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Buyers Assistance existing pool of funds is available for buyers to utilize whenever necessary at no cost to them. The seller contributes back to Buyers Assistance out of the proceeds from the sale. People often ask, "Why would a seller ever want to do that?" The answer is, "For the same reason they would lower their price, pay closing costs, etc." Buyers Assistance funding can be used for all these costs but is not intended to qualify buyers for loan approval. A seller’s eagerness to participate can depend on market conditions in the region where the buyer is looking for a home.
Advantages:
- No out-of-pocket costs
- No extra qualifying required
- Maximizes seller net proceeds
- Lowest service fee in the industry
- Homes can sell up to 25% faster
- Buyer funds up to $50,000
- 12-24 Hour turnaround on funding
Often buyers simply prefer not to prematurely cash in their CD’s or mutual funds, stocks, etc. Instead, they now have the option of accessing Buyers Assistance pool of funds to ease the burden and maintain their financial stability. In any case, there are no income restrictions or price ceilings for funding. Buyers who are approved for their loans are automatically eligible to receive up to $50,000. Requests for larger amounts are considered on a case-by-case basis. Buyers typically access around $5,000-$15,000 from the Buyers Assistance fund.
To close a sale fast Sellers will usually:
1) Negotiate a reduced price (7-10% on average), share closing costs, pre-paids and othe expenses. Typically a combination of these and other concessions is required in most real estate markets.
2) Maintain their asking price and offer prospective buyers the option of consolidating expenses and down payment. Buyers then contact Buyers Assistance for the funds they need. The seller contributes back to Buyers Assistance plus a modest administrative service fee.
To get started quickly, qualified buyers should have their lender fill out the Request ensuring that all participants involved are kept updated and funds are disbursed promptly. Upon receipt of these forms Buyers Assistance will contact the closing office to make sure that the sales contract and HUD statement are accurate. Funds will be wired within 24 hours
Buyers qualify for funds by getting approved for a loan from a lender and by purchasing a home from a seller who agrees to make a fee disbursement to the program after the home closes. If you need a lender go here!
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