How to make an offer on Faira
Making an offer on a Faira home is easy and takes as little as two minutes, with no earnest
money required. Instead, the buyer pays 0.5% of the offer price upon acceptance (the Faira
Here's how it works:
1. Submitting an offer
Making an offer: To start, simply click the "Make an offer" button on any Faira
Listing. Just input the details of the offer and enter contact info for you and your client(s).
Then, your client will need to provide a credit card and $500 hold before submitting the offer.
Credit Card: Don't worry—this hold is only to ensure that your client's offer
is genuine, and to keep the price of the home from being artificially inflated. For convenience,
you can generate a link for your client to input their own credit card information. (All of
Faira's credit card transactions are processed securely by Stripe, and your buyer's info is
never seen by anyone at Faira.)
Submit the offer: Once the hold has been made, just refresh the page and
click "Submit". The seller receives the offer immediately and has up to 24 hours to respond.
It's that easy!
2. Due Diligence
Offer Approval: If the seller approves your offer, the $500 hold is fully
charged and paid towards the Platform Fee. You then have up to 5 days to perform any
additional due diligence on the property as agreed to with the seller.
Prepare PSA: Within 24 hours of offer approval, you'll need to provide a PSA
reflecting the agreed terms signed by your buyer only. The contract price should
be written for 99.5% of the offer price, since the Platform Fee is paid upfront.
Due Diligence: During the 5 day period after offer approval, you may choose to
have an inspection or anything else that the seller has agreed to, but this is strictly optional.
Once your buyer has cleared the home, they'll need to pay the remainder of the Platform Fee.
3. Platform Fee & PSA Signing
Pay Remaining Platform Fee: The remainder of the Platform Fee is equal to
0.5% of the total offer price, but with the $500 hold subtracted. (Example: If the total
Platform Fee was $1,200 the remainder due would be only $700.) The remainder is payable by
check or wire transfer only.
Mutual Contract: Once your buyer has paid the remainder of the Platform Fee,
we'll send the PSA you provided to the seller for signing. Once they've signed, the contract
becomes mutual and the listing it moved to "Pending".
We think that Faira is the easiest way to make an offer on a home, but we understand that
every situation is unique. If you want to submit a traditional "paper" offer, you can send it
to the document email listed on the MLS. All offers are presented to the seller regardless of
whether they were made on the Faira platform or on traditional MLS forms. Please note that
sellers will incur an additional fee when they accept an offer offline, and that the decision
whether or not to accept an offer is always at the sellers' discretion.