Better Cash Offer
Terms and Conditions
Better Real Estate, LLC dba BRE, Better Home Services, BRE Services, LLC and Better Real Estate (“Better Real Estate”)* is offering a service to purchase customers(each a “Customer”) whereby Better Real Estate will present a full cash offer to purchase property (“Property”) selected by, and for the ultimate benefit of the Customer (the “Better Cash Offer”).
Requirements.
a. The Better Cash Offer is available to Customers who have received a Better Mortgage Corporation verified pre-approval letter and have been determined to hold the necessary funds in reserve to enter the program.
b. The Better Cash Offer may be applied to real estate transactions for Single Family Residences, Condos, and Single-Family Townhomes, for purchase prices between $100,000 - $2,000,000. Primary Residences, Second Homes, Investment Properties, and new construction properties that have been issued a certificate of occupancy all qualify.
c. New construction properties that have not been issued a certificate of occupancy, properties currently occupied by tenants (other than the property’s seller), and properties encumbered by a solar lease do not qualify for the Better Cash Offer.
d. Customers shall enter into a commitment agreement with Better Real Estate (the “Commitment Agreement”) whereby (a) Better Real Estate shall submit an offer to purchase the Property in cash from the Property seller (the “Offer”); (b) upon a Property seller’s acceptance of the aforementioned cash offer, Customer shall contract to purchase the Property from Better Real Estate (the “Customer Purchase”)**; and (c) Customer shall enter into a temporary occupancy agreement to occupy the Property from the time of the close of Better Real Estate’s purchase of the Property from the Property seller up to the time of the close of the Customer Purchase. The first 30 days of the occupancy agreement shall be included in the Service Fee (defined below). Thereafter, Customer shall pay a per-diem fee at a fair-market rate to be provided by Better Real Estate. During the occupancy agreement, Customer shall be responsible for all real estate tax expenses and HOA fees assessed upon the Property, as applicable.
e. To the extent permitted by state or local law, Customers must make a deposit equal to 7% of the Property’s purchase price upon the Property seller’s acceptance of the Offer (the “Security Deposit”). The Security Deposit shall be applied to the home at the close of the Customer Purchase; however, if the customer is unable to obtain financing to purchase the Property from Better Real Estate after Better Real Estate has closed with the Property seller, the Security Deposit shall be forfeited to Better Real Estate. The Security Deposit will also be forfeited to Better Real Estate if the Customer chooses to exit the Cash Offer program after Better Real Estate has closed with the Property seller.
f. Customers shall owe a state-specific transaction fee roughly equal to the transfer taxes and closing costs incurred by Better Real Estate for its purchase and closing on the Property (“Transaction Fee”).***
g. Customers who finance their mortgage with Better Mortgage Corporation and use a Better Real Estate Agent for the Property purchase shall owe a service fee equal to 1.25% of the Property’s purchase price, payable at the same time as the Security Deposit. (the “Service Fee”).
h. Customers who do not finance their mortgage with Better Mortgage Corporation but do use a Better Real Estate Agent for the Property purchase shall owe a Service Fee equal to 2.5% of the Property’s purchase price, payable upon Customer’s closing of the Property.
Customers finance their mortgage with Better Mortgage
i. Customers finance their mortgage with Better Mortgage Corporation but do not use a Better Real Estate Agent for the Property purchase shall owe a service fee equal to 2% of the Property’s purchase price, payable at the same time as the Security Deposit. (the “Service Fee”).
j. Customers who do not finance their mortgage with Better Mortgage Corporation and do not use a Better Real Estate Agent for the Property purchase shall owe a Service Fee equal to 4% of the Property’s purchase price, payable upon Customer’s closing of the Property.
Customers are responsible for any additional funds due as the result of an appraisal valuing the Property at less than the Property’s purchase price (“Appraisal Gap”). Should Customers be unable to cover such Appraisal Gaps and thus be unable to close on the Customer Purchase, they may be released from the Customer Purchase. Upon release, Better Real Estate may retain all or some portion of the Security Deposit Customers may choose to include an appraisal contingency with Better Real Estate’s cash offer made to the Property seller.
Better Real Estate retains all rights to terminate its purchase of the Property should it become known that the Customer is unlikely to obtain financing for the Customer Purchase. In the event of such terminations due to the Customer’s apparent inability to finance the Customer Purchase, the Security Deposit will be refunded to Customer, less any expenses sustained by Better Real Estate in connection with its purchase of the Property, such as a forfeited earnest money deposit.
The Better Cash Offer Program is available for Better customers in the states as described below:
When using a BRE In-House Agent, the Better Cash Offer Program is currently available in Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Maryland, Michigan, North Carolina, New Jersey, Pennsylvania, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington DC and Washington State.Customers participating in the Better Cash Offer Program are not eligible for the Better Real Estate discount.
Better Real Estate reserves the right to rescind or modify the terms of the Better Cash Offer without prior notice.
Better Real Estate retains all rights to terminate its purchase of the Property should it become known that the Customer is unlikely to obtain financing for the Customer Purchase. In the event of such terminations due to the Customer’s apparent inability to finance the Customer Purchase, the Security Deposit will be refunded to Customer, less any expenses sustained by Better Real Estate in connection with its purchase of the Property, such as a forfeited earnest money deposit.
The Better Cash Offer Program is currently available in Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Michigan, Illinois, North Carolina, New Jersey, Pennsylvania, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington DC and Washington State.
Customers participating in the Better Cash Offer Program are not eligible for the Better Real Estate discount.
Better Real Estate reserves the right to rescind or modify the terms of the Better Cash Offer without prior notice.
*Better Real Estate employs real estate agents (“Better Real Estate Agents”) and also maintains a nationwide network of partner brokerages and real estate agents (“Better Real Estate Partner Agents”). Better Real Estate Partner Agents work with Better Real Estate to provide high quality service outside the service area covered by Better Real Estate Agents or when Better Real Estate Agents experience excessive demand.
**Customers who do not require the sale of their current residence must secure mortgage financing and close their property transaction within 30 days after the close of Better Real Estate’s purchase of the Property from the Property seller. Customers who will sell their current residence must secure mortgage financing and close their purchase of the property within 90 days after the close of Better Real Estate’s purchase of the Property from the Property seller.
Better Real Estate, LLC dba BRE, Better Home Services, BRE Services, LLC and Better Real Estate is a licensed real estate brokerage and maintains its corporate headquarters at 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007. A full listing of Better Real Estate, LLC’s license numbers may be found here. Equal Housing Opportunity. All rights reserved.
Better Mortgage Corporation is a direct lender. All rights reserved. NMLS #330511 © 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states.
***The Transaction Fee for each state shall be as follows:
3 The Transaction Fee for each state shall be as follows:
| State | Transaction Fee |
|---|---|
| AL | 0.38% |
| AZ | 0.19% |
| CA | 0.62% |
| CO | 0.22% |
| FL | 0.96% |
| GA | 0.35% |
| IL | 1.40% |
| MD | 2.27% |
| MI | 1.63% |
| NC | 0.43% |
| NJ | 1.40% |
| PA | 2.46% |
| OR | 0.56% |
| SC | 0.43% |
| TN | 0.64% |
| TX | 0.41% |
| VA | 0.62% |
| DC | 2.98% |
| WA | 1.47% |