Frequently Asked Questions
What is a Properly guaranteed backup offer?
A Properly guaranteed backup offer is our commitment to buy your home directly in case your home doesn’t sell on the market. Our guaranteed backup offer gets you fully approved for a mortgage to buy your new home before you even list your current home on the market.
How do you come up with the guaranteed backup offer price?
We combine our computer valuation model plus the expertise of local pricing experts to estimate your home’s sale price. Learn more about how Properly values homes here.
The guaranteed backup offer will be 93% of the estimated sale price for your home. Properly expects your home will sell for more than the guaranteed backup offer price on the market, but the guaranteed backup offer is the amount we can guarantee upfront that you can use to unlock the equity in your home.
In order for us to finalize the guaranteed backup offer, we would need to do a home inspection and appraisal (for detached, semi-detached, and row homes) or obtain a status certificate of your building (condos only).
How long is the guaranteed backup offer good for?
Once we agree on the value, the guaranteed backup offer price won’t change for 7 days. After that, we need to refresh it based on any new comparable sales or market movements. The price could go up or down, but is unlikely to move dramatically unless a long time has passed or the market has moved materially.
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