Homeward is a trade up service that helps buyers make an all-cash offer individually or on a new home before they sell their existing home.
Buyers get approved for a certain amount of budget and work with a partner agent to find a new home. When the buyer is ready to purchase, Homeward will help the buyer make an all-cash offer. If a buyer is using the trade up service to buy a home before they sell, Homeward will commit to buy the client's existing home if it doesn't sell after a pre-determined amount of time on the market.
Homeward charges a 1.5%-2.0% service fee that varies by market. Homeward provides up to 1.0% rebates to customers that also use Homeward for mortgage and other services.
Homeward primarily generates revenue through service fees on each transaction it supports. H also generates money through ancillary services such as mortgage and title insurance. On homes Homeward purchases as part of its home sale guarantee, it may also generate revenue from the home price appreciation between the price it purchased the home for and the price it ultimately sells the home for.
Homeward is privately held.