Want help marketing your properties? Looking to enhance your property, sell it faster and to set yourself apart? Offer Involuntary Unemployment Protection on your listings!
Involuntary Unemployment Protection (IUP) will offer piece of mind to any prospective buyer. A property enhanced with Involuntary Unemployment Protection provides the buyer with protection for one (1) year in the event they buy their home and then become unemployed. The program will make up to six (6) payments of $1500 each in the event of job loss.
FOR INFORMATION CONTRACT: JOHN GUTENKUNST @ 415-637-5158 jg@cynosurefinancial.com
Here is how it works:
1) Involuntary Unemployment Protection (IUP) provides coverage to the BUYER of the property for 12 months from closing. The program makes up to 6 payments, up to $1500 for each payment in the event of unemployment. There is a 90 day vesting period and a 30 day waiting period.
2) IUP is only offered to property SELLERS (available in all states except NY& WA) when listing their property, as a tool to help enhance their listing and sell their home faster. This program cannot be sold to BUYERS or marketed at closing. Commitment to the program is made when the property is listed.
3) AT TIME OF LISTING, when the SELLER accepts the program, he/she completes and signs a program enrollment form. SELLER'S Agent faxes the form to cynoSure Financial. This is required to be eligible for the program. Information required to register in the program includes SELLER Name and Address, Property Address, MLS#. Agent Name and email address. All properties registered when listed are required to maintain the coverage even if the BUYER does not qualify for the program. The program cannot be taken off the property listing at closing and the buyer cannot opt in or out of the program.
4) Agents will market IUP program to all sellers at time of listing. Agent will execute IUP form reflecting the seller's acceptance or declination of the program. It is noted that when the program is offered, it must be offered only at the time of listing and not at any other time.
5) Before offering the program, Agencies must execute a cynoSure Financial (CFI) program agreement requiring: 1) notification to CFI when the property sells, 2) responsibility for the payment of IUP fees on all listings reported to CFI, 3) reporting necessary information about the BUYER, Agent, Lender and Closing (escrow) Agent, 4) and ensuring that the Closing Agent has appropriate payment information and that fees are remitted to CFI.
6) SELLERS who accept IUP agree to the following: "I accept the benefits of the Mortgage Protection Program administered by cynoSure Financial, Inc., and give my broker permission to market my home with the Mortgage Payment Protection benefit. I have received a copy of the supporting materials and understand the terms, benefits, limitations and exclusions under the program, and had the opportunity to ask questions regarding the program. At the time of sale and closing of my home, I give the Closing Agent permission to deduct the program fees from the proceeds of my sale and to remit them to cynoSure Financial. Inc.".
7) Closing (escrow) Agent will remit fees to cynoSure Financial at closing. Upon receipt and payment for monthly closings, CFI will: 1) mail to the BUYER complete terms and conditions of the program, 2) remits to Agency marketing/admin fees for closed properties.
8) All marketing, promotional and supporting materials will be produced, distributed and paid for by Agencies. CFI will need to review and approve any and all materials used in the promotion and delivery of the program.
9) At the end of each month the Agency will provide CFI in electronic format: 1) a report of all properties newly listed with the program in that month, and 2) a report of all property closings in the program for that month.
FOR INFORMATION CONTRACT: JOHN GUTENKUNST @ 415-637-5158 jg@cynosurefinancial.com
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