First thing's first;

ARE YOU WORKING WITH AN IDAHO LICENSED REAL ESTATE AGENT?

Great! We encourage brokerage cooperation and your agent's involvement. If you do not have an agent, you will be working with the listing agent as a customer per the Idaho Real Estate Agency Disclosure (linked below.)



BUYERS PLEASE DOWNLOAD THE AGENCY DISCLOSURE BROCHURE 

https://irec.idaho.gov/wp-content/uploads/sites/103/publcs/agency-disclosure-brochure.pdf

 

 

 

 

Q: Is an online offer through the Silvercreek Offers platform legally binding? 

A: NO. Upon the closing of bidding, all offers are subject to seller’s final approval. There is no binding contract until buyer and seller have both signed. 

Q: Do buyers have to work with an agent?

A: On the site the buyer will be asked if they are being represented by an agent and require your agent's contact information. We encourage brokerage cooperation and your agent's involvement. If you do not have an agent, you will be working with the listing agent as a customer per the Idaho Real Estate Agency Disclosure (linked above.)

Q: How do we see the current bid price? 

A: In order for the public to see the current bid price they must enter valid contact info.

Q: How do we submit a bid? 

A: In order to submit a bid, proof of funds or a pre-approval letter for the amount being offered must be uploaded. This is reviewed by the Silvercreek Offers Admin Team. 

Q: Is the seller bound to the sale once the bidding is complete? 

A: NO. Upon the closing of bidding, all offers are subject to seller’s final approval. There is no binding contract until buyer and seller have both signed. 

Q: What if the seller is not satisfied with the highest bid? 

A: If the sellers does not get the desired price after the full bid term, the listing agreement states that the property will automatically convert to a standard MLS listing.

Q: How much does it cost to use the platform?

A: 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. 

Q: What if the highest bidder retracts their offer?

A: A back up offer could be presented to the seller for consideration.

Q: Contingencies?

A: Buyer waives inspection, financing, and appraisal contingencies.

Q: What about earnest money?

A: Buyer submits an earnest money deposit, amount TBD by seller, upon execution of the PSA; those funds are non refundable. 

Q: Closing?

A: Closing TBD by the seller.