No more checks slowing things down or getting lost on the copier. Just fill out these fields and your client will get an email inviting them to securely make their earnest money deposit online. Don't worry, anything you fill out here will go into your contract, too.
Sqaak is a totally new way of managing earnest money - no more chasing checks or driving to deliver... buyers don't write a check at all!
This service uses the same bank network you would use to pay your electric bill, and is provided free of charge to buyers and agents.
Here's how Sqaak can make your life easy:
1. You make the invite to your buyer right through the zipForm Plus interface. If you have already started your purchase contract, that data pulls right into the Sqaak invite.
2. Your buyer gets an email letting them know that you have invited them to fund their earnest money deposit. Once they create their account they are stepped through a simple process where they log into their own bank online (so we don't have their account number) and process a payment to the Sqaak account. It is still their money, and can be returned at any time if the transaction does not go through.
3. At the end of the process they are given (and you are emailed) a Sqaak receipt code. That goes into your purchase agreement before you send it for signatures.
4. When both parties agree to the terms of the deal, the broker or escrow agent of the party selected to hold escrow go to the Sqaak site, and using the capture code they can "claim" the funds for delivery to their specific escrow account.
5. The buyer receives a text message and an email telling them the claim has been made and directing them back to the site to approve the movement of the funds from their possession to escrow. They approve, and the funds are delivered.
If the buyer doesn't approve the movement of the funds they remain in the buyer's possession and can be returned to his/her bank at any time. The funds can even be used to support multiple offers until it is successfully claimed.
- Transferring earnest money with Sqaak is offered to buyers for free. Through the participation of Sqaak Marketplace vendors (who include mortgage lenders, home inspectors, etc.) the buyer can make the transfer and get introductions to key individuals they will need as they make their way through their transaction.
- Some buyers may wish to skip the interaction with the Sqaak Marketplace, and can pay $9.99 by credit card for the Sqaak service instead. This fee is charged at the time the funds are transferred and are not returned if the purchase agreement is not accepted or the funds returned to the buyer's account.
- REALTORS and specific ancillary partners who are looking to assist their clients can purchase pre-paid Sqaak coupon codes and deliver them to clients as part of the home buying process. With a pre-paid Sqaak code, the buyer is provided free earnest money transfer, with the only additional notification going to the person who provided the code. This may be a great way to inform mortgage loan officers who provided a pre-qualified buyer is making their offer, or a way for REALTORS to work with buyers to create a "full service" buying experience.
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