Home buying made simple.
- Buyer's agents get their full commission
- Independent home inspection
- No earnest money deposit needed
- Online offers
Earnest Money & Contingencies
About Faira Listings
Full Commission for Buyer's Agents
All Faira listings are published on the MLS, therefore all buyer's agents are guaranteed their full commission.
Certified Listings with Inspection Report
As a Buyer's Agent you can access free Transparency Reports on the Faira website. Transparency reports include the inspection, seller disclosures and title report. You can share these reports freely with your clients. Faira homes also have the Faira Appraisal Guarantee, which can be accessed on the Faira listing page.
Offers are approved online on all Faira listings. The Seller has selected Faira's online offer platform as their preferred way to receive offers for their home. An offer submitted on Faira can be seen as a Letter of Intent: Buyers offer a certain price for the home and Sellers decide if they want to approve the offer or not. After a Seller approves an offer, and the Faira Platform fee is paid, you can prepare the PSA to be signed.
An offer can include a private escalation amount which is never revealed to the Seller nor to other Agents/Buyers.
No Need for Earnest Money
Homes transacted through Faira don't require the usual 3% Earnest Money. Instead, there is a Platform Fee of 0.5% which is required prior to signing the PSA. This Platform Fee demonstrates the sincerity of the Buyer's offer. You are free to specify an Earnest Money Deposit and protect it with various contingencies, but this is not necessary. As an example, for an offer of $400,000 approved by the Seller, the Buyer will pay $2,000 to Faira prior to signing the PSA and the PSA price will be $398,000. The usual $12,000 in Earnest Money is not required. Agents can easily make an electronic offer on the Faira website on behalf of their clients.
Faira Buyer Process
- Make an Offer
- Due Diligence
- Sign PSA & Pay Platform Fee
- Conventional Offer Fee
Start Offer: A Buyer's agent prepares an electronic offer for their clients on the Faira platform (a 2-minute task). You may choose to submit an offline offer instead, but there is a cost to the seller.
Confirm Offer: Faira displays a confirmation link.
Update Buyer: The agent copies this confirmation link and sends to the buyers.
Buyer Approves Offer & Hold: One of the buyers provides a credit card number to Faira. Faira will hold an amount (typically $500) on the credit card number. The hold is not yet charged. This confirms to Faira that the agent has the buyer's approval to act on Faira on their behalf.
Submit Offer: The agent comes back to Faira, and reconfirms everything and submits the offer.
Seller Approves or Declines: The offer is presented to the seller. If the seller approves the offer, the hold becomes a charge on the buyer's credit card.
Prepare PSA: The agent can now prepare a PSA on your MLS form, at 99.5% of the offer price. Any earnest money and contingencies are allowed. The Faira Platform fee (0.5%) and Faira must not be a part of the PSA.
Due Diligence: An inspection can be arranged within the due diligence period (typically 5 business days). Please note that an independent inspection report is already provided but Faira takes no responsibility for its accuracy or completeness.
Pay Remaining Platform Fee: Within the due diligence period (typically 5 business days), buyers pay the rest of the Platform fee of 0.5% (i.e., 0.5% of the offer price minus the initial charge to the credit card upon offer acceptance)
Home is Under Contract: Both sides sign the PSA, and now the home is under contract.
If you and your client are interested in submitting a conventional offer off of the Faira platform you may do so by submitting directly to the buyer or to firstname.lastname@example.org. Note that when the seller approves an offline offer they incur a fee for doing so. The offline offer fee covers our services and is only applied to offers made outside of the Faira Platform. Offline offers are made public on the listing page's Offer History. If an escalation is included, the offline offer will escalate until the offer's expiration. The max escalation of an offline offer cannot be kept private from the seller.