Ohio is the sixth new state the New York-based power buyer has added this year, giving it a presence in 13 states.
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New York-based startup Ribbon is bringing its power-buyer services to Ohio, partnering with an affiliate of Coldwell Banker that employs more than 500 real estate agents in southwest Ohio.
Locally owned and based in Dayton, Coldwell Banker's estate has branches in Beavercreek, Huber Heights, Kettering, Middletown, Springboro, Springfield, Troy, Urbana, Vandalia and Wilmington.
Ribbon is an "open power buyer" that works with real estate agents and lenders to allow homebuyers to forgo mortgage, appraisal and home sale risks by making cash offers up to $1 million with ribbon backing.
Ribbon often enters new markets by working with a real estate agent as an initial launch partner. When Ribbon launched its services in Arkansas in May and Alabama in December, a partnership with an independent broker, Crye-Leike.
"Coldwell Banker Heritage was a natural partner because it brings more than 50 years of industry knowledge to each of its 525 agents in Ohio," Shaival Shah, Ribbon's co-founder and CEO, said in a statement. Statement. "We're excited to work with their agents to create opportunities to develop the very communities they work in."
Energy buyers They market themselves as a boon to homebuyers in markets where low inventory and competition with investors can lead to bidding wars, often won by buyers making cash offers. According to data Posted by ZillowIn April, in the Dayton, Ohio market, there were 1.566 homes listed, down 8 percent from 1.701 in the previous year equals.
Ron Sweeney, managing partner of Coldwell Banker Heritage, said the partnership with Ribbon gives homebuyers "the opportunity to connect with someone they can meet in person and who knows the community, while having the competitive tools of a large international organization at their disposal.
Ohio is the sixth new state Ribbon has added this year, giving it a presence in 13 states. In addition to Ohio, the Ribbon Cash Offer Program is available in Alabama, Arkansas, Florida, Georgia, Indiana, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.
Band, which a announced $150 million Series C increase in September, said in April that it planned to add six new states in the second quarter, which would give the company a presence in 17 states by the end of June.
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