When should I consider taking a commission advance?
Residential Advance provides responsible, short term commission advances to help Realtors who are experiencing cash-flow challenges. We do this without running credit checks.
Who is eligible for commission advances?
Residential Advance serves licensed residential real estate agents who are affiliated with leading real estate companies across the United States.
What is the maximum amount you will advance?
The maximum amount we will advance is $10,000.
How do you pay my advance to me?
We will deposit your advance directly into your bank account.
How long does it take to receive my commission advance?
Typically, we will provide same day approvals. In this instance, you will receive your advance within 24 hours after your commission advance is approved.
What types of contracts qualify for a commission advance?
Commissions from the sale of single-family residential properties, including town homes qualify for a commission advance.
Why only 40 days to close?
Closings greater than 40 days carry significantly high risk. in order to provide advances quickly, with no credit checks or lengthy underwriting timeframes, we limit closings to 40 days.
What happens if the sale falls through?
A commission advance should only be taken responsibly, when you have other means to repay the advance in the unlikely event the sale were to cancel. this can be done simply by paying it off in full or in part, or by sending us a replacement contract to cover the canceled sale. if you choose to replace a canceled sale, you will be charged a new fee based on your original contract's advance fee.
Do you do credit checks?
No, we do not perform credit checks.
Does my broker need to register with residential advance?
No, brokers do not have to register with residential advance. however, they are required to approve each advance request that an agent makes because all commissions are legally owned by the broker. therefore, we will not advance your commission without your brokers consent.
Is there liability for my broker?
No, your broker does not bear any risk with a commission advance. You are solely responsible for the repayment of the commission advance.
Can I have multiple advances at the same time?
Yes, as long as you do not exceed the advance limit of $10,000, you may take more than one advance at a time.
Do you advance on short sales?
Yes, however, we will only provide an advance on a short sale when the lender has approved the short sale in writing.