Ribbon is a trade up service that helps buyers make an all-cash offer individually or on a new home before they sell their existing home.
Buyers get approved for a certain amount of budget and work with a partner agent to find a new home. When the buyer is ready to purchase, Ribbon will help the buyer make an all-cash offer. If a buyer is using the trade up service to buy a home before they sell, Ribbon will purchase the home and when the buyer's original home sells, they will buy the new home from Ribbon.
Ribbon charges a 2.0%-3.0% service fee that varies by market and product.
Ribbon primarily generates revenue through service fees on each transaction it supports. Ribbon does purchase homes on behalf of a buyer who is still selling their original home but does not hold the home with the intent of selling it at a premium. Ribbon is not operate as a traditional lender either.
Ribbon is privately held.