No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the roaring future, and join us at Connect.
Roam, a service that promises to help homebuyers find homes with assumable mortgages, has landed $1.25 million in seed funding from backers including the legendary San Francisco-based venture capital firm Founders Fund and Opendoor co-founder (and former CEO) Eric Wu.
With mortgage rates at levels not seen in two decades and many would-be buyers priced out of the market, interest in assumable mortgages has been growing.
“Back in the day, a couple of decades ago, assumable mortgages were fairly common,” DOORA Properties founder and broker Troy Palmquist wrote in an Inman guest column last fall, urging the mortgage industry to “dust off a tried-and-true, already available strategy.”
New York-based Roam announced Wednesday that it’s doing just that, launching services in Georgia, Arizona, Colorado, Texas and Florida, with other markets in the works. The company is currently advertising openings in real estate operations, customer experience, design, product, and business operations.
“Assumable mortgages are one of the most undervalued assets in America,” said Roam founder and CEO Raunaq Singh, in a statement.
Wu estimates that Roam “has an opportunity to touch 30 percent of all U.S. real estate transactions in the market and provide a solution to the most important problem buyers face today, affordability.”
Over the last decade, Singh has gained experience in operations and product at companies like Uber, Opendoor and Culdesac.
Roam, he said, will help homebuyers search for homes with mortgages eligible for assumption and manage the process on behalf of buyers, sellers and…