What's in this page?
Property Information Screen
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Offer (and Acceptance) Screen
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BMA/Appraisal (Valuation) Screen
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Contract Negotiations Screen
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Title Screen
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Contract Screen
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Listing/Marketing Screen
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Closing Screen
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Inspections Screen
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Escrow Screen
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Mortgage, Tax, HOA and Assessments Screen
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Insurance Screen
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Equity Request Screen
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Finalization Screen
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Property Information Screen
Overview
The Property Information screen contains basic information about the property that is to be included in the homesale process. The information includes:
Disclosure information including type, description, executed date, relocation company received date and the ability to upload soft copy of document
Property Information Details including
Physical Address – You will see “Copy from this address” and a drop down selection arrow. This information will feed from the Employee/File Detail screen under the Mailing Address Details input. Select the “departure residence” address; click Copy and the detail address fields will populate automatically. Remember this is the physical address for the property involved in the employer allowed homesale program.
Homesale Program to be used, including history table of Homesale Program
Homesale On Hold or Cancelation data
Legal Name(s) on Title (Individual or Trust) and Legal Description
Other general details about the property i.e. type, style, # of bedrooms, # of bathrooms etc.
Mortgage, Property Tax, HOA, and Assessment Information
On the Property Information screen, MTHA (toward the bottom of the screen) click New and fill in the details you have (notice there are 3 required fields of data: Type, Sub Type and Info Source) click Save. You will see the information you entered will now display in a text field box with a Delete button still available.
The information you enter will also feed to the MTHA screen (select from your Homesale menu) and appear in the MTHA Summary table without the Vendor name being populated in this table. This is because you have not selected your appropriate Vendor through your Service Order selection (see User Manual for detailed instruction). However, when you click View/Edit in the Summary table next to the entry and you move to the Mortgage Details screen you will see near the top of the screen in the first detail box the Lender/Authority name you entered does appear.
Note: It does not matter which of these two screens (Prop Info or Title) that you enter the information…once you Save on the screen it will feed to the other appropriate homesale screen(s).
Pre-Authorization Listing Information – information while transferee had property listed prior to authorization into homesale program if applicable (will not feed to Listing screen). Note: Personal Property Included and Personal Property Excluded will feed to the Valuation screen in your Homesale menu.
Document upload
Some property information entered on this screen will flow to other appropriate homesale screens within the file.
BMA/Appraisal (Valuation) Screen
Overview
The BMAs/Appraisal (Valuation) screen provides means to:
Provide valuation instructions
Order (via Service Order) BMA and/or Appraisals
Store BMA and/or Appraisal information
Calculate Offer (on the Calculations tab)
Store a soft copy of the BMA or Appraisal can be uploaded in the Property Valuation (BMA or Appraisal) popup screen
Title Screen
Overview
The Title screen provides the opportunity to track all title details and any issues with title and their remediation. The information includes:
Property address, Program Type, Main Contact and Program Status details (will feed from other appropriate homesale screens)
Legal Name(s) on Title (Individual or Trust) and Legal Description (will feed from Property Information screen)
The ability to upload soft copy of document(s)
Date(s) for your Title Commitment, Employee Deed Package and Corporate Deed Package
Mortgage, Property Tax, HOA, and Assessment Information – you can input your MTHA information on the Title screen following the same detail steps described in the section for Property Information Screen in this manual.
Title Clearance, Issues Found (yes/no), Title Clearance Status and Title Clearance Date
Title Clearance Issue Summary
Service Order Details (see Service Order instructions from the User Manual)
Title Partner Vendor details
Notes / Communications
Title Summary (Title Information and Service Order Information)
Listing/Marketing Screen
Overview
The Listing/Marketing screen provides a general overview of the home marketability and provides area to document:
Employee Listing History which is used to document listing information while marketed by the transferee prior to offer acceptance.
Resale Listing History which is used to document listing information while market after the transferee has accepted the offer and the property is no longer owned by the transferee
Repair Bid Summary information
Repair Authorization Summary information
Within each Listing/Marketing (detail) screen provides the following:
Allows the calculation of referral fees including receipt if this listing sells the property
Tracks listing period history
Tracks listing price and incentive history
Provides for Agent Follow Up via a Agent Marketing Update popup screen. Note: Can give external portal access to Broker to update.
There can be only one active listing at a time, if there is an active listing and a new one as added as active the application will make the previous one inactive.
The application provides the ability to create a service order for the listing by selecting and copying a BMA.
Inspections Screen
Overview
The Inspections screen provides the opportunity to track one or more inspections as required by local custom or recommended by Broker or Appraiser including any issues and their remediation.
Mortgage, Tax, HOA and Assessments Screen
Overview
The Mortgage, Tax, HOA and Assessments screen provides the opportunity to track details relating to one or more liens on the property. In addition, for each lien identified the payment information can be tracked and reminders established for payment.
Property address, Program Type, Main Contact and Program Status details (will feed from other appropriate homesale screens)
Mortgage Summary: Note: If you inadvertently enter the Vendor on the MTHA details screen first… it will NOT pull over to the Property Information or Title screens. It MUST be entered in the Property Information or Title screen first!!
To tie your specific Vendor into the Summary box, Click View/Edit (there should appear minimal basic information you have previously entered from the Property Information or Title screen. If nothing appears in your Summary box then you must go back and follow the appropriate steps described in this User Manual). Scroll down to the bottom of the MTHA Detail screen and click Add Service Order. Under Service Order Details, *Service Order Type click in the drop down box to select your vendor type. Next click on the drop down arrow next to *Vendor and select your appropriate Vendor from the selection list of Vendors. At this point you can click Save. You do not have to place an actual communication to the selected Vendor at this time. You can come back and handle this task at a later date if needed. Additionally, it does not have to be in “Ordered” status for the selected Vendor to now appear in the Summary table.
Once you have tied the MTHA Details screen to a Vendor selection you will notice the selected Vendor will appear in your MTHA Summary table next to Vendor. Additionally, you will notice on the Property Information screen and Title screen the previous input information from the steps described above will no longer be in a text field box and the Delete button will be gone as well.
Tax Summary
HOA Summary
Assessment Summary
Equity Request Screen
Overview
The Equity Request screen provides the details you will provide to the title company to calculate any equity advance or final equity requests.
There are two fields towards the bottom of the details screen to track the amount of equity (Equity Amount) that was calculated as a result of the request and the date (Equity Date) of the equity calculation. These fields are in their own security section named Equity Request Detail – Equity Amount. This gives you the ability to utilize the Screen Section Rights feature in Role Maintenance to grant security rights to these fields separately from the other fields on this screen.
There is a small bar (embedded control) on the Equity Requests page that displays a snapshot of this employee’s equity situation. It displays their Equity Amount by finding the Equity Request Detail record with the latest date in the Equity Date field. It displays Equity Paid by looking at the Equity Advance and Equity Disbursement Account Groups to identify the equity accounts and then pulling any expense amounts paid for those accounts. It displays the employee’s Equity Balance by subtracting the Equity Paid amount for the Equity Amount.
There is a field called Equity Advance Limit Percentage on the Policy Setting tab of the Relocation Policy screen to capture the percent of Equity that is allowed to be advanced to the employee prior to the employee selling their home.
There is audit logic built into the Voucher screen to warn you if you are going to exceed the equity advance limit percentage amount and stop you from paying out too much equity. There is a setting available on the System Preference screen to turn this equity audit feature in the Voucher screen on and off. It can be found under the Home Sale category and it is named Disable Equity Amount Audit Logic in Voucher Entry Screen.
The audit logic looks at the employee’s Equity Balance. If you have acquired the home from the employee (there is an offer record with a Relo Company Acceptance Date), then the system ignores the Equity Advance Limit Percentage and the system will not allow you to approve the voucher if the equity payments on the voucher exceed the employee’s Equity Balance. If you have not acquired the home yet, in addition to the rule above, it will warn you if equity payments on the voucher exceed the employee’s Equity Balance x Equity Advance Limit percentage.
There is an import available to import the equity amount, currency, and date based upon the service order number for the equity request record.
Offer (and Acceptance) Screen
Overview
The Offer screen provides the means to track offers details to the transferee including expiration, extensions and acceptance.
Contract Negotiations Screen
Overview
The Contract Negotiations screen provides the means to track all negotiations with outside buyer and initiate acceptance of offer. The application allows for tracking of multiple negotiations at the same time.
Contract Screen
Overview
The Contract screen provides the means to track the details relating to the contract with the outside buyers.
Contract Termination Fields:
Fall-Through Date: This field is used when there was a contract in place but the home is now going into inventory.
Override Fall-Through as a Void: This is used as a way to void a contract but the house is not going into inventory. This is a non-compliant process. For example if a sale was falling thru because of an inspection and the client is backing out of the deal. This would not be compliant as the client cannot back out of this deal with the transferee.
Closing Screen
Overview
The Closing screen provides the details to track data relating to the closing with the outside buyer. To create a closing summary an executed contract must be present.
Escrow Screen
Overview
The Escrow screen provides the means to track mortgage escrow information including any amounts due for credit to transferee with final equity. In addition, allows the means to set up post closing follow-up.
Insurance Screen
Overview
The Insurance screen provides the means to track forced place insurance coverage while property is in inventory.
Finalization Screen
Overview
The Finalization screen provides the means to track final billing information.
Exhibit A: Homesale Status Definitions
The system will go through the following logic statements in the order listed (top to bottom) and display the status of the first statement it finds to be true.
Closed/Inventory – If there is a closed resale contract
Closed – If there is a closing record with an Actual Close Date
Inventory/Under Contract – If there is an executed resale contract
Inventory/Contract Neg. – If there is a negotiated resale contract
Inventory – If there is an accepted offer and no “active” contract (negotiated, executed, closed)
Under Contract – If there is an executed contract record
Offer Extended/Contract Neg. – If there is both 1) an active offer record with an Offer Sent Date but not a Relo Company Acceptance Date AND 2) a negotiated contract record
Homesale Canceled – If there is a Cancel Date on the property screen
Homesale on Hold – If there is an On Hold Date on the property screen
Offer Extended – If there is an active offer record with an Offer Sent Date but not a Relo Company Acceptance Date
Contract Negotiation – If there is a negotiated contract record
Appraisal/Pre-Marketing – If there is both an active appraisal and employee listing
Pre-Marketing – If an active employee listing exists (but not an active appraisal)
Appraisal – If an active appraisal record exists (but not an active employee listing)
BMA – If an active BMA record exists
Authorization – If a property record exists