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Real Estate, Home Selling, Home Buying

Faira: Creating Cost Efficiency

 At Faira, we believe in improving the process by which homes are bought and sold. To do this, we offer a great value to selle

rs. The following services are FREE for sellers who list their homes with Faira:

  • MLS Listing + syndication
  • Independent inspection
  • Professional photography
  • Title report

Faira empowers sellers to treat their prospective buyers as partners in the home-transaction process rather than opponents. Home transaction is not a zero-sum game, as many folks tend to believe. The Faira process is designed to provide the maximum value possible to both buyers and sellers. The Faira process makes home facts transparent and the bargaining process trustworthy. Faira’s transparency report, offer platform, and Appraisal Guarantee reduce most of the transaction failure risks, and since there is no earnest money, the purchase-sale contract is simplified.

The simplification enables buyers and sellers to take charge of this transaction and enables Faira to offer its platform for a mere 0.5%  and offer more services than in a conventional process.

Why the Faira process works better:

  • The inspection report upfront removes the risk of renegotiation.
  • The offer platform removes the possibility of a bluff.
  • No earnest money deposit and no contingencies simplify the contract.
Eventually both the buyers and sellers win in paying far less in transaction costs and getting what we call a happier match! A match that allows the most deserving buyer to win the house and hence allows more revenue for the seller.

How the Faira process works for both buyers and sellers

Seller Side

  1. The seller provides the home’s address to Faira.
  2. Faira sends a licensed inspector to prepare the inspection.
  3. Then Faira orders the title-report from a chosen title company, sends a photographer to take home pictures, and prepares a certificate of value based on the appraisal report.
  4. The seller provides a seller disclosure and a home description.
  5. Faira prepares the listing, which includes an inspection report, title report, seller’s disclosure, and certificate of value, and pushes the listing to MLS and Zillow, and provide keybox access to MLS agents.
  6. The seller hosts two open houses, as they are the best marketers of their own homes.

Start Your Listing

Buyer Side

  1. The prospective buyers may visit the seller’s home themselves during an open house or in a private showing arranged with the seller, with or without an MLS agent with keybox access. In case an MLS agent is assisting a prospective buyer, the agent will be paid a full 3% commission. The prospective buyers also access all the reports provided on Faira’s website.
  2. The prospective buyers make their offers on Faira’s website and can see the competing offers, and the minimum offer requirement. They can also provide their maximum offer, which will not be shared with the sellers or the other competing buyers. The prospective buyers provide a credit card number and in the case they win the home, the credit card will be charged the $500 initial platform fee.
  3. The winning buyer is provided with the purchase sales contract signed by the seller, and then has 5 days to pay the rest of the 0.5%. The purchase sales contract is tentative until the buyer pays the Faira platform fee. The buyer may cancel the transaction anytime during the process, and the price will not be renegotiated. The Faira platform fee is non-refundable except for the guarantees provided in the certificate of value. The first $500 dollar may also be refunded under Faira’s customer satisfaction policy.

Trust, simplification, and affordability – that is how Faira plans to change the home transaction industry.

 

Kamal Jain

Written by Kamal Jain

Kamal is the CEO and Co-Founder of Faira.com. A technologist and economist, Kamal specializes in designing business models for the internet, which he did for both Microsoft and eBay. Kamal now wants to align the interests of home buyers and home sellers with Faira.

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