Questions
In what states do you provide your service?
Why only 40 days maximum to close?
What happens if the sale falls through?
Does my broker have to register with NetAdvance?
Is there liability for my broker?
Do you advance commissions to Brokers?
Can I have multiple advances going at the same time?
Do you advance on short sales?
Answers
In what states do you provide your service?
The service is available in many areas across the United States.
Why only a small NetAdvance?
Your commission is bigger and you need more money, right? So why only a $4,000 maximum NetAdvance? Here’s why. Advancing a commission before the scheduled closing date carries a degree of risk. Sometimes despite everyone’s best efforts, even perfect transactions can unexpectedly cancel before closing.
At NetAdvance, our objective is to provide responsible, short term commission advances to help Realtors who are experiencing cash-flow challenges. We do this without running credit checks or requiring supporting sale documentation. And we guarantee you’ll have your money within 1 business day. We keep it simple, but we are not in the business of providing big advances and potentially creating bigger problems.
If you need more money, we recommend calling eCommission. They advance up to $15,000. You can follow this link to them: www.ecommission.com
Why only 40 days to close?
Short closing commission advances. That’s what NetAdvance is all about. A short closing within 40 days generally involves less risk, which enables us to offer no credit checks, no supporting documents and funding within 1 day. If you have a longer closing, we recommend calling eCommission. They advance up to 120 days. You can follow this link to them: www.ecommission.com
What happens if the sale falls through?
A NetAdvance 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.
No Credit Checks
That headline is for real! We do not run credit checks.
NetAdvance is simply the fastest, easiest way for Realtors to access their commissions.
No Broker Registration
Brokers do not have to register with NetAdvance, however, they are required to approve each advance request that an agent makes because all commissions are legally owned by the Broker. Therefore, agents cannot advance commissions without their broker’s consent.
Is there liability for my broker?
While we do require brokers to authorize each advance request, they bear no financial liability to repay advances on sales that fail to close. This is 100% the agent’s responsibility.
Do you advance commissions to Brokers?
Yes. NetAdvance DOES advance commissions for brokers who are also selling agents. However, we may reduce requested advance amounts for broker / agents who have little or no recent sales production.
Can I have multiple advances at the same time?
No. You must repay an active advance before applying for a new one.
Do you advance on short sales?
NetAdvance DOES advance on short sales, but only when the sale has written lender approval that can be verified by the settlement company.
