Flyhomes Acquires Home Sale Assured

Cash offer fintech Flyhomes announced it is acquiring “buy before you sell” leader Home Sale Assured.

Home Sale Assured, a platform owned by Innovative Holdings, LLC, is known for its Guaranteed Backup Contract, which allows homeowners to confidently purchase their next house before selling their own.

Flyhomes will acquire the Home Sale Assured brand, and founder Eric Meadow will join the company as a senior executive.

“Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” Tushar Garg, co-founder and CEO at Flyhomes, said. “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.”

Meadow brings more than two decades of experience to Flyhomes.

Before founding Home Sale Assured, he served as president of Celebrity Home Loans. His other experience includes COO of Midwest Equity Mortgage and managing partner at law firm Meadow Walker LLP.

“It’s an honor to be joining Flyhomes at such a critical point in residential real estate. 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,” Meadow said. “I’m ecstatic to now be able to leverage their advanced infrastructure and resources to bring the Guaranteed Backup Contract to more customers.”

The product allows lenders to apply standard agency guidelines to remove the departing debt obligation from the consumer’s debt-to-income ratio in order to approve the loan before the sale of their prior home. The consumer has up to 90 days to close on the sale after moving into their new home.

Lender and realtor partners will be able to keep offering the Guaranteed Backup Contract through the Home Sale Assured brand to ensure a seamless transition.

Launched in 2016, Flyhomes gives homebuyers the power of all-cash and “buy before you sell” offers to get ahead in the competitive market. It has closed on more than $6 billion worth of homes at prices ranging from $150,000 to $7 million.

The company has faced trouble during the housing correction, executing three rounds of layoffs in the last year. A spokesperson told GeekWire that they were focusing on profitability during the market downturn.

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