Managing a Federa Offer
How to manage your Federa Offer
Mastering how to manage your offers on Federa has never been more straightforward! In this step-by-step guide, we take you through the journey of managing a new property offer - from receiving your first offer to successfully closing the deal. Whether you're an individual homeowner or a real estate expert, this article streamlines the entire process, making it easy for anyone to handle their offers effectively and efficiently. Harness the potential of Federa, and take your real estate transactions to the next level today.
Receiving your Federa Offer
When an offer is placed on your listing, you will receive an email notification detailing the offer amount, financing type, deposit amount, days to close, and the buyer's name. The email also contains a “Residential sales contract” PDF outlining all the specifics of the offer. Additionally, a pre-approval letter is provided.
The email guides you through your next steps, giving you options to “Accept Offer, Decline Offer, Counter Offer” or “Access Full Offer”.
Accessing your Offer
To access your offer, Sign Up on Federa using the same email address you received the offer for verification purposes. Once you sign up, you can click on the “Offers” tab on the desktop version or from the menu on mobile devices.
Responding to the Offer
Upon selecting the offer you wish to respond to, you will encounter various options in the “Blueprint stage” dropdown. You can choose to "Accept Offer", "Counter Offer", "Decline Offer", "Void Offer", or "Amend". You will also see the counterparty information and buyer's signature.
Counter Offer
If you want to counteroffer, various fields are editable such as the amount, days to cancel, days to close, and you can add additional terms. Once you've made your changes, submit the counter. The offer then becomes an “Open Offer”, awaiting the counterparty’s response.
If you decide to counter an offer, the following options will be available for you to modify:
- Owners Name - If you are the listing agent/broker, enter the information of the property owner(s). If they don't have an existing profile, you can add their details to create a profile for them. If you are the owner, add your name.
- Offer Amount - Adjust the counteroffer amount to your preferred price.
- Contract Type - For specific contract requirements, select "custom contract". Add a state-specific contract or contingencies for the buyer to fill out if they accept your counter offer.
- Days to Cancel - Propose a new timeframe for the buyer to cancel the offer.
- Days to Close - Set your preferred timeline for closing the deal.
- Additional Terms - You can include any additional conditions for the sale here.
If you're the listing agent/broker click the "Update" button to save the counter-offer. Then the owner(s) will be prompted to go in and add their signature.
If you're the owner making the counteroffer, simply add your signature in the "Owners Signature" section and click the "Update" button.
Finally, once you're satisfied with your counteroffer, click "Submit Updated Offer". The counterparty will then be notified of your counteroffer. On mobile, click the dropdown under the blueprint stage to view the button.
Accept Offer
When you accept an offer, the status will change to "Accepted" and all parties will be notified. Once the compliance review is completed by Federa, the offer becomes "Under Contract" and other offers will be voided.
Decline Offer
If you choose to decline an offer, the offer status will change to "Rejected". Parties will be notified accordingly and the system will allow for the offer to be Modified and Resubmitted.
Amend Offer
If you wish to amend an offer, the system will treat it similarly to a counteroffer, making the current offer void until both parties agree to the new amended offer. In the event the amended offer is not accepted, the current offer will continue. An amendment is only possible through a "Federa Contract".
Void Offer
If you wish to void an offer, you can do so and the current offer status will change to "Void". All parties will be notified.
After Accepting the Offer
Once the offer is accepted, Federa performs a Compliance Review which includes verifying the Earnest Money Deposit in Escrow, inviting the Mortgage Company, and inviting the Title company if applicable. After the Compliance Review is completed, the offer and listing will go "Under Contract".
Clear to Close
Once under contract, Federa will perform a Clear to Close review. This involves checking if the title is clear to close and if the financing is clear to close if applicable. The buyer will need to order an inspection and appraisal if necessary. This process varies as every transaction is unique.
Closed
Once the "Clear to Close" review is completed, Federa will update the transaction to "Closed". The property is now officially sold!
Congratulations!
You've successfully sold your home on Federa!
If you have any questions or issues, please don't hesitate to reach out to our support team. They're always ready to help.
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