Most people have heard of payday loans, but what if you're a real estate agent who relies on commission for regular income? Since you don't have regular, steady income, it can be difficult to get a loan from a standard company. Instead, you should be looking for commission advance companies in California in order to get a loan based on your real estate commissions. There is an application process involved with this, and some verification required to ensure you are expecting commissions soon. Here are 2 things most commission advance companies will ask for when you apply for this kind of loan. Copy of Purchase Agreement If you are currently representing a property that is under contract, you should provide a copy of the purchase agreement to the loan company. This shows them how much of a commission you are expecting and the estimated closing date, so they know when you will receive your income. This is a solid way to show that you are expecting income very soon, and can make getting the loan easy. MLS Listing and Transaction History It's not entirely necessary for you to have a current contract in order to qualify for a commission advance. Your current MLS listings and MLS transaction history can also vouch for you when applying for this kind of loan. You should provide a list of any homes you're currently representing, as well as a list of homes you have recently sold. This shows the company how often you typically sell properties, as well as all of the properties that may soon be purchased, thereby providing you with income in the near future. These 2 pieces of information can help to move the application process along more quickly, so be sure to have them on hand when you apply for a loan with commission advance companies in California.
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