Investor: Frequently Asked Questions
Placing an Offer
Financing your investment
Pricing, Payments & closing costs
Our Essential membership is free to join at any time. As an Essential member you can place offers in 1 primary market and browse all active markets. If you wish to expand your business further Edge is our premium membership where you gain access to additional markets and features. Sign up today!
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.
We source our properties directly from homeowners who are motivated to sell in as-is condition. They’ve given Sundae exclusive rights to list the property on our marketplace. By joining Sundae’s marketplace, you’ll gain access to opportunities you will not find anywhere else.
We source properties from homeowners who want convenience and certainty in the home-selling process and want to sell as-is, whether they have a distressed home — what we like to call a home that needs love — or are simply looking for the benefits of multiple property investors placing offers on their house. Most of these properties are single-family homes, but we often have other residential property types such as condos, townhomes, and two- to four-unit buildings.
Your dedicated Investor Advisor will keep you informed if yours is one of the top offers presented to the seller. If your offer is accepted, your Investor Advisor will guide you through the process of completing the purchase agreement and ultimately closing on the purchase of the house.
Non-contingent offers are required, so it’s important to complete your due diligence prior to placing your offer. If your offer is accepted, you will complete a purchase contract outlining the terms of the sale in writing. Buyers must use cash or hard money and are responsible for covering buyer and seller closing costs. The closing timeline will be dictated by the seller — it could be as fast as 10 days or up to 60 days.
All properties on Sundae’s marketplace come with Minimum Listing Requirements to give you a comprehensive view of the property. Those details include:
Offer due date
Delivered vacant or occupied
Matterport – Homeowner opt in
Google Maps preview
Floor plan ordered (Y/N)
Preliminary title report
Inspection ordered (Y/N)
Septic system (Y/N)
If there is a septic system we will deliver a Septic Report
In-person showings (Y/N)
Seller in possession until date
Estimated close of escrow date
Offer expiration date
EMD amount due date
Most of our properties won’t have a showing since the Property Packet encompasses all of the details you need to complete your due diligence from your computer or smartphone. If you’re really interested in visiting the property, your Investor Advisor can try to arrange a showing with the seller on your behalf. However, you may miss out on the opportunity to submit an offer, because as other offers come in, the seller may accept one at any time.
Offers are due at 12 p.m. PST on each property’s offer deadline date that’s listed on the marketplace. However, we start presenting offers to the homeowner as soon as they come in, and homeowners can choose to accept an offer before the due date.
Sellers generally have four business days to accept an offer, but we typically see them accepting sooner than that. Your investor advisor will contact you if your offer is one of the top offers. You will not receive a notice of rejection if your offer is not accepted.
Upon offer submission, you will see a confirmation screen. To track your offers submitted, navigate to the ‘Your Offers’ dashboard from the profile dropdown menu on the top right hand corner.
Your dedicated Investor Advisor will contact you if the seller chose your offer, or if there’s an opportunity to make a best and final offer to break a tie. If your offer is chosen by the seller, your Investor Advisor will go over the offer details and send you a Purchase Agreement for signature. Once all parties have signed, you’re officially under contract, at which point you will be expected to wire your Earnest Money Deposit within 48 hours.
Yes, you can change or revoke your offer if the seller has not accepted it. To change your offer, simply enter in your new offer, and the system will update to the most recent offer for that property. It’s always good practice to notify your Investor Advisor of the change if this situation arises. To revoke an offer, please contact your Investor Advisor.
Yes, a seller is under no obligation to accept any offer they receive.
No. All of the offers are confidential, so it is important to place your most competitive offer from the beginning. You do not have visibility to the number or amount of the other offers.
In some instances, there may be a request for final and best offers from the top few offers, but it’s important to put your best foot forward from the beginning so you have the best chance at winning the property.
The buyer is responsible for all closing costs and fees. This includes buyer and seller escrow fees, the Sundae Buyer Premium, a $1000 Admin Fee, and a $250/day fee for late closings (if the delay is at your request). The Sundae Buyer Premium is included in your offer and varies by purchase price and the market. Your dedicated local Investor Advisor can help you with the buyer’s premium in your market once you’re onboarded.
No, we deduct fees from your offer to show the seller a net price.
Closing costs are standard, but they vary deal by deal (county by county). The title and/or escrow company involved can give you a better idea of closing costs for each property.
Our average close is 30 days, but it varies at the seller’s discretion: as fast as 10 days or up to 60 days. We provide the COE (Close of Escrow) date in advance when a property is listed on our marketplace.
Yes. Accepted offers require a non-refundable 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.
The Earnest Money Deposit is due within two business days of signing a Purchase and Sale Agreement.
Not yet. You will work with your Investor Advisor to complete a purchase agreement only if your offer is accepted. Once all parties have signed the agreement, you’re officially under contract and in escrow. A copy of the fully executed contract will be emailed to you with wire instructions and escrow information.
All offers are non-contingent. The closing timeline will be dictated by the seller — it could be as fast as 10 days or up to 60 days. Properties on the marketplace are sold in as-is condition and will have a target closing date listed on their Property Profile, so you’ll know an estimated timeline before placing an offer.
The property page will indicate if the property is delivered vacant or occupied.
The Essential plan allows you to browse properties in all markets, and place offers to purchase in your primary market. Edge allows you to purchase properties in up to 3 markets with additional features and access to our Sundae Funding+ feature. Edge+ has the same additional features as Edge with the added ability to purchase in markets nationwide. See sundae.com/investor/pricing for all added features.
If you are an existing member of Sundae’s marketplace, simply log in and navigate to your account settings. From here you can select Edge or Edge+ and which payment options you would like. If you are a new member you can choose your plan during your account sign up process. Upgrade today!
When thinking about which premium membership option works best for you, remember one main difference is the number of markets you can purchase in. If you want to purchase nationwide, Edge+ may be best for you. If you only want to purchase in select markets, try Edge.
No. Edge and Edge+ is open to join for every investor on our marketplace. Sign up today!
Each market is defined by a set of zip codes. All major markets are fairly spread apart. For more information visit sundae.com/locations
Sundae Real Estate Investing brings the full Sundae marketplace experience to your mobile device*. Refine your search to find the perfect property in your desired market(s). Easily analyze properties and download essential reports to your phone. When you find that dream property, simply put in the offer amount and click submit!
Plus, stay up-to-date with real time notifications and take actions right from your phone:
- Get informed when the offer window of a saved property is ending soon
- Timely reminders to finish submitting your offer!
- Receive an alert when your offer is no longer the highest
- Find out about new properties in your target markets
- See when a Coming Soon property is now Active and taking offers.
Additionally, with Location Services, you can quickly see all the properties mapped out that are approximate to your location.
To access the app you will need to be an Edge or Edge+ member prior to downloading*. Next, go to the App Store on your iPhone and search for “Sundae Real Estate Investing”. Click “Install” and follow the instructions on the screen. You will be directed to sign-up on our website, once signed-in, you will be redirected automatically to the mobile app. Learn more about Edge memberships
Sundae Real Estate Investing is included with an Edge or Edge+ membership at no extra cost. Learn more about Edge memberships
Sellers on Sundae’s marketplace often expect closings in under 30 days with no contingencies or access, which are features that won’t work for most conventional loans. However, some sellers may accommodate these terms. Contact your dedicated Investor Advisor to discuss your financing when you’re ready to submit an offer on a property.
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].
Membership Payment & Pricing
A Purchase Direct property is an opportunity that you can purchase at a set price the seller is most comfortable selling the property for.
Locking down a Purchase Direct property is easy. See a property you like and love the set price, too? Simply be the first to click on the Purchase Direct button in the marketplace and you will have the opportunity to purchase the property, without the offer stage.
Purchase Direct is open to all Sundae Essential, Edge, and Edge+ members.
Purchase Direct properties have a visual indicator badge on the opportunity. The property details page also features a Purchase Direct button.
Investors will be notified of new Purchase Direct properties on the Marketplace through an automated email sent to all investors in that specific market. Click on the opportunity and you will be taken to the property details page.
Conveniently, Purchase Direct properties in your market(s) are automatically added to your Saved Opportunities list so you will never lose track of them. Simply go to your Saved Opportunities page and you’ll see the properties there. If you aren’t interested in the property after reviewing the details, you can easily remove it from your list by clicking Unsave.
The first investor to click on the Purchase Direct button will have the opportunity to purchase and sign a Purchase Sales Agreement. Investors who come after that will be added to a backup list in case the deal falls through. When a deal falls through and you are the next in line, your Investor Advisor will reach out to you directly to inform you that the opportunity is open and guide you through the next steps to sign the Purchase Sales Agreement.