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This excerpt taken from the PCG 10-K filed Feb 24, 2009. CONTINGENT OFFERS DO NOT
QUALIFY FOR THE PROGRAM.
As part
of the assistance, PG&E pays your brokers' commission and customary seller's
closing costs (Customary for the county will be as defined by local Title
Company. Concessions are not considered customary.) The
customary costs of sale will not appear on the closing statement. If
you assign the closing of the sale of your home to the home purchase firm, you
should not submit a closing statement to PG&E for
reimbursement.
When you
assign an offer, you are financially responsible for your home until you
vacate.
Should
you assign an offer and permit the buyer to assume your loan, you must indemnify
(in writing) both PG&E and the home purchase firm against any future
default.
Amended
Value Offer
You may
assign more than one offer, that is, a backup offer to the home purchase
firm. Make certain that you contact your Consultant for details
beforehand.
30
APPRAISED
VALUE OFFER
Accepting
the Appraised Value Offer
Approximately
15 business days after the appraisals have been completed and thoroughly
reviewed, your Consultant will call you with the Offer to purchase your
home. An Offer to Purchase Package containing all the forms required
for you to sell your home to the home purchase firm will follow.
Building
permits must be on file to meet all current local building code
requirements.
60 Day Marketing
Period
Beginning
with the day you are called with your Offer, you have 60 days to:
You may
accept the Appraised Value Offer anytime during the 60-day period by completing
the appropriate documents. Your home must have been on the market for
AT LEAST 45 days prior to accepting the Appraised Value Offer.
Upon your
acceptance of the Appraised Value Offer, you will have up to 60 days to vacate
your home. You will be asked to indicate on the Seller's Data Sheet
the date you plan to vacate.
Once you
accept the Appraised Value Offer, your home will be listed for sale by the home
purchase firm. You are expected to cooperate with the home purchase
firm by allowing prospective buyers to view your home by appointment at
reasonable hours.
Your are
responsible for all expenses of your home until the vacate date.
All
appliances, heating, plumbing, and other fixtures to be sold with the home
should be clean, in working order, and remain on the premises. If
removed, the full replacement value for each will be withheld from your final
equity.
31
PAYMENT
OF EQUITY
In order
to meet your new home purchase obligations, you may find that you need funds
(equity) prior to the normal equity payment date (close of
escrow). If so, payments of two types are available.
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