Cool idea though.
The scamming that happens to homebuyers is not even comparable to the risk in uploading docs to a website which promises they won't share user data with anyone. This is genuinely a pro buyer tool with no association with any 3rd party.
The tool has already helped many people negotiate and get a better deal on their mortgage. Please before judging understand that 70% of buyers overpay in their mortgage 1-3% in closing costs and bad rates. It's mind boggling how much lenders get away with profiting in junk fees from stressed out homebuyers.
A business is not just about the product.
Your Privacy Policy. There is no default way to download it (see 9.), and since it is window-ed cannot print entire doc. That means I cannot keep a copy of it for myself.
> We collect the following types of information:
> Mortgage Documents: Loan Estimates and Closing Disclosures you upload for analysis.
Okay, but
> 4. Data Security
> We implement industry-standard security measures to protect your information from unauthorized access, disclosure, alteration, and destruction.
This means nothing. Are you ISO 27001:2022, NIST SP 800-53, CIS, CE+, Essential Eight, or something else? Have you been audited, and proof? Who is your ISP? What regs do you follow around data sovereignty?
Terms of Service. Again, no default way of download. Overall, I would never agree to this ToS. It demands all kinds of requirements on the user, but takes no responsibility for anything - or as described above, explain how you will protect your customers.
You have no reference anywhere where you are geographically. No address, no about us, no who you are. I would be very leery on uploading anything.
AFAIK house sale prices (ie. property transactions) are open in many (most?) jurisdictions.
>and swoop the deal with a slightly better offer
How does that even work? The winning bidder is presumably someone who gave the highest offer. Why would another company pay above and beyond that, considering that there's probably several other serious buyers who aren't willing to pay more?
But it doesn’t need a lot of the data in that document, so really they need a way to redact all the unnecessary data to require less trust.
Edit: words.
A lower all cash offer (say $975K) is likely a better offer for the seller because it reduces the risk for them and closes the transaction much quicker than a mortgage transaction.
I have been a buyer in two transactions where my offer was slightly lower than the highest bidder, but with better terms.
Do sellers in the US know how large your down payment is? AFAIK that's not a thing in Canada. Offers either have a financing condition, or don't. If the offer doesn't have a financing condition, the buyer might be paying cash. But they could just be trying to present an offer with better terms, gambling that they'll definitely find financing somewhere or the other.
Every time I’ve sold a house it’s been a factor in deciding which offer(s) to pick or counter.
With such a high chance of not actually getting the sale done, sellers are motivated to take 475 immediate cash instead of 525 with a 1/3rd risk of having to do it all over. Especially if they need the cash to buy their next home.
Note that all cash commonly means no financing contingency. I put in an all-cash offer and financed it. I just didn’t have an out if I couldn’t find financing I liked. (Legally.)
This gives you a obvious profit motive, and makes you seem more sketchy because you now have more skin in the game to keep it operating as a valid and useful business service