As demand for homes continues to outpace new listings, CrossCountry Mortgage (CCM) is introducing a new cash-offer product, the company announced Thursday.
The Cleveland-based retail mortgage lender unveiled CCM CashPlus to help buyers gain an edge in the bidding process by turning preapprovals into cash offers. CashPlus has no appraisal or financing contingencies. The product is limited to conventional loans, primary residences and buyers who are represented by a real estate agent.
“In a housing environment where homes are receiving multiple bids, CCM’s CashPlus program helps our borrowers compete with all-cash offers,” chief operating officer Jenn Stracensky said in a statement.
Many buyers, especially first-timers, struggle to compete with all-cash offers across all price tiers. Redfin data shows that the share of homes purchased with all cash reached a nine-year high point of 34.1% this past September.
Other national lenders, including Guild Mortgage and New American Funding, have cash-offer programs.
