We guarantee on-time closing or pay the home seller $10,000!
Worried about closing on your new house on time? Now, we will guarantee an on-time closing, and if we miss that deadline due a lender issue, we’ll pay the seller $10,000 for the inconvenience. Dubbed the PHM Closing Guarantee*, the program is now available in the markets we cover across the country.
The first step in the closing guarantee program is for the home buyer to receive a pre-approval commitment letter from us. This is more than your typical pre-approval letter, all conditions are collected upfront and the loan is reviewed and signed off on by an underwriter. This is called the “Buyer Advantage”. While a loan commitment letter can set a home buyer apart from other offers a seller may be considering, that may not be enough to land the deal. Our Closing Guarantee provides an added incentive that can be used by qualified clients. In this competitive real estate environment, a home buyer coming to the table with this new program can make an offer that stands out in multiple offer situations, at no additional cost to them.
“The Seller Closing Guarantee is just one of the many innovative programs that our team offers to home buyers,” said Tim Wilson, CEO and president of Prosperity. “Our mission with the Seller Closing Guarantee is to streamline the mortgage process and guarantee an on-time closing - putting our clients in a more competitive position with the seller.”
*Prosperity Closing Guarantee is only available on Buyer’s Advantage-designated, conventional, FHA and VA loans approved by Prosperity Home Mortgage, LLC in writing prior to execution of fully ratified sales contract. Prosperity Closing Guarantee is NOT applicable on renovation loan products, loans for the purchase of cooperative housing units, or loans involving any sort of bond, down payment assistance mortgage credit certificate, or any other municipal or housing authority program. For loans from Veterans Affairs (VA loans), acceptable appraisal must be received and approved by Prosperity at least 10 business days prior to closing or loan is not eligible for Guarantee. The Commitment Agreement has an expiration date. The Loan must close on or before the expiration date contained in the Commitment Agreement, unless the Borrower(s) qualifies for and is approved for an extension in writing. The Commitment Agreement issued to the Borrower(s) contains conditions that must be satisfied prior to closing. Subject to acceptable appraisal of property value at or above contract sales price. This Prosperity Closing Guarantee is subject to the satisfaction by the Borrower(s) of all Loan conditions identified in the Commitment Agreement as determined by and in the sole discretion of Prosperity. The Guarantee is not valid if either Borrower(s) or Seller terminate the purchase contract or otherwise choose not to consummate the transaction for any reason whatsoever. The Prosperity Closing Guarantee is invalid if there is a substantial change in the Borrower(s)’ financial condition or to the terms of either the Loan or the purchase contract between Borrower(s) and Seller. This offer is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 06/30/2020.
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