The Story Behind HonestDeed

The complexities of today’s home buying and selling financial processes do not leave much room for unpredictable life events and the challenges that can come with them.

This couldn’t be more true for our founder Raphael Bennett, who at 28 years old went through a life-changing event when his 17-month old son was diagnosed with leukemia — not once but twice. Even with Raphael and his family using all of their income and savings to pay for the medical treatment, it didn’t stop the bank who gave them the loan on their house from deciding their home would soon come under foreclosure — leaving Raphael and his family with no flexibility to figure out what came next.

Seeking an explanation for many unanswered questions about the ins and outs of mortgage financing and without the finances to hire an attorney, Raphael would sit in the foreclosure courts, observe procedures and identify all the ways lawyers found success in defending their clients. He would take note of all the case numbers and spend time reading up on them in the law library, noticing the cases’ defenses were able to call out the complex mechanics within industry mortgage practices.

This then led Raphael to dedicate his time to learning everything he could about the nuts and bolts of mortgage financing in order to rise above the pressure and save his family’s home. He quickly began to learn about the mechanics, complexities, and lack of empathy within the industry and tried to understand why the home buying and selling process left no room for families facing uncertain times. With the weight of trying to save his son on his shoulders combined with the added pressure of saving his family’s home, Raphael was motivated to find a solution that would see him make it through these challenging times.

Understanding that these complex loopholes were exploited by the banks to win cases and foreclose on homes — Raphael wanted to change all that. Raphael began to paint a picture of the intricate ways the industry operated and soon gained the knowledge he needed to reverse engineer traditional mortgage industry practices. Raphael was fascinated with the inefficient and unfair mortgage mechanics, finally understanding that the industry had an unaligned interest in caring for the stakeholders who mattered the most; the buyer and seller.

Realizing that these parties had the most to lose, Raphael dedicated himself to creating a new set of home financing mechanics that prioritized the home buyer and seller. It was this eye-opening journey that inspired Raphael and gave him the idea to start HonestDeed.

The Problems With Traditional Home Financing

Every day, countless Americans find the options surrounding the buying and selling of real estate limited by the rules of financial institutions that couldn’t care less. All too often, Americans have no other choice but to enter into agreements with large banks that are unable to consider their personal needs and circumstances. Leaving very little flexibility or safety nets for the buyer and seller, it is rules like these that are missing a relatable and personal touch.

Whether financial, personal or logistical — successful homeownership can be hard to achieve when third-party interests aren’t aligned with the buyer and seller. Whether it be mortgage brokers and lenders, estate lawyers, listing agents or home appraisers, no one risks losing out more than those putting their time and money on the line — the buyer and seller.

Despite having different circumstances, buyers and sellers may not realize that what they do have in common is that their interests are more aligned than any third-party intermediary. That’s why we’re working hard to restore a partnership and collaboration between home buyers and sellers — because we believe that they should be the ones to make the important decisions in how they buy and sell their homes.

It’s clear that the problems Americans face when buying and selling their homes in today’s housing market are too large to ignore. For example, the median existing price of houses in the US has more than doubled in the last decade, surging to over $400,000 today¹. So unless you have the cash upfront, you’ll likely need to enter into a financing agreement with a bank that may not have your best interest in mind.

Whether it be rising home prices, market inflation, increased closing costs, fixed interest rates on housing loans, or paying for unexpected bills, buying and selling a home through third-party intermediaries can create added stress and keep everyday American families from building future wealth.

The HonestDeed Approach To Seller Financing

We at HonestDeed are providing a more modern and personalized home buying and selling process — for all parties involved. Our seller financing platform was created to work with the changing times and needs of the American household — not against them. Because we believe that everybody deserves the opportunity to build wealth for their future, no matter the circumstances.

That’s why we’re rewriting the rules and working hard to provide you with an end-to-end solution that takes back control and restores collaboration and partnership between the buyer and seller. With the COVID-19 pandemic shaking up the economy, we encourage future home buyers and sellers to take a safer path to success through our home financing solutions. We’re giving you the freedom to personalize and customize the rules of buying and selling your home, whichever way you choose.

Choose to partner with HonestDeed for an easy, safe, and seamless way to finance the purchase or sale of your home. 

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