Home-buying companies stuck with hundreds of houses as demand slows3 min read 07 Feb 2023, 05:53 PM IST
As mortgage rates surged, some customers backed out of purchases or needed more time for financing
Ribbon Home Inc. had a fast-growing business during the housing boom. The New York City-based startup purchased homes with cash on behalf of buyers. Then it sold the homes to the buyers at the same price, plus a fee, once the buyers got a mortgage.