The new platform will enable investors to view, filter and sort distressed properties, as well as submit cash offers and follow them in real time, exclusively for Sundae.
The as-is-home sale platform Sundae has officially left beta and launched a digital platform for investors, the company announced on Tuesday.
The new platform will enable investors making cash-only offers to view, filter and sort available distressed properties as well as to submit an offer via the platform and to follow these offers in real time. Sundae said the investor-centric platform will be the first of its kind to offer investors “exclusive and verified properties direct from homeowners looking to sell to a cash buyer.”
The properties will be available off-market and exclusively to Sundae users. All offers made to sellers of sundae are standardized, explained a sundae rep Inman, so the only variable between offers is the selling price, which makes it easier for sellers to compare different offers. Other factors such as cash deposit, closing costs (buyers always pay these) and contingencies (there are none) are non-negotiable.
RealtyTrac currently offers a similar platform for investors looking for foreclosures or distressed properties, but the company’s platform also allows investors to seek a variety of funding options for their investment through partnerships with various lenders.
The properties listed on the Sundae platform include a detailed property profile with features such as photos, floor plans, 3D walkthroughs, details, preliminary title reports and an inspection report prepared by a third party. Investors who use the platform can adapt their search for accommodation for several areas and receive notifications of new or soon-to-be-expired listings.
“I know firsthand the challenges a real estate investor brings,” said Josh Stech, co-founder and CEO of Sundae, in a statement. “We’re relieving the burden of finding and reviewing properties so investors can focus on what they do best – renovating homes, improving communities, and building something great for a new family they call home can.”
Sundae was launched in 2019 and has since expanded to 19 markets in the United States. In July, the company raised $ 80 million in a high-profile round of Series C funding, contributions from celebrities including actor and musician Will Smith, Oakland A’s third baseman, Matt Chapman and Klay Thompson of the Golden State Warriors, and more traditional institutions like Fifth Wall and General Global Capital.
“The comprehensive package of information that comes with properties in the Sundae Marketplace enables investors to analyze the property from their desk and make a confident offer without being seen,” said Madhav Ranjan, senior vice president of Engineering and Product at Sundae, in a statement.
“For example, a Utah real estate investor can find, rate, and buy a property in Tampa through our platform in just a few clicks,” added Ranjan. “We see a large number of buyers on the Sundae platform investing outside of their main market because they no longer have to travel to do the due diligence in person. In fact, almost 40 percent of the investors on our platform have bought property through Sundae outside of their main market. “
Sundae is currently a licensed real estate agent in California, Colorado, Florida, Georgia, Utah, and Tennessee.
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