The process of buying a home is rewarding, but it can certainly be frustrating, complicated, and difficult as well. Do you worry about fraud and security with your data and money? Are you worried you won’t be able to close a mortgage in time to secure the home of your dreams? Does the scattered communication with agents and sellers get on your nerves? If you’re struggling with the home buying process, it turns out that a tech startup may be able to help you.
According to Modus’s website, the company “aims to simplify and digitize the home closing process.” Although the platform is relatively new, their team has 65 years of experience under their belt, so it’s safe to say they knew what they were doing when they created Modus.
Modus handles every aspect of home closing while allowing agents and clients to monitor and keep track of the entire process. “What we noticed in purchasing our first homes a year ago is that title and escrow is essentially a 100-year-old antiquated business, but it acts as the quarterback of the home closing process,” Modus Co-Founder Alex Day told
inman.com.
Modus not only speeds up the closing process but also helps eliminate fraud and provides high-quality security for your data and money. You can have peace of mind knowing your information is safe, because platforms like Modus help prevent escrow fraud, as it involves more secure communication than email, which could possibly be hacked.
To use Modus costs .1 to .3 percent of the purchase price; that’s about the same price as a traditional escrow service.
Ribbon is another great option to help you along the way while you’re buying a home. This service works with both home buyers and real estate agents to guarantee a sale by giving offers to sellers regardless of where the buyer is at with the mortgage service. This is a plus for you as a homebuyer because if you don’t close on your mortgage in time, Ribbon will buy the houses essentially reserving it for you until you’re ready! You’ll basically be renting from them until you can buy the house. That’s not a bad deal at all, especially considering another huge highlight, which is that it’s
completely free for homebuyers, because they make their money by guaranteeing sellers a close within 14 days.
Ribbon can save you a great deal of hassle and worry as a home buyer. Other features include being able to autofill offers from any device, accessing all your documents in one place, organizing conversations, and signing digitally. It’s a great way to keep track of everything and make sure everyone is on the same page. But the greatest aspect is probably the fact that you’ll never have to worry about missing out on your dream house once you find it.
“We [buy and reserve] a home for a family, so they can secure their mortgage in peace without the risk of losing the home they love,” CEO
Shavial Shah told housingwire.com. “For the first time, we are bringing simplicity to the real estate transaction by absorbing all risk, so buyers, sellers, and Realtors can focus on the joy of the home buying and selling experience.”
Qualia is the leading real estate closing platform. It streamlines communication by combining all aspects of the selling and buying process, bringing together buyers, sellers, lenders, and agents in an all-in-one platform. Qualia’s features include a shared system of record for real estate transactions, cloud-based closing rooms, and document collection in each stage of closing-- pre-closing, closing, and post-closing.
“We’re focused on...bringing efficiency and transparency to what is often the largest purchase of someone’s life. We’re moving the current chaotic, paper-based process to a modern, digital transaction,” their website explains.
We can all admit that buying your first house (or your second, or third!) can be really stressful, but at the end of the day, it should be something that’s exciting and rewarding. The world has gone digital, so why shouldn’t home buying become more digital too? Go ahead and take some of the hassles out of it by trying out one of these services to help you out along the way. With a platform like Modus, Ribbon, or Qualia, and others, you don’t have to do all this alone. You’ll be able to streamline the closing process and protect your data. There are tons of options out there, so take your pick!
