The real estate platform FSBO.com has announced the beta launch of its Purchase Agreement Creator Technology (PACT), a new digital offer and negotiation experience designed to streamline the negotiation experience.
According to the company, PACT allows buyers to make an offer directly through a property listing and guides all parties through the negotiation process electronically. Sellers can review offers, counter individual terms, decline offers, request best and final submissions, and manage multiple competing offers within one centralized experience.
When negotiations are completed, PACT generates one clean memorandum of understanding reflecting the final agreed-upon terms while maintaining a digital record of the negotiation history, the company stated.
FSBO.com added PACT is designed to accommodate transactions involving represented and unrepresented buyers and sellers alike.
“Real estate has accepted an unnecessarily complicated offer process for far too long,” said Brad Rice, president of FSBO.com who originally developed the technology through Homepie, a company he founded. “An offer gets created, emailed, signed, forwarded, countered, signed again and sometimes countered several more times. By the end, you can have multiple documents that have to be pieced together just to determine what everyone actually agreed to. We asked a very simple question: Why can’t making an offer on a home be as easy as clicking a button and being guided through the process?”
FSBO.com, which was acquired last February by Rice and NEXA Lending founder and CEO Mike Kortas, has also partnered with bevri.ai to develop additional technology and infrastructure designed to connect the services, vendors, financing resources, and transaction support required to move a home sale from an accepted agreement through closing.
The PACT beta will initially be released to the FSBO.com community for testing and feedback. The company will use that feedback to refine the experience ahead of its broader final release.
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