Frequently Asked Questions

Getting started

What is Sundae?

Sundae is a real estate marketplace that gives property investors direct access to exclusive and highly vetted off-market investment properties. All properties are under contract to sell and being presented as wholesale assignment opportunities.

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Where does Sundae currently operate?

See all locations. We are regularly expanding to other cities.

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Can any property investor join Sundae’s marketplace and start investing?

Yes! Our marketplace is built to be intuitive and inclusive for property investors with any level of experience. We provide you with a dedicated Investor Advisor to guide you through all the steps leading up to making your first offer. Newer investors will be asked to provide proof of funds prior to gaining access.

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How do I join Sundae’s marketplace?

We offer a self service sign up option here. If you wish to opt out of self serve a dedicated Onboarding Advisor will be in touch within 24 hours to get you started. During the sign up process you may select an Essential, Edge, or Edge+ membership.

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How do you source your properties?

Sundae engages in extensive direct advertising to homeowners who are motivated to sell in as-is condition. We run TV commercials, radio spots, Search Engine Marketing, and Direct mail campaigns to name just a few! We do the work of finding sellers and securing purchase contracts so you don’t have to. By joining Sundae’s marketplace, you’ll gain access to opportunities you can’t find anywhere else.

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What types of properties are available on Sundae’s marketplace?

Most investment opportunities are single-family homes, but we often have other residential property types such as condos, townhomes, and multi-family up to four-plexes.

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Placing an Offer

How are offers placed?

We accept offers over two rounds. The first round is an auction-style environment where the top three offers will be invited to participate in round two. Our website and email alerts will let you know if you’re in the top three and you can place as many offers as you want before the deadline. Round two is highest and best where only one offer can be placed and the offer position is blind.

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Besides price, what are the other terms when placing an offer?

All offers are made without contingencies, so it’s important to complete your due diligence prior to placing your offer. Each opportunity will key terms like closing date, seller rent back, HOA dues, solar panels, and whether in-person showings are available.

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How does Asking Price work?

Asking price is our tool to give you certainty in a transaction. If you are the top offer at or above asking, you win! Period. Don’t be shy about placing offers below asking though because we still want to know your number, there is just no guarantee that you’ll transact below asking.

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Can I revoke or change my offer once placed?

Lowering or revoking offers threatens the integrity of the process and is particularly unfair to investors using AutoOffer. For that reason, lowering or rescinding offers is not allowed. Failure to perform on offers placed through the online marketplace will result in deactivation of your account. Offers can of course be increased at any time before the deadline in round one.

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Am I able to see the offers from other property investors?

No, you will not see the exact amount of competing offers. In round one, you will always know if you are in the top three offers that will be invited to round two. In round two, only one highest and best offer is placed and the offer position is blind.

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What about counter offers?

There is no counter offer process. Our two-round offer submission process is meant to streamline the process of placing offers and winning deals. Place your most competitive offer in round two for the best chance of winning.

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Financing your investment

Can I use a conventional loan to finance the property?

Most properties on our marketplace close in under 30 days and don’t allow access to 3rd party vendors like appraisers, which makes conventional mortgages impossible for most lenders. If you have a lender that you think can accommodate the stated terms on an opportunity, reach out to your Investor Advisor to discuss further.

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Does Sundae provide financing?

Yes. Sundae’s lending service offers investors low, competitive rates and a quick pre-approval, underwriting, and funding process. Sundae funding is also available for properties sourced outside of Sundae’s Marketplace. To learn more about our lending programs, reach out to your Investor Advisor or email [email protected].

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Pricing, Payments, and Closing Costs

What fees am I responsible for when I buy on Sundae’s marketplace?

All fees are disclosed in the portal when placing an offer. The winning buyer is responsible for all closing costs, which includes buyer and seller escrow fees as well as a 3rd party home inspection report ordered by Sundae. Sundae charges a $1,000 Admin Fee, and a $250/day fee for late closings (if the delay is at your request).

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Is there an EMD (Earnest Money Deposit) required? How much is it?

Yes. Accepted offers require an EMD that is credited towards the purchase. The EMD amount for each property is shown on the offer confirmation screen. For any questions, please contact your dedicated local Investor Advisor. Earnest Money will be deposited with the escrow or title company.

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When is the EMD due?

The Earnest Money Deposit is due within 24 hours of your offer being accepted.

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Is the EMD refundable?

The EMD is a sum of money provided by the buyer to the seller as a good-faith gesture to demonstrate the buyer's serious intent to purchase the property. The earnest money deposit is credited towards the purchase. However, if the sale falls through due to reasons beyond the buyer's control, the EMD may be returned to the buyer. Alternatively, if the buyer defaults on the transaction, the EMD may be forfeited to seller as compensation for damages incurred.

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