Are written offers required?

While written contracts for the sale and purchase of homes are required by law everywhere, this is not necessarily the case with offers. However, in certain jurisdictions, an offer for the purchase of a home is considered bonafide only if presented in writing. And only bonafide offers can be accepted. Because of this, sellers and listing agents may require written offers for the purchase of a home.

If there is no bonafide offer requirement in your jurisdiction or the seller wants an auction-like bidding environment, you may choose to allow online submission of just "price and terms" on Snapdoor. This allows for rapid revisions of what buyers are willing to offer, behavior often observed in auctions. These online submissions, however, are non-binding and must be memorialized in a written contract.

To summarize: whether or not a written offer is required on Snapdoor, a home is Under Contract only after a written contract for its sale and purchase has been signed by both parties. Only then can the Offer Activity step be completed.

An offer for the sale or purchase of a home is not a contract until accepted in writing by the other party.