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Investor: Frequently Asked Questions

Investor: Frequently Asked Questions 

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    Getting Started

    Edge Membership

    Placing an Offer

    Purchase Direct

    Financing your investment

    Pricing, Payments & closing costs

    Mobile App

    Sundae is a real estate marketplace that gives property investors direct access to exclusive and highly vetted off-market investment properties. We are the only marketplace that sources properties directly from the homeowners so that investors can save time and money finding investment properties.

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

    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 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.  

    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.

    You can learn about our Marketplace for Investors at sunpreprod.wpengine.com/investor. In order to join and gain access to the marketplace, you’ll need to sign up and complete our onboarding process. Sign up today!

    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

    • Asking price

    • Full address

    • Bed

    • Bath

    • Square footage

    • Year built

    • Delivered vacant or occupied

    • HOA (Y/N)

    • Solar (Y/N)

    • Feature image

    • Exterior photos

    • Matterport – Homeowner opt in

    • Google Maps preview

    • Floor plan ordered (Y/N)

    • Preliminary title report

    • Disclosures (Y/N)

    • 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

    • IA contact 

    • Offer FAQ

    • Publish date

    • Estimated close of escrow date

    • Property status

    • Offer expiration date

    • EMD amount

    • 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.

    As an Essential member you only have access to place offers in your primary market. If you wish to place offers outside of your primary market simply upgrade to our Edge or Edge+ membership. Upgrade

    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.

    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.

    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.

    No. EMD is a nonrefundable deposit.

    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.

    If your property is vacant, you can take possession as soon as the property is funded and recorded with the county. This is typically completed within 24 hours after signing closing documents with the title or escrow company. If your property is occupied, the possession date will be agreed upon and outlined in your purchase agreement.
    ot all properties are delivered vacant. There are circumstances where the seller will need additional time in the property after closing to make moving arrangements and gather their belongings. These timelines are always mutually agreed upon and determined prior to signing the purchase agreement. Properties can also be sold as tenant occupied, and the existing lease agreement would transfer over to you upon the close of escrow.  
    The property page will indicate if the property is delivered vacant or occupied.
    Properties with solar panels will be handled on a case-by-case scenario. It will depend on how the solar panels were purchased, and the current terms with the solar company. The details will be communicated and outlined in the purchase agreement prior to finalizing a purchase.
    Edge is a premium paid membership program that enables property investors to find, win, and close investment properties across the nation all from Sundae’s marketplace. Edge brings forth a set of premium and exclusive benefits that give property investors an upper hand in a competitive, supply crunched market.

    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.

    Yes. As an Essential member you still have access to browse listings in all markets, however you will not be able to place any offers outside your primary market. If you wish to place offers outside of your primary market you can upgrade at any time.

    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!  

    Yes. You can do so by changing your membership plan in Account Settings on the marketplace. The change will be reflected on your next billing cycle.
    Yes. You can do so by navigating to your account settings. Canceled memberships will remain active through the time in which you have already paid and will not renew at the end of the paid period. You will be automatically downgraded to our Essential plan to place offers in your primary market.

    Each market is defined by a set of zip codes. All major markets are fairly spread apart. For more information visit sundae.com/locations 

    We understand your investment plans can change. If you are an Essential or Edge member you may change your markets once a year. Otherwise you can upgrade to our Edge+ plan for access to all available markets.
    No. Our memberships do not guarantee you will win a property. However, if you are a Edge or Edge+ member and are using Sundae Funding+ your offer will be shown to the seller with more enticing terms such as “expedited 5-day closing.”
    Designed for busy, on-the-go property investors, Sundae Real Estate Investing, Sundae’s mobile app for iPhone, enables investors to browse off-market properties and place offers all from their fingertips. The real time notifications from the app keep investors informed so they can take immediate action and never miss an opportunity.

    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. 

    Sundae Real Estate Investing is available on iPhone only. Stay connected via our investor newsletter to get the latest news on the Android launch (coming soon!).

    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  

    Enjoy all of the same great features you do today on your desktop with the addition of in-app notifications and location services. As soon as you login to the mobile app, you will see Sundae’s inventory that is proximate to your current location.
    No, the mobile app is only available to our Edge and Edge+ members at this time. However, you can upgrade to Edge or Edge+ at any time.
    Sundae Real Estate Investing is available on iPhone only.

    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

    You can access the Essential plan for free at any time in your primary market. If you wish to expand markets, simply upgrade to Edge or Edge+ and you will have access to additional markets and features.
    The Essential plan is free to join. The Edge plan costs $199 a month. The Edge+ plan costs $499 a month. For more information on annual savings and plan details, please visit our pricing page.
    Yes. We offer both monthly and annual options. You receive 20% in savings with our annual option.
    Yes. For our members who pay annually we offer 20% in savings. Be on the lookout for seasonal promotions.
    Yes. We accept all major credit cards as a form of payment at this time.
    We use Stripe, a secure third party payment processing platform, to process payments.

    Sundae Funding+

    Sundae Funding+ is a feature available to Edge and Edge+ members that guarantees a 5 day close and waives off late fees due to financing delays.
    Sundae Funding, Inc. currently offers lending or loan brokering services in California, Washington, Colorado, Georgia, Florida and Texas. For more information, please email [email protected]
    Essential members have access to our lending services offered by Sundae Funding, Inc. However, Sundae Funding+ is a feature that is only available to our Edge and Edge+ members. If you would like access to Sundae Funding+ you can upgrade at any time.
    As an Edge or Edge+ member you have access to all of our Sundae Funding+ features. If you have additional questions throughout the process your dedicated Investor Advisor can assist you.

    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.