Real Estate FinTech Reali To Close, Lay Off Staff
Summary
Reali, a California-based real estate and fintech platform, today announced it will begin a shutdown and lay off most of its workforce on Sept. 9, 2022. The six years Reali spent evolving the prop tech market in California helped elevate and transform the industry." Citing the challenging real estate and financial market conditions and unfavorable capital-raising environment, Reali said it determined the best course of action is to close. Reali said it is talking with companies that have expressed interest in acquiring specific parts of its business, including mortgage origination, title & escrow, and power buying. Reali said it leverages “first-in-kind technology and trusted real estate experts to serve homebuyers, borrowers, and sellers in a single, integrated platform.” It offers a range of alternative financing solutions, that allow customers to buy and sell in one coordinated transaction, eliminating resale contingencies, moving twice, and paying two mortgages at once.