This startup will buy your house if it doesn't sell

A new Australian property fintech startup is promising to buy its customers’ home if it doesn’t sell.

Brickfloor offers what could be described as “insurance” for Australians wanting to sell their house or apartment.

As soon as a home seller expresses their interest, the startup performs research and analysis on the property – then within three days offers a price to purchase the property.

If the homeowner is happy to accept Brickfloor’s guaranteed price offer, the company will perform some due diligence like pest and structural inspections.

If all that goes well, the homeowner runs a sales campaign with an agent as usual. If it fails to sell for higher or equal to Brickfloor’s offer, the startup will purchase the property.

The scenario is currently offered to homeowners in Sydney and Melbourne, for residential properties within the range of $350,000 to $2,500,000.

Brickfloor founder and chief Dean Fraser said the service would allow Australians to buy their new home with certainty that their old house would be sold.

“Feedback has been incredibly positive with our customers describing the product as ‘a gamechanger for sellers’ and ‘a revelation’,” he said.

“Buying first is a great strategy in a rising market, but our research shows less than 20 per cent intend to do this because of uncertainty around the sale process.”

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Source: Australian home sellers: This startup will buy your house if it doesn’t sell