Here are some of our most frequently asked questions:
1. Am I making a real offer?
Yes, you are making a real-time offer on the property you select, which is reviewed for consideration by the seller. If your offer on the property is accepted by the seller, you should first expect to receive a counter signed contract from the seller. Second, you will want to make sure, per your contract, you get your initial deposit to the escrow holder. In many states, including NY and MA, the offer contract is not binding until consideration is received.
2. Why do I need to enter my credit card?
With a buyer direct offer, you enter your credit card for ID verification only. We want to make sure for all parties that we are delivering bonafide offers. We believe matching the buyers identity with the credit card holder is a good filtering method. We do not charge your card.
3. Do I get my deposit back if I cancel after my offer has been accepted?
Contingent offers absolutely may receive their deposit back if the offer is terminated within the terms of the agreement. If you are in a competitive offer situation and decide to opt-out of inspection or mortgage contingencies, then your deposit does become non-refundable. If you have further questions around this, we recommend consulting a licensed agent or attorney before making any offers.
4. What happens if the seller counters my offer?
Your original offer is terminated and only the counter offer can be accepted. Even if both parties have accepted during a counter offer situation the revised terms need to be memorialized in a new contract and signed by all parties to have a valid contract.
5. How do I get the written contract on a counter offer situation so I can have a binding offer?
Once the buyer and seller have agreed to terms on SparkOffer, the listing agent will be notified that both parties have agreed upon terms and will circulate a revised offer contract or purchase and sale contract (depending on market) for signatures by all parties.