Better

Better Cash Offer

Terms and Conditions

  1. Better Real Estate, LLC dba BRE, Better Home Services, BRE Services, LLC and Better Real Estate (“Better Real Estate”)1 is offering a service to purchase customers (each a “Customer”) whereby Better Real Estate will present a full cash offer to purchase real property (“Property”) selected by, and for the ultimate benefit of the Customer (the “Better Cash Offer”).

  2. 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, Single-Family Townhomes, and new construction properties that have been issued a certificate of occupancy for purchase prices between $100,000 to $2,000,000. Primary Residences, Second Homes, and Investment Properties 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”)2; 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 thirty (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, and upon the Property’s seller’s acceptance of the Offer, Customer shall make the following deposits (the “Security Deposit”):
i. at least seven percent (7%) of the Property’s purchase price;
ii. at least ten percent (10%) of the Property’s purchase price, if Customer is using a Better Real Estate Agent and financing with Better Mortgage Corporation, and is required to sell their existing home and use the proceeds from such sale to complete its Customer Purchase; or
iii. at least ten percent (10%)if the customer is using a Better Real Estate Agent and financing with Better Mortgage Corporation, and the purchase price of the Property is one-million dollars ($1,000,000) or more.

The Security Deposit shall be applied as a credit towards the Property 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 Better 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”).3

g. Customers shall owe Better Real Estate a service fee payable at the same time as the Security Deposit (“Service Fee”) as follows:

  1. Customers who finance their mortgage with Better Mortgage Corporation and use a Better Real Estate Agent (but not a Better Real Estate Partner Agent)1 for the Property purchase:
    i. 1.25% of the Property’s purchase price, if the Customer deposits between 7% to 19.99% as a Security Deposit;
    ii. 0.75% of the Property’s purchase price, if the Customer deposits between 20% to 29.99% as a Security Deposit; or
    iii. 0% of the Property’s purchase price, if the Customer deposits 30% or more as a Security Deposit.

  2. Customers who finance their mortgage with Better Mortgage Corporation but does not use a Better Real Agent1 for the Property purchase:
    i. 2% of the Property’s purchase price.

  3. Customers who do not finance their mortgage with Better Mortgage Corporation, but does use a Better Real Agent or Better Real Estate Partner Agent1 for the Property purchase:
    i. 2.5% of the Property’s purchase price.

  4. Customers who do not finance their mortgage with Better Mortgage Corporation and does not use a Better Real Agent or Better Real Estate Partner Agent1 for the Property purchase:
    i. 4% of the Property’s purchase price.

  5. 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.

  6. 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.

  7. 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.

  8. Customers participating in the Better Cash Offer Program are not eligible for the Better Real Estate discount.

  9. Better Real Estate reserves the right to rescind or modify the terms of the Better Cash Offer without prior notice.

1 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.

2 Customers who do not require the sale of their current residence must secure mortgage financing and close their property transaction within thirty (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 ninety (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.

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%