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All You Need To Know About Advance on Realtor Commissions

 

The real estate market is far from its booming stage right now. Many real estate agents and brokers are still waiting for their commissions from their last closings. Closings have become as unpredictable as London’s weather. However, the expenses have not yet taken a leave. What should a real estate agent do when he is inches away from a successful closing, yet there is no sight of the commission?

To bridge this gap, you can sell a part of your pending commission for a fee. It is not a loan! It is early access to your commission.

Advance on realtor commissions: the process

You can start the process online. Provide the necessary details about yourself and your business. Include the information about your sale on which you would like the advance.

In the next step, you can electronically sign the agreements. Your broker can sign the e-documents online as well. The account managers from the company will verify the details. Next, the company will confirm your transactions with the company closing the sale.

The entire process should take one whole business day and no more if the documents are in order. You can receive the money in your bank account by the second day.

The entire process is as straightforward and transparent as that.

Traits of a good realtor advance company –

 

You need to be sure that you are working with a reliable company. There should be no hidden fees and penalties that you can only find out once it is too late. You should only work with realtor advance businesses that have great reviews, testimonials, and a clean record. Here are six things you should remember before you zero in on your final choice –

 

    1. No hidden fees – the only fees the advance commission company should charge is a discount fee. Any serious company does not charge hidden fees while granting an advance on real estate commission. There should be no administrative fees, minimum fee, wire fees and reserve holdbacks. You should always make it a point to not work with such companies that encourage hidden penalties as well. You should rather seek out businesses that employ a flat fee that is transparent and uniform. The discount fee is typically 10% of your commission, but it can vary depending upon the state you work in.

 

    1. Credit checks – you have worked hard for your commission. If you do not have great credit, that is fine by us. As long as you have the papers that show that you are entitled to get the commission, we can give you a commission. Any good commission advance company should be able to provide you with money based on the contract of a previous sale and your pending commission. It is as good as cash in hand. There is no question of credit checks in this process.

 

    1. 24-hour approval – online application is a part of almost all advance commission companies. There are eCommission companies as well, who can complete the entire process online. With the Bay Area Title Loans, you can initiate the process online without any added fee. All companies that provide online service has a list of all necessary documents. You can scan and upload them. Most of the times, you can authorize the documents and application forms via e-signature as well. The company generally conducts the verification on the same day and wires the money to your bank account within the next 24 hours.

 

    1. No upper limits or lower limits – you can choose any real estate commission company as long as it does not impose a maximum or a minimum on the advance amount. If you can earn a $100,000 commission from a sale, we are ready to give you an advance for it. A few companies may have a restriction on the total number of advances that you can take out at a time. However, the amount is not subject to any limits. If you can earn it, we can pay it. Many companies pay advance on multiple pending commissions.

 

    1. Advancing more than one commission – the logic is simple here. You may have been working on multiple sales at a time. Many companies will try to limit the number of advances outstanding at a time. However, the Bay Area Title Loans do not have restrictions in this area. The approval is usually dependent on the conditions of each deal, not the amount or the number of transactions involved in the advance. Any registered and legit company will treat each sale separately.

 

It is true that the discount fee will vary from state to state. Even within the same state, two different companies can charge you different discount fees for the same advance. That is why you need to shop around a little bit before you settle on the best deal in your area.

Always ask about the company’s policy on payment delays –

We have seen many companies operating from the heart of the country who have rather predatory policies for payment delays. Most of the recommended companies give a grace period for payments. Typically, a grace period is of 30-days. If there is no redemption within the grace period as well, you will incur penalties.

What happens in the case of a failed settlement?

It is very rare in the current real estate market. Almost 90% of the single-family homes hardly stay unsold for a month. The average term period for the advance is 45 days. Another 30 days grace period is enough for selling the house. If you are unable to make a sale, you can assign the proceeds from you next commission to the company.

Going for an advance on your commission does not hurt your credit record. It is just taking out an advance on money you have already earned, so the risks are considerably small as well. In addition to the advance commission services, you can sign up for debt counseling and debt management. It will help you spread out your earnings so that you or your family never face financial stress. Check out easy but effective ways of managing your income with https://bayareatitleloans.com/.

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