First came fast food, then fast dating. Now a U.S. firm is pitching a new service to Canadians who want fast cash for their homes.
House Buyer Network, an Internet real estate referral service based in Georgia, says it has more than a dozen Canadian agents ready to promise a quick home sale.
"We're bringing speed to the equation," company president Duane LeGate said in an interview yesterday. "People come to us when they need a fast solution to sell their home."
Transaction times, he said, can range from five to 45 days.
The company's entry into Canada comes at an unusual time, given that most home owners have watched the value of their properties -- and their equity -- soar by double digits in recent years. Demand in most markets remains strong, putting sellers in the driver's seat and leading to bidding wars for the most desirable properties. It took an average of 33 days to sell a home in the Toronto area last month, real estate board numbers show. Still, even in a sellers' market, some people need his firm's services, Mr. LeGate said.
"What if, for whatever reason, your husband gets sick and you have hospital bills to pay?" he asked. Even though Canada has a public health care system, he said there are other reasons homeowners may want to speed up the sales process.
For homeowners who do not have the money to make improvements before listing a home, Mr. LeGate said his firm has a network of "professional home buyers" who are willing to negotiate a quick sale. These buyers will make needed repairs and sell the property. "It's only a seller's market if your house is in pristine condition," he said.
Interest in his firm has been "absolutely amazing," Mr. LeGate said, predicting that within six months it will conduct 500 deals in Canada.
House Buyer Network was founded in 2002 by Internet marketing specialists, Mr. LeGate said. The firm makes its money from fees paid to it by the professional home buyers it helps to find properties. It also receives fees from the network of "quick-sell agents" it builds by linking up with local brokers.
"There is no fee to the seller," he said, beyond traditional real estate fees.
