Faira out to eliminate earnest money deposits, offer contingencies

  • Faira has created a transaction system that it says removes the need for earnest money deposits and offer contingencies.
  • The platform provides FSBO services and third-party title, home inspection reports and appraisals (if requested) all for free, but charges buyers a transaction fee and sells transaction insurance to sellers.
  • Faira will pay referral fees to listing agents who get their clients to use Faira.
  • Faira's transaction system is complicated (at least to this reporter).

A purchase agreement has been signed. The buyer has handed over a deposit. Things are rolling. But then the deal hits a roadblock. A property inspection reveals faulty plumbing and asbestos in the home’s duct work.