We’ve partnered with Ribbon expansion in Illinois

By Eugene Beckles | October 5, 2022

Power buyer Ribbon is expanding its presence in Arkansas, Colorado and Illinois — three states where the company has been in business for less than a year.

The New York-based power buyer has entered 10 new states this year, bringing the total number of states where Ribbon has a presence to 17.

Ribbon announced its entry into Illinois in September, Colorado in July, and Arkansas in May. The company also provides power buyer services in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Virginia.

Ribbon is an “open power buyer” that partners with real estate agents and lenders, allowing homebuyers to waive mortgage, appraisal and home sale contingencies by making cash offers of up to $1 million with Ribbon’s backing.

In many cases, Ribbon will enter new markets by partnering with a real estate brokerage or lender as an initial launch partner, while also working with other real estate agents and lenders.

 Like many companies that have been affected by rising mortgage rates, Ribbon said it was cutting costs to adjust to a “very significant shift in the market.” But Ribbon, which announced a $150 million Series C raise in September 2021, said the layoffs would also help the company achieve profitability as it continued to expand.
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