Harvard University Real Estate Advantage Program – Cash Back
Harvard sponsored home buying service
The real estate advantage program offers the following home-buying benefits to all Harvard faculty, staff, students, and alumni, including those in Harvard-affiliated hospitals.
- Education about the market and the home-buying process through our free webinars.
- Harvard’s advocacy and support through the entire process.
- One-on-one service to help you find the right loan.
- A variety of loan options – including first-time buyers, physicians, conventional loans, jumbo mortgages, and more.
- Reduced rates and/or closing costs.
- Personalized counseling to help you navigate the competitive real estate market and assignment to an appropriate real estate agent.
- Complimentary Real Estate Market Data and Trends Reports
- A cash rebate after closing
- Cash rebates are equal to 15% of your real estate agent’s commission – which is typically between 2-3% of the sale price
What is a Destination Location Support?
To support the success of the transition, some Corporate clients provide opportunities for employees to explore new locations prior to authorizing a Corporate Relocation or finalizing their decision to purchase. The corporate client looks for a team agent to help educate the candidate on the market and the overall community so that the candidate can make an informed decision on whether or not to accept the position, and eventually relocate.
Types of Relocation Home Sales
The following are relocation home sale types and their characteristics: amended sale wherein the customer doesn’t necessarily have to attend the closing, buyer value option sale (BVO) where the customer markets and sells together with a team agent, closing services only sale (CSO) wherein the appropriate closing costs will be charged to the corporate client at closing, direct reimbursement of closing costs (DR) where the customer is the one who’ll submit for reimbursement of the appropriate closing costs, and lastly, no relocation home sale benefits where the customer have to attend the closing together with the team agent.
Employee Relocation Council created an 11-Step Amended Sale Process
LISTING all of the agreements made including the Exclusion Clause. This clause allows the customer to sever their legally bind listing agreement in order to sell their home to RMC at any time. In doing so, the customer will no longer be responsible to pay the commission on the sale of their home to an outside buyer
EARNEST MONEY’ indicates that the customer cannot accept any money from the buyer
OUTSIDE OFFER means that the customer cannot sign any outside contracts
RMC CONTRACT will be signed by the customer as the seller and the RMC acting as the buyer on behalf of your customer’s employer
VACATING THE PROPERTY once the customer vacates their home and the RMC signs the contract the customer is no longer responsible for the house
NO CONTINGENCY, the contract between the employee and the RMC is unconditional and not contingent on any event, including a potential buyer waiting for a mortgage commitment.
3rd PARTY SALE, once the RMC purchases the property, the customer does not have any control over the subsequent sale of the property
RE-LIST AGREEMENT wherein the agreement allows you or the broker to represent the RMC at the closing with a buyer for the transaction 2
3rd PARTY SIGNED, transaction 2 wherein the contract will be signed by the buyer and the RMC acting as a non-occupying seller on behalf of your customer’s employer.
TRANSFER OF TITLE, transferring the deed in this manner ensures the IRS-required arms-length transaction is in place
PURCHASE PRICE, the ultimate purchase price does not affect the customer. If the property sells for less than what RMC purchased it for in transaction 1, the RMC cannot get back to the customer to collect the difference.
UNIRISC Inventory Vacant Property Insurance
All inventory properties will be protected under the RMC’s Vacant Property Insurance.
DAMAGE – for the damages, take pictures of it as proof and then contact your relocation specialist to discuss the damages the specialist shall provide you with a claim form to be completed and sent to the email address written on the form.
EMERGENCY – for emergencies immediately arrange an appointment to have it fixed. While waiting for it, look for alternatives to cover up damages.
American Home Shield Relocation Inventory Properties
The RMC Inventory Specialist will check if your Inventory Property is covered by an American Home Shield Warranty. Once confirmed with the RMC, you may contact American Home Shield at 877-888-9680 to request Relocation Marketing materials. Buyers receive a Warranty Contract 10 business days after closing. A Home Warranty assists in marketing the Inventory Property by providing the Buyer with one year of coverage. Once the warranty is transferred to the buyer, the buyer’s agent should be instructed to call 800-776-4663 to submit any claims.