SIMI VALLEY, Calif., Dec. 21, 2020 (GLOBE NEWSWIRE) -- Homepie, Inc®, a provider of do-it-yourself tools for homebuyers and sellers who wish to transact without a real estate broker, announced their commitment to solving deceptive Realtor business practices. In the wake of the settlement between the Department of Justice and the National Association of REALTORS® whereby Realtors® admit to hiding buyer commissions, Homepie offers commission free real estate transactions.
Homepie is an innovative technological response to the market's strong demand for a space that enables home buyers and sellers to connect directly with each other in real time with no commissions. This field of connecting buyers and sellers without a licensed real estate agent is called a peer to peer transaction, allowing parties to avoid real estate commissions like the 3% that is typically paid to the buyer's agent by the home seller.
"Home sellers typically pay the listing agent a 6% commission which is then split with the buyer's agent," says Brad Rice, CEO of Homepie. The Department of Justice found that Realtors® were not disclosing their homebuyer fees to their clients. Rice continues, "There is so much money being collected from the seller, that real estate companies are continually devising ways to divvy up the commission in an effort to ‘buy' the business from their client with rebates, discounts, and more. This often goes largely undetected by the seller, who may not recognize that this money is coming out of their own pockets. I wanted to find a better solution."
Homepie's easy to use transaction wizard eliminates the Realtor® and leverages technology to walk buyers and sellers through the transaction from start to finish with confidence, while representatives are always standing by to guide and assist with answering questions. Homepie provides all of the necessary documents, contracts, and disclosures so consumers don't have to search for these on their own and they don't charge any commissions. Additionally, their pool of preferred service providers can assist with optional closing services for mortgage, escrow, title, insurance, home inspections, and more.
In Los Angeles County, where the average home value is $535,000 according to housing data provider CoreLogic, keeping the 6% of a home's value that would normally compensate real estate agents involved in the deal works out to about $32,000 in consumer savings. The Department of Justice wants Realtors® to disclose the commissions paid.
Homepie's website provides a safe, secure platform for guided negotiation of real estate sales online between a home buyer and seller. For those who would like to avoid the commission cost in a real estate transaction, they can manage contracts, provide the required legal disclosures, and all other paperwork needed for property transactions. The contract and negotiation tools are available for free to consumers on Homepie.com. Homepie receives advertising and fee revenue from lenders, inspectors, appraisers, transaction coordinators, escrow, insurance, and more. However, users of the Homepie platform are not obligated to use these partners.
With over 400 California homes currently active on the platform that homebuyers cannot access through a real estate agent, Homepie.com is quickly becoming a valued resource of properties that buyers may not be able to find anywhere else.
About Homepie
Homepie is the place where savvy consumers go for commission-free help to buy or sell homes. Today, nearly 1 in 10 home sales already close directly between buyer and seller without a real estate agent. Now, with Homepie's central online marketplace and a simple step-by-step process, anyone can do the same with confidence. Homepie has all the tools to list, market, search, view, offer, negotiate, and auto-generate a purchase agreement that is digitally signed. Best of all, these tools are 100% free to consumers, as the recommended service providers (lenders, insurance, inspectors, etc.) cover the costs. Homepie takes the worry and guesswork out of home buying and selling. Learn how at homepie.com
Media Contact:
Jules Penham
801-971-8446
jules@wavgroup.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3e1cdb42-752b-4fdd-b740-6c5c6aed384d
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