HomeShop.com Frequently Asked Questions

FAQs for Certified Buyers

What does it mean to be a Certified Buyer?
A Home Shop “Certified Buyer” is either a cash buyer or a borrower who has received automated underwriting approval. An underwritten approval is a bonafide loan approval and is as good as cash. This approval process eliminates the guesswork for both the buyer and the seller, which ensures a smooth transaction. Additionally, to become a Certified Buyer, first-time homebuyers must attend one of our home buying seminars or have watched our online “Webinars/Videos”. While we strongly urge all buyers attend our seminar or watch the online videos, experienced homebuyers or experienced investors are exempt from the educational requirement.

What does a Home Shop Certified Buyer Card do for you?
Having a Home Shop Certified Buyer Card has numerous advantages. The Certified Buyer card shows you are fully qualified to purchase a home, whether you purchase a Home Shop property or any other property. So, when you want to submit an offer on a property, all parties involved know you are fully qualified and ready to buy the home. If you are purchasing a home outside of Home Shop, during the offer stage, an underwritten loan is worth significantly more to the seller than a “pre-approval” letter (which will require underwriting at a later date anyway), enabling you to possibly get better pricing on the deal or increase the chances of winning the bid in a bidding war scenario, even against cash buyers.

The card is also a way for you to call into Home Shop and update your information, so when you have a change to your qualifications, you can update it by giving them your Certified Buyer number off your card.

As each registrant is issued a Home Shop Certified Buyer Card, the numbers are incrementing higher. The earlier you become a Certified Buyer, the lower your account number. In scenarios where multiple buyers desire the same Home Shop property, instead of allowing a bidding war on the property, the property is sold to one of the buyers based on a first-come first served and if two or more offers are received at the same time, then the Certified Buyer number determines who signed up earlier for Home Shop - that person would win the contract.   Since Home Shop is significantly undercutting the fair market value of the properties, we anticipate that a lot of the properties will have interest from multiple buyers, so the earlier you register the better.

What is the required lender letter to be presented to Home Shop by a buyer?
Loan officers have access to two commonly accepted automated underwriting software programs. Desktop Underwriter (DU) is Fannie Mae's automated underwriting software program and Loan Prospector (LP) is Freddie Mac's automated underwriting software program. The computer software program analyzes credit history, calculates debt-to-income and loan-to-value ratios, employment stability, assets and affordability to determine a borrower's profile and whether loans meet eligibility requirements. An automated underwriting approval is a bonafide loan approval and is as good as cash. Upon approval, you will be either "DU approved" or "LP approved" (or a cash buyer) in our database; this approval is required by Home Shop to be a Certified Buyer.

What is required to apply and get Certified with a Loan Officer?
1. Social Security numbers of all Borrowers on Loan
2. 2 year job history (Company name, address, position held)
3. Current address and history of properties lived in for the last 2 years
4. 2 months bank statements and all assets (401k, securities, stocks, etc)
5. Down Payment Available

What does it mean that I have to renew my financial information or my Certification will expire?
Once you are certified, your loan letter and status have to be updated every 60 days. That update can be simple if there are no changes. You loan officer just needs to send an updated letter. If there are any changes, the loan officer has to rerun your qualification process to ensure that you still qualify for the amount you are certified for.

FAQs for Certified Real Estate Agent

What does it mean to be a Certified Real Estate Agent?
A Home Shop Certified Real Estate Agent is a licensed agent who is focused on getting buyers fully educated in the home buying process and getting buyers access to properties at considerable market discounts. These buyers have full access to the home inventory exclusively showcased on Homeshop.com. The Home Shop Certified Real Estate Agent is expected to promote the Home Shop program to potential buyers and assist in the home buying process with the buyer. Home Shop assists the agent in getting the buyers qualified and ready to purchase one of our homes.  Real Estate should make sure that their agency agreements are in place when registering buyers.  Home Shop will inquire from each buyer if they are working with another agent or not to ensure agency is noted by Home Shop.

How to Become a Home Shop Certified Real Estate Agent?
1. Must have fulfilled the requirements for being an Authorized Real Estate Agent.
2. Attend the 2-Hour Certified Real Estate Agent Training
3. Enroll a minimum of 5 Certified Buyers/Borrowers

What do I need to do to get the Buyer Leads?
As a Certified Real Estate Agent with Home Shop, your buyer leads will be provided based on the number of Certified Buyers that you register. The higher your agent participation means a higher percentage of buyer leads for your local area. Your buyer leads will be delivered to you via email.

How do I know my buyers are protected?
As a Certified Real Estate Agent, the buyers you listed are required to be under an agency agreement with you and your brokerage which is your protection. If your buyer calls into Home Shop, we will be able to search for them and see that they are registered with you. All buyers are asked if they are working with an agent or not.

What if there is a dispute of agency?
The brokerage agency agreements will be the source of clarity. Home Shop will require the brokerages involved to resolve the matter to ensure clarity to Home Shop in this matter. Our program will pay the commission to the brokerage who submits the contract for that buyer and is registered with that Certified Buyer.

FAQs for Preferred Lending Partners

What does it mean to be a Home Shop Certified Lending Partner?
A Home Shop Certified Lending Partner is a member of a financial institution who provides competitive pricing and premium services and is focused on getting buyers fully educated and quickly approved as Home Shop Certified Buyers. These Certified Buyers have full access to the home inventory exclusively showcased on Homeshop.com. The Home Shop Certified Lending Partner promotes the Home Shop program to potential buyers and runs full Freddie Mac or Fannie Mae automated underwriting approvals for the Home Shop buyers brought in through the Home Shop national advertising program. Lenders registering Home Shop buyers are secured in a lender buyer list and are protected as they shop for a home.

FAQs for How it Works

What forms do I use to submit offers?
Your Certified Real Estate agent will use the local association or their brokerage forms to submit offers as it is typically done. If you do not have an agent, please contact Home Shop to be referred to one of their Certified Real Estate agents.

What if I have changed Loan Officers and do not have an updated lender letter with Home Shop and I want to submit an offer?
You can not submit an offer to Home Shop. Your Buyer Certification must be in good standing or you can not submit an offer. If you do submit an offer, the offer will be rejected based on your expired certification. If you want to submit an offer, call into 1-800-Home-Shop to renew your certification and then you can submit an offer.

I have registered with the site, but I have not received a Buyer Certification email?
In order to receive a Buyer Certification email, we must get your loan officer to send us the required approval letter or you must send in proof of cash for a Cash certification. Without that information registered on our files, no Buyer Certification can be released.

I have registered, but I have not received my login and password. How do I get that?
In order to receive a Buyer Certification email, we must get your loan officer to send us the required approval letter or you must send in proof of cash for a Cash certification. Without that information registered on our files, no Buyer Certification can be released.

I have received my Buyer Certification Email, but I have not received my Buyer Certification Card. How do I get that?
You must complete the courses sent to you on the Buyer Certification Email and fax in the completed review sheet before a Buyer Certification Card is sent to you. Once you complete the course and review sheet, fax in the review sheet to 1-800-886-3115 or fax@homeshop.com.

Who keeps the escrows for the ratified contract?
Escrows are to be sent to the Home Shop representative’s brokerage listed for the property and must be provided within the state requirements. Escrows will not be released until a full release is completed.

Can I do inspections?
You can preview and view homes during the open house dates provided. Home Shop properties are sold “as-is” and contracts shall be presented that way.