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Guarantee-Sale Program FAQs Q: Does the Homestead REALTOR® work for us or for the Builder? A: During the listing period the REALTOR® works for the Seller. The REALTOR® has knowledge of the terms and conditions of the Seller's Guarantee-Sale Contract they have executed with Homestead. Q: Does Homestead have to visit our property before a guarantee offer is made? A: Yes Q: Will Homestead visit our property before we have signed a contract to purchase a new home with our Builder? A: No Q: How soon will we receive a guarantee offer from Homestead? A: Within 7-10 days commencing with the receipt of a completed Client Application Form from your Builder, and provided that the REALTOR® and Appraiser were provided access to your home. Q: Are we assured of receiving a guarantee offer from Homestead? A: No, Homestead reserves the right not to extend a guarantee buyout offer. Q: What expenses will we incur to pursue a guarantee offer from Homestead? A: None Q: What expenses will we incur if we accept Homestead's guarantee offer? A: A home inspection fee of $395.00 Q: What expenses will we incur if we sell our home to Homestead pursuant to the guarantee? A: The same as would be incurred by other Sellers who list their home with F.C. Tucker. Total expenses will approximate 9% of the guarantee sale price, consisting of a real estate commission 7% of the sale price, prorated real estate taxes the cost of obtaining owner's title insurance, a charge for a survey, a fee for preparation of a deed and affidavit, and closing fee. Q: Will the expenses associated with the possible sale of our home to Homestead be established up front? A: Yes, The expenses are itemized in the Guarantee-Sale Contract. Q: What property tax liabilities are we responsible for if Homestead acquires our home? A: Property taxes are prorated to the date of closing. Q: If our home sells for more that the guarantee, do we retain the extra sale proceeds? A: Yes Q: If we receive an offer on our home that nets us at least the guarantee amount prior to mortgage repayment, are we required to accept the offer? A: Yes, unless the offer has to be countered for other reasons, or unless Homestead agrees to allow a counter-offer. Q: What is the appraisal value of our home and will that be the price that Homestead guarantees? A: The appraisal value of your home is a value established by a professional appraiser that they believe the home will sell for within the next 90 days. The appraised value is one of several factors considered by Homestead in formulating the guarantee offer. Q: Why must we reduce our list price every 30 days? A: The Guarantee-Sale Contract requires a list price reduction every 30 days to protect and maximize your equity in your home. Q: If the inspection report discloses a repair concern, are we required to take corrective measures? A: Homestead has the right to require an amendment to the Guarantee-Sale Contract requesting the repair or replacement of items disclosed by the inspection report. You have the right to decline any repair and/or replacement request. In the event you decline any request, Homestead has the right to cancel the Guarantee-Sale Contract. Q: Why might we be required to make repairs to our home? A: Pricing and the condition of your home determine when it will sell. Homestead wants to ensure that your home determine when it will sell. Homestead wants to ensure that your home is in maximum saleable condition during the listing period. Q: Are we responsible for maintaining the condition of our property and the functionality of all mechanical equipment, systems and appliances until the date we give up possession? A: Yes Q: If we do not provide access to our home for showing requests, or if we do not keep our home in a presentable manner, can Homestead terminate our Guarantee-Sale Contract? A: Yes Q: If we sell our home before our new home is completed, do we have to move to temporary housing? A: Yes Q: If our home is currently listed with another REALTOR®, may we still pursue a Guarantee-Sale Contract with Homestead? A: No, Homestead will not pursue any part of the guarantee-sale program process if your home is currently listed. |
