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Everyone knows buying a house isn’t easy.
Austin-based Bungalo is trying to change that — with a start in the Tampa Bay and Sarasota regions.
Bungalo, backed by real estate investment company Amherst Residential, is focused on allowing customers to do several things all in one place — find, buy, finance and close on a house. According to a statement, Amherst has invested $225 million in Bungalo.
The new platform helps buyers with a roadmap for the whole home-buying experience, down to eliminating, or trying to eliminate, haggling, Bungalo COO Greg Stewart tells Coffee Talk. He says, “It’s almost like a TurboTax-approach through the home-buying process.”
Bungalo is launching first in Tampa and Dallas. “We wanted to open in markets where homebuyers are interested in living,” Stewart says. Plus, they’re both areas with inventory, but not a lot of turnkey inventory, he says.
Bungalo owns 55 properties throughout the Tampa area, stretching into Sarasota and beyond. It's also in the process of buying additional homes in Tampa and Dallas. Bungalo owns about 300 homes.
Stewart says Bungalo is buying and selling homes at a variety of price points, but for the most part, the houses fall within a range of $250,000 to $500,000.
Before a house shows up on bungalohomes.com, the company does renovation work. The level of rehab varies, but Stewart says the houses are fully turnkey with new kitchens, bathrooms and hardwood flooring.
When potential buyers log on to the Bungalo website, they’ll find a list of the work Bungalo has done on the property as well as a third-party inspection report.
Another way Bungalo aims to streamline the home-buying process is by eliminating negotiation. The company lists a price on its website for each house, and that’s what it is, Stewart says. The company reviews offers, with no preference given to cash buyers or mortgage buyers if they are approved.
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