How to Win the Wire Race
Updated on March 29, 2023
So, you’ve been informed that another buyer is sending the funds in for a listing you were eager to purchase. It might seem like the end of the road for you but don’t lose hope just yet. You can also send in your funds and participate in what we call a “wire race”.
But before you do that, let’s talk about when it makes sense to do so.
When Can a Wire Race Occur?
Typically we will see a wire race occur in one of two general scenarios:
1. When two buyers are ready to purchase a listing at the full list price. This can happen if both buyers click “Buy Now” or if one buyer submits an offer for the full list price and the second buyer decides to do the same. In this case, both buyers need to send a 10% downpayment or $9,900, whichever is higher. The first buyer whose funds reach our account will be the winner.
2. When a seller accepts an offer that is below the full list price, giving other buyers a chance to submit counteroffers. Once the circulation period ends and a buyer has the final accepted offer, they need to send in a non-refundable downpayment of at least 10% or $9,900, whichever is higher. You can learn more about our Offer process here. Until then, the listing is still up for sale, and other buyers can attempt to purchase it at the full list price by sending in the same downpayment. This will trigger a wire race between the original buyer and the new buyer, and the first one whose funds reach our account will be the winner.
It is important to note that if the original buyer’s funds land first we will proceed with the accepted offer price, they will not be required or asked to purchase the listing at the full list price.
What Should You Do if You Are in a Wire Race?
If you find yourself in one of the above scenarios, then it is imperative that you send us the money as fast as possible. You will only win the wire race if your funds reach us first.
To get started, you can navigate to your EF wallet, select “Add Funds” then change the purpose to “Purchase” and enter the remaining details. Once done click submit.
You will then be given a wire memo and our banking details. You will then utilize this information to transfer us the sales price funds from the financial institution of your choice.
That said, the following are the typical payment methods utilized by buyers:
– Wire Transfers
– ACH (only available to banks in the USA)
– QuickPay
– www.wise.com
– Crypto-Currency (We can only accept BTC, ETH, USDT, and USDC)
You Won! Now What?
If you are reading this and you are the winner of a wire race congratulations!
If you haven’t already be sure to send us the remaining funds. Once we receive the full upfront amount we will mark the listing as Sold and start the Migrations process. You can learn more about the Migrations process here.
How To Win the Wire Race
If you want to get ahead of the competition and deploy funds quicker than your rivals, then you can store credit on file.
Additionally, if you send us the funds and don’t find anything to buy you can get them right back.
Adding funds to your credit on file can easily be done by navigating to the “Wallet” tab in the sidebar of your Empire Flippers account. Click on “Add Funds” and you will be able to easily add funds to your account.
Once the funds are approved, you’ll be able to quickly unlock businesses to do as much research and due diligence into the business and how it works as you want. If you fall in love with one, you will be ahead of everyone else competing in the Wire Race, because your money is already with us.
How cool is that?
They say money follows speed, and if you want to make sure you are always going to win the Wire Race, it is not a bad idea to leave a chunk of your website investing budget with a good, reputable broker to make sure you begin the race with a head start.
After all, nothing is faster than instant.
