we just used flyhomes to purchase a house in Dublin (closed today, OMG so stressful). It was a mostly good experience though. The market is CRAAAAAAZY.
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Can you talk a bit more about your experience with flyhomes? The good and the bad.
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sorry, just getting to this. I would say the experience overall has been fairly positive. The real estate agent we were assigned was a shark. our limit was $1.2 (no Tesla stock, I sold too early!). There were two houses on sale in the same neighborhood, around the same layout with slight differences, both listed 1.1m. we liked house B, but the RE agent knew RE agent B and that she was a shark too and knew the local market that it would go higher for almost 1.3, but RE agent A didnât know the the market as well and was apologetic about the roof (it needed a new roof). So our agent told us to do a premptive offer which the selller accepted.
The drama was with the loan. we were just getting a conventional, not a jumbo and had money for the remainder as our down payment. The idiot mortgage guy couldnât seem to read our bank accounts to see the right numbers, kept asking about our retirement accounts though we werenât pulling money from it, was not good about telling us what needed to know ahead of time so we could prepare, though we kept asking him. So we got delayed with the close and the seller was annoyed because she could have gotten more money and was trying to get out of the accepting of our offer (we had put down escrow money). Flyhomes realized it was their fault, it got all the way up to the CEO, and offered the seller $500/day to extend the close (we paid it, flyhomes paid us back +500 as a sorry for our trouble). I am still in shock we got it. Overall, would use them again. but would be on top of any mortgage person sooner in the process.
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Iâm confused. I thought their whole model was they make you a cash buyer. So they buy the home and close ASAP. Then you get a mortgage and buy the home from them.
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did you do the trade up program or just buy outright? I was looking at them but only for trade up situationâŚ
they do, but for a higher price - you have to pay $140/day for the two weeks from when Flyhomes buys the house all cash and when you take ownership. Our RE agent said there was no need to do the all cash option for this, most people take the highest bid and most people donât care about the close period being short with all cash vs a higher bid.
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Congrats on the new home!
What were the reasons that made you decide to go with Flyhomes as compared to the traditional routes or even say redfin?
We had been trying to buy for the last three years and kept having bids rejected. So we needed something different than our current RE agent. We were intrigued by having the option of the all cash offer if we needed the âbig gunsâ to come out. The thing is that DH left his job in May (laid off, he jumped at a package) to do a computer vision startup for 6 months, tech/traction wasnât there, and he is now at a W-2 job, but due to 6 month âgapâ in employment, the other lenders were only giving us up to $1.1m and for some reason, flyhomes pre-approved us up to 1.3m even with that 6 month gap. (I am at a W2 job with steady history). So we went with them. It was actually not a bad experience, I think the idiot loan guy, since he was Flyhomes Mortgage, probably got an earful from HIS management.
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