Sundae Debuts Off-Market Distressed Property Platform For Investors
The new platform will allow investors to view, filter and sort distressed properties exclusive to Sundae, as well as submit cash offers and track them in real time.
As-is home sale platform Sundae has officially moved out of Beta and launched a digital platform catered to investors, the company announced on Tuesday.
The new platform will allow investors who put forth all-cash offers to view, filter and sort available distressed properties as well as submit an offer on them through the platform and track those offers in real time. According to Sundae, the investor-focused platform will be the first of its kind to provide investors with “exclusive and vetted properties sourced directly from homeowners looking to sell to a cash buyer.”
Properties will be off-market, and available exclusively to Sundae users. All offers made to sellers through Sundae are standardized, a Sundae rep explained to Inman, so that the only variable between offers is the sales price, which makes it easy for sellers to compare different offers. Other factors like earnest money deposit, closing costs (buyers always pay these) and contingencies (there are none) are not negotiable.
RealtyTrac currently offers a similar platform for investors seeking out foreclosed or distressed properties, but the company’s platform allows investors to seek out a variety of financing options for their investment as well, through its partnerships with various lenders.
Properties listed on Sundae’s platform will include a detailed property profile that has features like photos, floor plans, 3D walkthroughs, disclosures, preliminary title reports and an inspection report completed by a third party. Investors who use the platform will be able to customize their home search for multiple territories and receive alerts for new listings or ones about to expire soon.
Josh Stech | Sundae
“I know first-hand the challenges that come with being a property investor,” Josh Stech, Sundae co-founder and CEO, said in a statement. “We remove the burden of finding and vetting properties so investors can focus on what they do best — renovating houses, improving communities, and creating something great for a new family to call home.”
Sundae launched in 2019 and has expanded to 19 markets in the U.S. since then. In July, the company netted $80 million in a star-studded Series C funding round that included contributions from celebrities like actor and musician Will Smith, Oakland A’s third baseman Matt Chapman and Golden State Warriors’ Klay Thompson, as well as more traditional institutions like Fifth Wall and General Global Capital.
Madhav Ranjan | Sundae
“The comprehensive information packet that comes with properties on Sundae’s marketplace lets investors analyze the property from their desk and make a confident offer, sight unseen,” Madhav Ranjan, Sundae’s senior vice president of engineering and product, said in a statement.
“For example, a property investor living in Utah can find, evaluate and purchase a property in Tampa just in a few clicks through our platform,” Ranjan added. “We’re seeing a huge number of buyers on Sundae’s platform investing outside of their primary market because they no longer have to travel to do the due diligence in-person. In fact, nearly 40 percent of investors on our platform have purchased a property through Sundae outside of their primary market.”
Sundae is currently a licensed real estate broker in California, Colorado, Florida, Georgia, Utah and Tennessee.