Frequently Asked Questions

Skeleton Key does not directly impact your standard commission structure. You would typically receive your commission at closing, just as you would in a traditional sale. The potential for higher sale prices with Skeleton Key could even lead to higher commissions in some cases.

While no special training is required, Skeleton Key provides resources and support to help you understand and explain the process to your clients. Familiarizing yourself with seller financing and Skeleton Key’s specific offerings will help you best serve your clients.

As a real estate agent, Skeleton Key provides you with an additional financing option for your clients. This can help you close deals that might not be possible with traditional financing, especially in challenging market conditions or with buyers who don’t qualify for conventional mortgages.

Skeleton Key provides full loan servicing, which includes collecting monthly payments from the buyer and disbursing them to you as the seller. This service manages the administrative aspects of the loan, making the process hassle-free for sellers.

If a buyer defaults on payments, you have similar rights as a bank lender. Skeleton Key’s loan documents include protections for sellers, and in case of default, you may have the right to foreclose on the property. Skeleton Key provides guidance and support throughout this process.

Skeleton Key provides comprehensive support to make seller financing safe and manageable. This includes underwriting services to verify buyer creditworthiness, legal documentation, and ongoing loan servicing to manage payments. Additionally, the loan is secured by the property itself.

As a seller using Skeleton Key, you can potentially earn more by acting as the lender. You’ll receive interest on the loan in addition to the sale price, which can significantly increase your overall profit compared to a traditional sale.

Skeleton Key provides underwriting services to verify buyer creditworthiness. While the specific criteria may be more flexible than traditional bank loans, a credit check is still typically part of the process to ensure the buyer’s ability to repay the loan.

If you decide to sell the home before paying off the Skeleton Key loan, the process is similar to selling a home with a traditional mortgage. You would pay off the remaining balance to the seller from the proceeds of your sale.

Yes, most transactions through Skeleton Key will still require a down payment. However, the exact amount can often be negotiated directly with the seller, potentially offering more flexibility than traditional mortgages.

As a buyer using Skeleton Key, you can potentially save money through lower interest rates, reduced closing costs, and more flexible terms compared to traditional bank mortgages. This can result in lower monthly payments and significant savings over the life of the loan.

Skeleton Key charges a small fee for facilitating transactions and providing services such as document preparation, underwriting, and payment processing. These fees are typically lower than traditional real estate and mortgage fees.

Yes, Skeleton Key operates within the legal framework of seller financing, which is a well-established practice in real estate. However, specific regulations may vary by state, and Skeleton Key provides compliant documentation for each transaction.

Skeleton Key facilitates direct seller financing in real estate transactions. Sellers list their properties on the platform, and buyers can purchase homes with financing provided directly by the seller, eliminating the need for traditional bank mortgages.

Skeleton Key is an innovative platform that connects home buyers and sellers directly, bypassing traditional bank loans. It allows sellers to act as lenders, potentially earning more from their home sale, while buyers can enjoy more flexible terms and potentially lower monthly payments.