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When can I apply to receive an eCommission?
When you have an accepted purchase contract for a single-family residential
property, town home or resale condominium. Investment
transactions are acceptable providing they are residential in nature.
Land sales are reviewed on a case by case basis. Commercial contracts
are declined.
Do I need an account to apply for an eCommission?
Yes, all agents applying for an eCommission must first set up an account. .
Does my broker need to sign up with eCommission
before I set-up an account?
No, you may set-up your eCommission account before your broker is registered.
However, you will not be able to apply for an eCommission until your
broker is signed up.
Does my broker need to sign up before I can
apply for an eCommission?
Yes, in order to apply for an eCommission, your broker must be registered
in our database. This can be done by calling 1-877-882-4368 and requesting
a “Broker Sign-Up” form, or by e-mailing broker@eCommission.com.
Does eCommission advance commissions to Brokers?
At present no. We require three parties to each transaction, meaning Broker, Agent and eCommission. Therefore we are unable to advance commissions where the Broker is also the agent requesting the advance.
Does eCommission advance where the Broker is also the Agent?
We do not advance to agents who are also the Broker of their own Company. We also do not advance to independent companies (non alliance partners) with fewer than 10 active agents.
Does eCommission review my personal credit history?
Our policy is to review your consumer credit information when you open
up your account. Please note that eCommission understands fully the
challenges of earning an income based on commission. We have designed
our program to be faster, easier and much more accessible than traditional
bank loans or credit cards.
How much of my commission can I receive from
eCommission?
Up to 90% of your “net earned commission” is available to a maximum of $10,000 per transaction. The remaining 10% is not purchased by eCommission and is paid to you as usual, at closing. Please note that actual advance limits are subject to underwriting and credit requirements.
How many days before my closing date can I apply
for an eCommission?
You can apply for an eCommission if the sale is closing within 120 days
from the date of your application. If you sold new home construction,
the closing must be within 180 days.
Do HUD sales qualify for eCommission?
Where the Government is the Seller under a HUD transaction, eCommission
will decline the application. An "FHA" loan transactions
are acceptable.
Will eCommission distribute or sell my personal
information?
No, we respect your privacy and information received by eCommission will
not be sold or distributed.
How is my eCommission delivered to me?
Delivery of funds can be made by check or deposited electronically into
your bank account.
How much will my eCommission cost?
The cost varies depending on the amount of commission you would like to receive and your credit history. Unlike credit cards or lines of credit which are usually unsecured products, eCommission is much easier to obtain because your commission secures your advance. Whether your credit rating is excellent, in the rebuilding process or somewhere in between, our variable fee structure is tailored to meet your expectations. In a typical example, to receive $3,000 from one of your pending commissions on a sale closing in less than 40 days, the cost would be $286.00 plus a refundable reserve. Due to our expansive alliance network, eCommission offers the LOWEST PRICES AVAILABLE. For a free quotation on price, please call toll-free 1-877-882-4368.
What is the Reserve Fee?
When you receive an eCommission, the cost is calculated until the day
of closing. The reserve fee covers the period after closing and is
held back from the net advance that you receive. The reserve provides
you with a total of 20 days after the closing date for your eCommission
to be repaid by the title / escrow company, attorney or broker. Any
unused balance is refunded to you.
It is important to understand that a portion of the reserve is refundable
to you, depending on how quickly funds are re-paid after closing. The
reserve protects you in case a sale's closing is delayed or amended.
Is eCommission tax deductible?
It can be! When you use the proceeds of your eCommission exclusively
for your real estate business, the cost can be tax deductible. We will
even send to you by fax, a free, personalized account summary at tax
time.
What happens if my sale doesn't close?
Reality is, after a purchase contract has been signed, 97% of residential sales close on schedule. But if a sale does fall through, you should know that we have a straightforward policy. You are given 60 days from the original closing date to repay the full amount of the commission purchased. If you prefer, you can choose to replace the outstanding amount with the proceeds of future sales. If neither is an option, you can choose to extend repayment at 10, 20 or 30 day intervals by going on the Commission Care program.
How do I apply for an eCommission?
Your first step is to create an account online. Click here to create
your eCommission Account.
After your account has been set-up, you can login to the eCommission
web site any time of day or night to enter the information for the
sale on which you would like to receive an eCommission. Entering this
information online is a straightforward process that takes less than
five minutes!
Once completed, an eCommission Agreement is instantly faxed or emailed
to you. The eCommission Agreement must be signed by you and your broker.
Then simply return the signed agreement by fax along with your supporting
sale information.
We'll review your paperwork and notify you if your eCommission is approved.
If your request is declined, or if there is missing information, a customer
service representative will call you directly.
What supporting sale information do I need to
supply?
Along with the signed eCommission Agreement, you will need to include
the following supporting sale information:
- A fully executed and signed copy of the Real Estate Sales Contract
- All fully executed and signed Counter Offers and supporting sale information
- A signed Pre-Qualification or Pre-Approval letter from a lender (if applicable)
- A copy of the deposit (earnest money) check or the Title/Escrow receipt
- And proof of:
- At least one other pending sale OR one active residential listing OR representation of 2 or more buyers
- (Proof of pending sale or active listing can be an MLS print out. Proof of buyers can be a signed buyer/agency agreement)
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