Frequently asked questions.

You’ve got questions, we’ve got answers.

General

  • Cherry is a first of it’s kind power buying platform that is empowering agents and lenders to turn every day home shoppers, marginalized, and underprivileged home shoppers into cash buyers through our cash backed offers and rent to own program.

  • Our process is simple and easy. You’re agent or lender submits your pre-approval or apply for a Cherry home buying budget. We’ll provide you with a home buying budget. We’ll partner with your agent to put out offers on homes. If you closed with your lender, you’ll pay your mortgage to them. If you’re renting from us, you’ll buy the home back within 3 years.

  • Unlike traditional financing offers, Cherry Cash Offers remove the finance and home to sell contingencies to provide all parties with certainty during the transaction. A Cherry Offer also comes with a guaranteed close following the inspection/due diligence period.

  • Cherry is not an iBuyer. We do not make offers on the buyer’s current home but enable them to make cash offers on their next home.

  • Which ever program you chose, our cost is 1%. Our rent to own program will also have a monthly rental amount.

  • You can rent for up to 36 months with Cherry. You’re able to buy the home back at any point during the 36 month term.

  • We understand life can happen and plans can change. If you choose not buy the home back, we will keep 50% of your home savings to re-list the home.

  • We support an open ecosystem vision, meaning, we do not have agents that will represent you during your home purchase. You are welcome to use a licensed real estate agent of your choice.

Agents

  • Yes. You will be representing the buyer during the transaction. Regardless of Cherry program, we do not diminish your commission.

  • We will provide you with a valuation on our opinion of the home’s value. You will write an offer based off those numbers.

  • We can close in as little as 21 days.

  • No, Cherry is only helping buyers secure their primary residency.

Lenders

  • No, we are not a lender. We lean on your expertise to provide them with the loan program that best fits their goals and finances. You will still fund their loan.

  • We can work with all loan programs.

  • We provide you with a Cherry portal of your own. You’ll be able to see your client’s progress, estimated date for being mortgage ready and where they are in the Cherry process.

  • Cherry will use your borrower’s current pre-approval letter to determine their cash offer budget.

  • If closing is delayed, we will purchase the home cash at the sales price and allow you up to 12 months to close the loan. If you close within 12 months, the price you fund for will be the same we paid for it.

  • Yes, the buyer and seller can negotiate their closing cost credits, however keep in mind loan limits for seller credits.