Guaranteed Purchase Plan
With our Guaranteed Purchase Plan, we promise to sell your house within 90 days of the property being put up for sale. If the property does not sell within 90 days of going on the market, we will purchase the property ourselves and resell it. This way, you receive payment for your home in a timely manner and no longer have to worry about its upkeep or sale. We have a process in place for this guaranteed purchase plan that begins with our plan of action.
Plan of Action
Conditions to the Guarantee:
An agent will do a Comparative Market Analysis on the property. The agent will also perform a home inspection to determine if all aspects of the property are in satisfactory condition. You will then be responsible for repairing or disclosing to the public all items deemed unsatisfactory by the home inspection. If any water problems or structural problems are found, they must be fixed prior to listing the property with a guarantee or warranty by the company handling the repairs. List price must be agreed upon by both you and the agent prior to listing the property. The intent of the agent is to sell the property on the open market and close within 90 days. If the agent must buy and close prior to the closing, then the agent will give any excess funds from that closing to you. Excess funds are defined as money remaining after collecting commission, costs to buy the client’s property, and money used to hold the property between both closings on the client’s property.
Example:
Client arrives at an accepted contract on a home for $200,000. Closing is to be within 60 days of acceptance. The agent and client agree that the client’s current property should sell for around $150,000. The Client’s property is then listed for $150,000. The agent agrees to buy the client’s current home within 60 days. If the home doesn’t sell and close on the open market within 60 days, then the agent closes at a guaranteed price 13% below the guarantee, or at $130,500.
Step One:
You will meet with a loan officer to determine if you must sell your home in order to buy another property. Then you and the loan officer will determine the price range you are looking to stay within for your next home. You will then shop with your agent to put an offer on a new property with the condition that the purchase of that property is subject to closing of your current property within 60-90 days.
Step Two:
You will then list your property with Rick Shaw Realtors immediately upon acceptance of the contract on the property you are purchasing. The listing term is for six months, and the commission will be 6%, the same as what we have charged all our clients since 2008. You must then repair or disclose to the public all items deemed unsatisfactory by the inspector. The property listing shall be no greater than 5% above the results of a Comparative Market Analysis done by Rick Shaw Realtors, or from the results of an appraisal done by any Certified Louisville area appraisers, or for ten days at a price you state. Prices will be adjusted every 10 days to a value agreed upon by you and your agent.
*You will then list your property with Rick Shaw Realtors immediately upon acceptance of the contract on the property you are purchasing. The listing term is for six months, and the commission will be 6%, the same as what we have charged all our clients since 2008. You must then repair or disclose to the public all items deemed unsatisfactory by the inspector. The property listing shall be no greater than 5% above the results of a Comparative Market Analysis done by Rick Shaw Realtors, or from the results of an appraisal done by any Certified Louisville area appraisers, or for ten days at a price you state. Prices will be adjusted every 10 days to a value agreed upon by you and your agent.