How to Make an Offer on Federa
Overview
Federa offers is a streamlined process for creating and submitting real estate offers. This detailed guide will walk you through the entire process, from signing up to managing your offer.
Step by Step Guide
Sign Up or Sign In to Federa
Sign Up or Sign In. If you have an account, proceed with signing in. If you're new to Federa, Sign Up.
Navigate to Property Search
Use the "Property Search" tab to find the property you are interested in. Alternatively, you can use the "Offers" tab if that is more convenient for you.
Search for the Property: Enter the address of the property you wish to make an offer on.
Create Your Offer: Click on the property listing to start the offer process. You will need to fill in the following details:
- Offer Amount: This is the amount you wish to offer for the property.
- Security Deposit: Enhances the attractiveness and reliability of your offer. A higher security deposit indicates your commitment as a buyer. This deposit is applied to the sales purchase price if your offer is accepted, and if not, it will be released back to your Federa account. You can then use these funds to make another offer or transfer them out. Ensure your Federa account has enough balance before entering the security deposit in the offer; otherwise, the app will not let you submit the offer.
- Offer Expiration: Specifies when your offer will expire if not accepted by the seller.
- Deposit: Deposit to be made once the offer is accepted.
- Days to Deposit: Indicates the number of days you have to pay the deposit after your offer is accepted.
- Contract Type: Sellers usually prefer Federa contracts, since they are simpler more efficient.
- Days to Cancel: After offer is accepted, this is number of days either party has to cancel the offer for any reason without any penalties.
- Days to Close: Number of days from offer acceptance date to the scheduled closing date.
For Buyer's Agents or Brokers: If you are an agent making an offer on behalf of your client please follow below:
- Create a Buy transaction and add your client as a buyer and ensure your role is "Buyer's agent" prior to creating the offer.
- Ensure your client has sufficient funds in their Federa account if you intend to enter a security deposit for the offer.
- When making the offer, click the "link" checkbox and select the relevant transaction. Under "Funding Source," you can choose your client's account and then submit the offer.
Managing Offers
- Cancel, Replace, or Add Offers: Cancel an existing offer, replace it, or add a new one if the previous one was canceled or expired.
- View Offers: Sign in to your Federa account and search for the property address. Click on the property to see all the offers that have been submitted.
- Manage your offer: Search for the property address > select the property > select your offer > click "Replace"
FAQs
When does the seller receive the contract?
As soon as you submit the offer.
Is there a deadline to submit offers?
Unless stated otherwise in the listing details, no.
How does the cash back language get added to the buy/sell agreement?
Once the service level has been selected, it automatically populates the corresponding terms to the Federa buy/sell agreement. For example, if the service level is DIY, the terms added will reference the 2% cashback. When LIVE the terms will reference 1% cashback.
Can the 3% buyers agent commission be modified from the Federa Buy/Sell Agreement?
No. A Federa Buy/Sell Agreement cannot have the commission modified. If someone wants a custom amount they will need to do a Full-Service Offer and can use a custom contract.
Can SmartBuy Live or DIY be conducted with a custom contract?
No. To be able to provide the cashback we offer, its required to use a Federa Buy/Sell agreement.
What documents are attached to an offer?
An offer will need proof of financing and contract if "Contract type" is custom.
Are Offers available on mobile?
Yes!
Download the Federa Home App
For a better experience download the Federa Home app. Submit offers, manage your offers, and get real-time notifications.
We believe in transparency and aim to provide the best possible experience to our users. If you have any further questions, please don’t hesitate to contact our support team at support@federa.com or by submitting a ticket here.
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