Let's be honest, one of the absolute best things about Open Listings is the refund.
Most Open Listings buyers (and their lenders) prefer to reduce the strain on their wallets by applying their refund directly to their closing costs. That said, some types of loans may not buyers to use their refunds in that manner. Don't worry - we're here to help you navigate the waters in these situations.
As with all things related to such a large purchase, it's good to know where things stand before you get the ball rolling. For this reason, we recommend that buyers ask their lenders how they typically handle financial transactions like buyer commission refunds.
If your lender is unfamiliar with our service, we've provided a letter that you can give to your lender that outlines who we are and how our service works. You will find that document attached below. If you prefer, our team can reach out to your lender to bring them up to speed regarding our service. Simply contact us at firstname.lastname@example.org with your lender's information and we will be in touch with them directly.
So, what happens if your lender doesn't allow the refund to be applied to closing costs? We've got good news - you still get your refund! In lieu of applying it to your closing costs, we'll send your refund to you in the form of a check by mail after you close escrow on your home.
Lender Introductory Letter: