WHAT IS IT?
The Silvercreek fee is used to operate the Silvercreek Offers Platform and to employ the Silvercreek Offers staff. No part of this fee is paid to the agent or to the seller.
The Buyer's Fee is paid at closing for use of the platform. In a traditional auction, the buyer's premium is 5% of the total sales price paid by the buyer upon closing. On a $500,000 home, this would be a $25,000 premium to the buyer. As this is not an auction, we do not charge a buyer's premium, but a flat fee to the winning bidder for the use of this service. This fee is only paid if you close on the home you are bidding on.
Summary: There is a $1,500 buyer's fee that is payable by winning bidder only upon closing on the home. There is NO fee for general bidding on the platform.