The Sellmyhouse.com CredMod Program utilizes 3rd party service providers and private funding partners to help our clients secure the financing needed to buy a house while you repair your financial situation (late pays, foreclosures, bankruptcies) via credit repair, debt management, and/or debt consolidation. Funding can take place as quickly as 45-60 days. The entire program can take up to one (1) year to complete.
It is important to note that this is an expensive process that may involve any combination of an attorney, credit repair, debt consolidation, a Realtor, financial planners, administration processors, private equity sources, and/or other 3rd party service providers. Most of the costs associated with the CredMod Program are paid by the seller at closing. This allows our buyers to use the majority of your cash reserves to meet lender down payment requirements.
The Process:
1. You will be pre-qualified by a SellMyHouse.com Affiliate.
2. Upon completion if the initial screening by SMH, you will go to the pre-qualification stage with our funding partner (s). This is a 1 to 2 week process.
3. Upon acceptance into the CredMod Program, each buyer will sign the appropriate paperwork and begin the process. The initial stage is a 15-30 day process. In the event that an initial retainer of $500 is required due to attorney fees, that cost will be deducted from the overall cost of the program paid at closing from the seller proceeds. The initial retainer may be based on the number of applicants entering the program. In the event that the client does not qualify to purchase a property after entering the program, they will be entitled to a full refund of the retainer.
4. SMH will begin searching for a property on your behalf. You will work directly with SMH and our local real estate partners to locate a house you want to purchase. IMPORTANT NOTE: All additional program fees/costs will be written into the contract, which are paid from Seller proceeds at the closing. Expenses of this process can include marketing costs, Court Costs, Attorney fees, Realtor fees, Credit Repair, Debt Consolidation, etc. The seller must agree to pay 7% of Purchase Price (minimum fee of $10,000).
5. IMPORTANT NOTE: Properties that are already listed with another Realty Company will be very difficult to purchase due to the added commission costs.
6. When a potential property is located, SMH and/or our local Affiliates will negotiate with the owner of the property on your behalf to explain the process and qualify the property.
7. Once a property is located that fits the criteria and the buyer wants to purchase, SMH will negotiate a contract between the parties.
8. Contract is typically written at current market value (appraisal). The Buyer can not dictate a ‘low ball’ offer. IMPORTANT NOTE: You can not back out of a purchase contract without loosing your earnest deposit unless the property has a structural defect (inspection shows issues such as poor roof, termites, HVAC, etc.). In this case, we will continue our house search on your behalf.
9. An earnest deposit in the amount of the required down payment will typically be issued from you to a title company to secure the contract.
10. We will begin the process of securing the funding, beginning title work, performing inspections, etc.
11. We will work with you to close the purchase of your house.
