Table of Contents
- What is LockNow and Sell?
- Product highlights
- Marketing resources
- Product Hub resources
What is LockNow and Sell?
LockNow and Sell is a new concept to help sellers sell their homes faster with a lower rate offered to their buyers by utilizing a seller credit to potentially buydown the rate and/or pay for closing costs. By locking in the rate for a potential buyer, LockNow and Sell takes the uncertainty out of homebuying and offers a more secure path to homeownership for the potential buyer, even if rates continue to rise.
- The seller locks in a rate sheet for 60 days on a property
- The rate is based on a specific day’s rate sheet to offer Conventional, FHA, VA and USDA financing options
- Conforming loan limits only
- If rates go up, the rate is secured, and if rates go down, the homebuyer can utilize a float down option
- Seller pays a $1,500 non-refundable upfront lock-in fee
- The seller must commit to providing a 2% seller credit based on the list price
- The homebuyer’s rate will be determined based on their individual file parameters based on the programs selected*
*Additional loan level price adjustments may apply based on credit score, occupancy, loan term, loan-to-value or guideline requirements. A seller incentive of 2% is required to pay for the buydown costs or closing costs, whichever the homebuyer selects.
Products and Services > LockNow and Sell
Seller and Partner flyers available
Seller and Partner Postcards
Social Posts - Search for "LockNow and Sell"
Get in touch with your Regional FMM to request a customized LockNow and Sell Open House flyers once the seller has locked in their listing!
IMPORTANT: You will need to provide the Term Sheet that Secondary provides after the seller has made the commitment, plus TWO Scenario Builder worksheets for the Standard Lock and the Buydown for a conventional loan, 80% LTV, 740 credit score:
To include in the MLS listing: The following approved disclosure may be used:
“Ask about the LockNow and Sell program where Seller has locked in an interest rate on this home and could possibly lock in a lower interest rate for the buyer, subject to qualifications.”
Product Hub Resources
These can be found under Specialty Products in Product Hub.