When a buyer offers $500k, the seller sees a net offer of $499k because a $1k fee goes to the buyer's inviting member. This fee is paid through escrow at closing.
If the seller accepts the $499k offer, they pay a $1k tech fee, making their final net sale $498k. The $1k tech fee goes to FairClose, with 20% going to the seller's inviting member as an affiliate fee (paid quarterly).
Once the offer is accepted on FairClose, the buyer and seller learn each other's identities. They then create a purchase contract using our preferred escrow or choose a title company.
Affiliate fees are tracked based on closed deals and inviting members. These fees are viewable on the desktop version and paid quarterly.
FairClose sources its on and off-market properties from agents, wholesalers, FSBOs (For Sale By Owners), and CloudCMA iBuyer connect. Each property is validated by local third-party market experts and FairClose analysts to ensure accuracy. The platform's technology then matches each property with interested buyers based on their specific buying criteria.
On the FairClose platform, buyers receive properties through a streamlined process designed to match them with suitable listings based on their preferences and requirements.
Buyer Profile Creation: Buyers start by creating a profile that includes their preferences, such as property type, location, budget, and other specific criteria.
Property Notifications: Once the buyer's profile is complete, the FairClose platform will automatically notify them of properties that match their preferences. Notifications can be received via email, text message, or directly on the platform.
Property Exploration: Buyers can explore the properties they receive by reviewing detailed property listings, including photos, descriptions, and relevant documentation. They can also ask questions or request additional information from the listing member.
Making an Offer: When a buyer finds a property they're interested in, they can submit an offer through the FairClose platform. The offer will be presented to the seller, who can then accept, reject, or counter the offer.
Offer Acceptance and Closing: If the seller accepts the buyer's offer, the buyer and seller will be introduced to each other to finalize the purchase agreement and proceed with the closing process. This includes selecting an escrow company, handling inspections, and completing any necessary paperwork.
By utilizing the FairClose platform, buyers receive properties that align with their preferences, making the property search process more efficient and tailored to their needs.
Wholesalers can benefit from using FairClose in several ways:
No sign-up fee and no monthly fee: FairClose only invites wholesalers who bring value to the marketplace, offering a cost-effective platform for promoting properties.
Monetizing buyers' list: Licensed wholesalers can invite their buyers to FairClose and agree on a referral fee for each transaction, benefiting every time their buyers purchase a property from the platform.
Diverse, verified, and qualified investor buyer network: All buyers on FairClose are certified, providing a reliable pool of potential buyers.
Easily negotiate multiple competing offers and net the highest price.
Earn affiliate fees by referring other members: Wholesalers receive 20% of any fees collected by FairClose for each member they invite.
FairClose protects relationships through several measures:
Proprietary technology: The platform keeps buyers organized and ensures that the member who invited each buyer is protected.
Confidentiality: Buyer identity and relationships are protected until an accepted offer is in place.
Terms and conditions: Each member and buyer agrees to the terms and conditions, which protect the relationship between wholesalers and their clients.
Handling multiple invitations: If a buyer receives multiple invitations, the licensed member who gets the buyer to accept the invitation and agrees to the referral will get paid for all the transactions of the buyer.
Streamlined process for additional invitations: If a member who has already accepted a previous invitation receives another invite from a new member and accepts it, the system will copy the buyer's buy box, so the buyer doesn't need to fill out more information.
Affiliate: Strategic partners who can invite members and buyers to join FairClose.
A.I.: Artificial intelligence. Refers to the use of computer algorithms to perform tasks that typically require human intelligence, such as recognizing patterns or making decisions.
Buy box: A set of criteria that buyers use to filter and search for properties that fit their needs and preferences.
Buyer: Refers to a person or entity looking to purchase a property listed on FairClose.
Buyers Member: Refers to a member who represents or invites a buyer to join FairClose.
Buyers offer: Refers to the offer made by the buyer for a property listed on FairClose.
Cash buyer network: A network of buyers who have cash on hand or approved loans to purchase properties without the need for financing contingencies.
Certified buyers: Buyers who have been verified and vetted by FairClose, ensuring that they are qualified to purchase properties on the platform.
CloudCMA iBuyer connect: A service that connects real estate professionals with iBuyers, which are companies that purchase homes directly from sellers using technology.
Double-end: When a real estate agent represents both the buyer and the seller in a transaction.
Escrow: A neutral third-party that holds funds and documents during a real estate transaction until all conditions are met and the sale is finalized.
FSBO: For Sale By Owner. Refers to properties that are being sold directly by the owner without the help of a real estate agent.
Inviting member: Refers to a member who invited a buyer to join FairClose.
Listing Member: Refers to a member who lists a property on FairClose. This can be a wholesaler, agent, or FSBO.
M.L.: Machine learning. A type of artificial intelligence that allows computer systems to learn and improve from experience without being explicitly programmed.
Member: Refers to agents/brokers, wholesalers, and sellers who are registered with FairClose.
MLS: Multiple Listing Service. A database of properties for sale that is shared among real estate agents and brokers.
Monetize: To earn money from a resource or asset, such as a buyers list.
Off-market: Properties that are not listed on public real estate websites or the Multiple Listing Service (MLS). These properties are usually sold by invitation-only to a select group of buyers.
Peer-to-peer rating system: A system in which members can rate and review each other's performance in the buying or selling process, providing added accountability and transparency.
Platform Tech Fee: Refers to the fee paid by the listing and buyer members for using the FairClose platform, which is deducted at the close of escrow.
Seller Net offer: Refers to the net price the seller receives after deducting the inviting member's referral fee.
Terms and conditions: The rules and guidelines that govern the use of a platform or service.
Top paying buyer: Refers to the buyer with the highest meeting offer for a property.
Verified sellers: Sellers who have been confirmed to be legitimate and trustworthy by FairClose.
Wholesalers: Real estate professionals who purchase properties at a discount and sell them to investors at a markup.