Faira provides you the tools for you to sell your home, which allows for great savings in commissions. In a traditional home sale, sellers usually spend about 6%* in commissions—3% to the buyer’s agent and 3% to their own agent. When you list with Faira it’s free for sellers. The seller does not pay fees to Faira even at closing.
When buyers make offers online with Faira they can do so with or without an agent and Faira will market your listing price appropriately.
If a buyer is working with an agent the advertised listing price of your home includes a full commission for their agent--typically 2.5-3%. While the seller technically pays this commission to the buyer’s agent, the advertised listing price compensates for this commission.
If a buyer comes without an agent, nobody pays a commission to an agent and the advertised listing price will not include a commission. This means that with either buyer type, you will stand to net the same amount at closing.
Faira provides to buyers Transparency Reports which includes an independent inspection report of your home so that they can make the best offer on your home upfront. It can save them money if they choose to not conduct a separate inspection themselves, and the Appraisal Guarantee protects them in case the lender's appraisal of the home is low. This gives buyers confidence to make better offers. Buyers pay 0.5% as a Platform Fee to Faira.
In a Faira purchase there is no earnest money. The role of the earnest money in a sale is to ensure that the buyer is serious, but since Faira already charges the buyer a non-refundable fee, then the earnest money becomes unnecessary and this change makes for a much simpler purchase contract.
*Commission % can vary depending on your location. For example, California commissions are typically 2.5% per agent while Washington is normally 3%.