It’s a program that enables you to receive an advance that allows you to pay for home improvements prior to my listing your home for sale. There’s no upfront cost to you. You’ll pay for all services rendered and work performed out of closing (this is typically handled through escrow).
Windermere Ready advances are typically used for items like landscaping, painting, floor refinishing, carpet replacement, decluttering, window washing, profession deep cleaning, fixture repair or replacement, cosmetic updates, punch list repairs, or staging.
It absolutely can.
As home owner, you determine what prep work you wish to apply your Windermere Ready advance to, after consulting with me about which items will make the highest impact when we bring your home to market.
You do. I can recommend local providers and can also help you schedule services if needed, but you’ll be in charge of determining the work you’d like performed on your home and who you want to work with.
From start to finish, your Windermere Ready advance can be funded in three business days. Your application will typically be approved the first business day after I submit it on your behalf. The next day I’ll provide you with program paperwork (including the service agreement, a promissory note and the deed of trust). On the third business day, after you’ve signed and notarized your paperwork, a check can be available for you!
The maximum advance amount is $50,000.00. This is based on a LTV (loan to value ratio) of 75%. To calculate LTV use this formula: The lower of Listing Price or CMA Price x (times) 75% – (minus) all current encumbrances = loan amount up to $50,000.00.
If repaid within the agreed-upon term, the Windermere Ready advance does not incur interest.
There are no fees of any kind if the Windermere Ready advance is repaid when due.
Before you receive your Windermere Ready Service Agreement, there are no documents you need to provide or sign. Once you’ve signed the Agreement and had it notarized, the only paperwork required before you receive your advance will simply be our co-signed listing agreement.
Windermere Ready advances over $25,000 are paid in two equal installments, the first following the receipt of signed and notarized paperwork, the second upon completion of work. Advances of $25,000 or less are paid in a single installment.
The advance is due the earlier of (a) closing of a sale of the Property; (b) termination or expiration of the Listing Agreement; or (c) 6 months from execution of the Windermere Ready Agreement. If the Windermere Ready advance is not paid back when due, then the advance is converted to a 90-day Promissory Note with interest at 5% per annum and secured with a Deed of Trust. After the Promissory Note due date, interest shall accrue at a default interest rate of 18% per annum. No monthly payments are due during the term; the loan is paid off in one lump sum when the subject property is sold.
Title insurance is neither required nor requested.
Since the Windermere Ready advance is based on your home’s LTV, no credit score is required to qualify.
If there is a current HELOC (line of credit) secured by the property, then the maximum credit limit is used to calculate LTV, not the current balance (for example if the HELOC limit is $100,000, but only $25,000 is owed, the $100,000 number must still be used to determine your home’s LTV).