How can this be free with Better Mortgage?
Better Mortgage makes money from mortgage investors, not buyers. Cash offers are 4x more likely to be accepted, and by helping customers become cash buyers, we’re able to close more mortgages. The more mortgages we close, the more revenue we pull in, which is how we’re able to offer this program at no cost to our buyers.
Am I required to use a Better Real Estate Agent?
Yes, you’ll need to use a Better Real Estate Agent in a market where we offer Cash Offers to be eligible for this program. It’s part of how we’re able to make the program possible.
Am I required to use Better Mortgage?
No, you’re not required to use Better Mortgage but you are required to go through the Better Mortgage verified pre-approval process to qualify for the offer. If you ultimately choose to use another lender to fund your loan, you’ll pay a transaction fee equivalent to 2.5% of the purchase price. Keep in mind, Better Mortgage’s rates are highly competitive, and you’ll have already been pre-approved for a mortgage with them to begin with.
What kinds of properties can I use this program on?
The Better Cash Offer is available for single family residences, townhomes, and condos. Occupancy types eligible are primary residence, second homes, and investment properties.
Where is the Better Cash Offer available?
We are rapidly expanding to new cities. Our cash offers are currently available to buyers in the following markets:
- District of Columbia
- New Jersey
- North Carolina
- South Carolina
What are the costs?
- There’s zero fee, as long as you work with Better Real Estate and fund with Better Mortgage. If you decide to work with another lender, a 2.5% transaction fee applies.
- Once your offer has been accepted you will be required to submit a 5% Earnest Money Deposit, which will go towards your down payment at closing
- All buyers are responsible for paying prorated daily rent that starts once Better Real Estate closes on the home. This cost will be due when you buy the home. This is so you can avoid making two monthly payments at the same time if you are also selling a current home. You’ll also be responsible for the relevant HOA fees and property taxes on the home that accrue during this time.