Commission Express – the ONLY franchised real estate commission advance company in the country – is locally owned and operated. Personal, confidential service and fast response are the backbones of our business.
|
|
|---|---|
Q: What do you call this service? Q: Okay, when do I get my check? Q: What does this service cost? |
Q: What do you call this service?
A: We call it convenient, you might call it indispensable. It's our take on the centuries-old practice of “factoring” -- selling accounts receivable at a discount in advance of the due date. You “sell” us your receivables – your commission – which we “buy” at a discount.
A: Yes – lots of them. Nationwide, Commission Express has paid over 60,000 commission advances totaling more than $400 million.
A: All you need is a ratified, non-contingent contract with preliminary loan approval. And a phone to call Commission Express.
A: Once you have an executed contract that’s out of any option period, complete our online application. We will then fax or email you several documents for signatures. Once you have returned them (along with some supporting documentation), we will perform some due diligence and once approved, we will provide you with an advance in the method you designate (check, wire transfer, etc). When the sale closes, the commission comes directly to Commission Express, and we return any balance to you by wire ($35) or mail (no charge).
Q: Okay, when do I get my check?
A: Typically the day after we receive the complete documentation. There is a nominal fee for same-day rush service.
A: Upon approval, we'll write you a check for up to 82% of your total commission – and you'll receive another 10% (the “holdback”) after settlement.
A: No way. We underwrite each transaction on its own merits and make our decisions on a transaction-by-transaction basis. So there are no set advance limits. back to questions
Q: What does this service cost?
A: You pay nothing up front. Your cost is called a “discount” and is paid from settlement. Commission Express typically discounts the commission from 8% to 14% on 1 to 90-day settlements. There is a $250 minimum discount fee on each transaction. Fees may vary based on the type of transaction (e.g. residential, land, commercial, new construction, leases) and your prior advance track record with us.
Q: What if the settlement date slips?
A: Our exclusive 30-day grace period on all transactions gives the agent or broker considerable peace of mind should the date slip. If the transaction falls through or is going to close over thirty days late, you may redeem the receivable with other transactions or pay the advance back.
A: Make the sale then pick up the phone. Call Commission Express or fill out the online application. And unlock the power of cash flow.
Q: What is a back-up transaction?
A: A back-up transaction is a second property you have under contract that is closing after the one you have already submitted. Sometimes we will request that you submit a “Back-up” so that we may get your advance completed. This could be for any number of reasons (e.g. a prior transaction redeemed late, you’re a primary broker, there is missing or incomplete paperwork on the first transaction, land deals, etc.). There is no fee for submitting a back-up. It is just there to give added strength to your file so that we may better meet your needs. Whichever transaction closes first, the original file or the back-up, will redeem your advance.