The Basics
This is the acronym Homeward uses for offer presentation conference calls with the agent, the seller and the regional sales director.
What is a HOP - Homeward Offer Presentation
14 days from binding or as late as 45 days from the initial offer date.
What amount of days to close of escrow/closing with Homeward.
This is the term used to describe the percentage of Guaranteed Offers (GO) business that Homeward captures each month.
What is wallet share.
True or False? I have to hold a VIP call before I can do a HOP.
What is False
True or False? It is a good idea to present a preliminary offer?
What is false?
This is the acronym used to describe the HW program.
What is SBYL (Sell Before You List)
This is the price that will reflect in the public records after the Homeward closing.
What is the Homeward Offer Price.
7 days after the initial offer date
When does the Homeward offer expire?
It is strongly encouraged to submit a this for a “successful” counter offer for an increased value.
What is a "Gold Standard" CMA?
Do set expectations that Homeward will do a pre-binding inspection
Don't present the preliminary offer
Do order the inspection when the Homeward purchase net proceeds work
What are the Do's and Don'ts of the Pre-Inspection Pilot?
DAILY DOUBLE
Pick on person on your team to give a high level elevator pitch
This option is available for up to 14 days from the original close date
What is the HW leaseback option
11 a.m. on the business day before closing, unless a temporary occupancy agreement is in place.
When must walkthrough photos be submitted?
This is where you send all proof of repairs and paid invoices at least 3 business days prior to closing.
What is proofofrepairs@homeward.com
This Homeward pilot uses the agent’s assessment in place of a third-party inspection to deliver a final offer up front, but only if the home qualifies.
What is the the Partner Inspect Pilot
A seller with a market-ready home who is motivated to take a cash offer
What is a ideal customer for Homeward
This part of the Homeward Purchase Agreement allows the seller to walk away without penalty, as long as Homeward hasn’t purchased the property yet, though the seller must repay any earnest money and cover their own costs.
What is the cancellation policy?
Last week, several Mark Spain sellers received second checks from Homeward worth over $20,000. Altogether, the total was this much.
What is over $220,000
This is required when a seller wants to close more than 45 days after the original offer date, and it extends Homeward’s maximum closing timeline by resetting the clock.
What is a market value refresh?
The termination rate for the pre-inspection pilot?
What is 5%
On the preliminary offer, this number on page 2 is what agents should use to decide whether to order a pre-binding inspection. If the top of this range covers the seller’s payoff and goals, move forward with ordering the inspection.
What is the high end of the Homeward Purchase Net Proceeds range (1st check net proceeds)?
$4000
What is Seller Leaseback Deposit
Homes under 15 years old
<$800K
no pool
not recently listed
no major condition issues.
What is the property criteria for the partner inspect pilot? (i.e. what homes do not require inspection)
1. Requested Closing date (14-30 days)?
2. Temporary Occupancy Agreement (TOA) needed?
3. Name(s) on title?
What are the 3 things needed to get a PSA from the GO Team
The percentage of Homeward’s final market values come in within the preliminary offer range or higher.
What is 96%