You need two things to submit an offer:
- Buy Before You Sell Agreement - You should have a copy of the agreement via DocuSign as soon as your client signs.
- Client’s Pre-Approval Letter - Their Client Advisor can generate one for them once he has the offer price and down payment amount.
Here Are The Terms You Should Know:
- Buyer: Your client
- Earnest Money Deposit: This will be up to you and the client.
- Down Payment: This is the amount from their Equity Unlock Amount and any other funds they are wanting to bring to the table outside of the equity from selling their current home.
- Closing Timeline: The fastest we can close a loan is 21 days but you can always push the closing date out further.
- NO home sale contingency (so long as the Buy Before You Sell Agreement has been signed).
- NO financing contingency if using HomeLight Cash Offer.
- Inspection Contingency: This is recommended but is not required.
- Appraisal Contingency: You and your client can waive the appraisal contingency at your discretion, knowing the client will be responsible for covering the gap if an appraisal comes in low.
- Appraisal Timeline: 14 days to be safe.
- Rent-back: If the sellers need a rent-back period or SIP, a 25-day maximum is suggested, though this is obviously at the discretion of you and your client. It is still mandatory to list your client’s current property within 10 days of closing on their new property and they will still have 90 days to go under contract on the current property after closing on their new property before HomeLight purchases it at the Guaranteed Offer Price.