Sundae started with the idea of helping homeowners avoid unfair deals on houses that weren’t ‘market-ready’.
Sundae aims to provide sellers with a fair price for their homes regardless of their condition. It acts as an intermediary between homeowners and investors who bid on their property. It also helps sellers compare competitive cash offers.
Sundae helps homeowners make the most money on a home sale, even if it “needs some love”. Read on to find out how exactly Sundae does that.
- Pros: Your can close on the house anywhere between 10–60 days.
- Cons: You will most likely attract low ball offers for your home.
- Our Take: We recommend you list your home on the MLS with Houzeo. Major cash buyers like Opendoor and Homevestors, have submitted offers on Houzeo properties. Houzeo’s MLS listing gives you maximum exposure.
What is Sundae Real Estate?
Sundae is an online real estate marketplace where homeowners can sell their homes as is. Josh Stech and Andrew Swain founded Sundae in 2018. The founders previously worked at LendingHome, a well-known online mortgage bank.
Is Sundae Legit?
Yes, Sundae is a legitimate real estate platform headquartered in San Francisco with coverage in 6 states. It has over 20,000 property investors across America. Additionally, it is among the next billion-dollar startups, according to Forbes.
How Does Sundae Work?
The following steps explain that listing your home on Sundae is a straightforward process. Here’s how you can list your home on Sundae.
1) Submit Your Information
Begin by entering your address followed by your basic details like name, contact number, and email address. The system will also confirm whether your locality is in its coverage area. The following steps will be a questionnaire.
The questions will help the system understand your goals like the reason behind selling, the closing timeline, and Sundae’s reference source. Toward the end, you will have to choose a slot for scheduling an appointment with the market expert.
2) Meet the Market Expert
After you schedule an appointment, a local market expert from Sundae will visit your home at your scheduled appointment. They will help you prepare your listing for auction. The local expert will also help you with photos and a 3D tour and suggest a pre-listing inspection if needed.
Sundae will give you an estimate of the range of offers you can expect for your home. At this point, you can either agree with the estimates and sign the agreement, or look for other options.
If you sign the listing agreement, you may be required to conduct a pre-listing inspection.
3) Complete Your Home Inspection
Sundae schedules a home inspection of your property via a third-party home inspector. A licensed inspector will examine your home and come up with a home inspection report. Sundae oversees the inspection to ensure a transparent sale.
4) List on the Sundae Marketplace
After inspection reports are out, your listing account is active on Sundae Marketplace which includes photos, home inspection reports, 3D tours, and signed disclosures.
5) Receive and Review Cash Offers
Your listing will be online for four days after which Sundae will send you the highest offers from investors. You may choose which one works for you, can accept and sign a contract with the investor
Investors have four days to bid on your listing so you will start getting cash offers from bidding investors. You can choose to accept or not accept any offer.
6) Close the Deal
You can apply for an advanced $10,000 from Sundae once you have signed the purchase agreement with the investor. You need to inform your closing manager and they will check your eligibility for the advance cash.
Once you accept the offer you like, Sundae can close on the property in 10 days. However, you can extend the closing for up to 60 days.
What Kinds of Houses Does Sundae Buy?
Sundae buys houses in all conditions, i.e. as-is. You need not worry about carrying out home improvements. Distressed sellers regard Sundae as their one-stop destination for cash.
Most of the houses listed on Sundae are single-family homes. However, there are condos, townhomes, and multi-unit buildings as well.
Sundae Real Estate Fees
You do not have to pay any fees to Sundae to list on their marketplace. Sundae only charges investors for its services.
How Does Sundae Make Money?
Sundae doesn’t charge sellers any money. Buyers pay Sundae the following charges.
- Escrow fees
- Sundae Buyer Premium (varies by purchase price and market)
- Admin fees ($1000)
- Late closing penalty ($250 a day if the delay is at the investor’s request)
Sundae Coverage Areas
Sundae currently serves the following 11 locations across 5 states in the United States.
- Dallas & Fort Worth
- Inland Empire
- Las Vegas
- Los Angeles
- Orange County
- San Diego
However, Sundae plans to extend its services to more areas in the country.
Sundae Real Estate Reviews
Sundae real estate has a 3.93-star rating on BBB. On Yelp, On Yelp, Sundae has an average rating of 4 out of 5. Here’s what sellers have to say about the Sundae marketplace.
Sundae Reviews: The Positives
✅ Gloria had a glorious experience with Sundae. She didn’t have to hassle about making her home market-ready.
✅ Easy and fast work process resulting in a quick home sale is evident in Terry’s terrific response.
Sundae Reviews: The Negatives
❌ Jonathan was highly disappointed due to receiving lowball offers.
❌ Theresa lost the highest bid due to an investor’s human error. – due to an error on the investor’s part.
✅Advantages of Sundae
- Multiple Cash Offers: Since your property is marketed to hundreds of investors, you will receive multiple offers.
- Cash Advance Program: Sundae offers its qualifying homeowners a cash advance of up to $10,000.
⛔️Disadvantages of Sundae
- Offers Below Market Value: Investors will make an offer significantly lower than the fair market value.
- Limited Coverage Area: As of February 2023, Sundae only operates in 11 cities in the United States.
Sundae Real Estate Alternatives
Here are the alternatives to selling your house for cash even if you are in desperate need of cash.
- Companies that buy houses for cash
“We Buy Houses for Cash” companies work on a franchise model with a network of pre-vetted investors. The most well-known examples are HomeVestors and We Buy Houses.
These types of companies make cash offers within 3 to 4 days. However, they will only place lowball offers which can be as low as 50% of the fair market value.
iBuyers are real estate companies that buy homes for cash with strict buying standards. iBuyers can make cash offers up to 100% of the fair market value and close within two weeks. Check out iBuyer Reviews to find more.
Should You Sell Your Home on Sundae.com?
In situations where you need quick cash – downsizing, repair woes, etc., you don’t mind lowball offers from Sundae homebuyers, and you can choose Sundae provided your locality is within its coverage.
Houzeo offers much better offers with a hassle-free experience. It is available across 47 states + DC. With Houzeo, you get a powerful seller dashboard and easy access to listings with a mobile app.
However, if you still want to sell your home on Sundae, ensure you go through all Sundae reviews before moving forward.
Frequently Asked Questions
What is Sundae Marketplace?
Sundae is a real estate marketplace that brings sellers and investors on one platform. It acts as a mediator so you don't have to communicate with the investor directly.
How does Sundae make money?
Sundae's revenue comes from the Sundae Buyer Premium and investor fees.
Who owns Sundae real estate company?
Owners Josh Stech and Andrew Swain founded Sundae in 2018 and officially launched it in January 2019.
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