recent success as an entrepreneur at Home Sale Assured. His deep operational knowledge and network of relationships will play a key role in extending our portfolio of products nationwide.”
“It’s an honor to be joining Flyhomes at such a critical point in residential real estate,” said Eric Meadow, CEO and founder of Home Sale Assured. “There remain far too many obstacles to home ownership these days, be it first-time home buyers, or in the case of Home Sale Assured, current homeowners trying to move. Consumers, agents and lenders are all looking for practical solutions to overcome these institutional challenges and Flyhomes has been at the forefront of this category. I’m ecstatic to now be able to leverage their advanced infrastructure and resources to bring the Guaranteed Backup Contract to more customers.”
Benefits of the Guaranteed Backup Contract:
With a valid purchase offer, a lender is able to apply standard agency guidelines to remove the departing debt obligation from the consumer’s debt to income ratio. Thus allowing the lender to approve the loan on the new home before the consumer closes on the sale of their prior home.
The consumer is able to close on and move into their new home and take up to 90 days to close on the sale of their prior home.
The consumer can work with a real estate agent to list their prior home for sale during this 90-day option period. If the consumer receives a better offer, they can cancel the Guaranteed Backup Contract and sell their home to the higher offer.
About Flyhomes
Flyhomes is building the world’s best homebuying and selling experience. Launched in 2016, Flyhomes has reinvented the homebuying and selling process at every step, making the process smoother and simpler for consumers with offerings like the Flyhomes Cash Offer and Buy Before You Sell. They back these services with a unique guarantee that gives both buyers and sellers certainty and peace of mind that is unheard of in real estate. To date, they’ve helped clients close on more than $6 billion worth of homes at prices ranging from $150,000 to $7 million.
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Real Estate Investment
Newmark | September 26, 2023
Newmark Group, Inc. a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the launch of NewliticQuest. Bringing together Newmark's expertise in real estate, technology and consulting onto a single platform, NewliticQuest offers accelerated insights to develop strategic and tactical recommendations, inform business case development and achieve optimal results for property portfolios. Together with Newlitic, Newmark's proprietary data visualization platform, NewliticQuest is another addition to Newmark's growing suite of technology solutions serving corporate real estate leaders.
Leveraging NewliticQuest, organizations are better equipped to plan for and respond to business change, disruptive events, mergers and acquisitions and real estate opportunities through strategic insights, including location and market rate optimization, ideal vacancy rates, talent retention, commute times and more.
"Newmark is committed to investing in leading-edge technology that drives real decision-making dynamics to define the future of the workplace," said Rick Bertasi, Chief Executive Officer of Newmark Global Corporate Services. "Given the changing nature of corporate real estate, technology advancements will further amplify the value and potential of an organization's real estate strategy as companies pivot towards more data-centric cultures.
NewliticQuest offers several self-serve capabilities and insights into business and real estate performance with dynamic and simple dashboards, which can be accessed directly by clients. The software's automated data validation capabilities help users quickly pinpoint data issues to ensure that information is accurate before being executed. Coupled with Newmark's best-in-class consulting expertise, the tool can enable in-depth portfolio assessment, delivering tailored and tangible solutions for clients assessing their portfolio.
About Newmark
Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world.
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Real Estate Investment
PR Newswire | October 05, 2023
Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold its 141-unit Moss Street Townhome project to Shea Homes.
"This townhome development will be a wonderful addition to this evolving neighborhood of Chula Vista that will also soon be home to the $1 billion Chula Vista Bayfront Redevelopment Project, located less than one mile away," explained Shopoff Realty Investments President and CEO William Shopoff.
The 6.94-acre property is located in Chula Vista, California, at the intersection of Moss Street and Industrial Blvd. Formerly approved for light industrial uses, Shopoff worked diligently with the City of Chula Vista to secure project entitlements. The entitlements allow the property to be developed into a gated housing community featuring 141 three-story attached townhomes.
"Future residents will be able to enjoy the area's robust amenities for years to come, and we are proud to see this property move forward towards development, bringing some much-needed housing to the area," Shopoff added.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. The 31-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses.
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