MAGIX PROGRAM OVERVIEW

Getting the buyer first

1. You get applicants pre-approved with our No Credit Check Program
2. You may even offer to pay the applicants closing costs out of the discount you obtain.
3. We make an offer to a “motivated seller” at a 15-25% discount (depending on end-buyer contributions).
4. The offer to the seller discloses everything in an addendum which has provisions for the seller and buyer (here the Credit Partner) to contract directly.
5. When the offer is accepted, you present the Credit Partner. This Credit Partner buys the property and enters into a lease-purchase contract for the benefit of your end-buyer.
6. Since the seller is at that time already under contract with us, s/he needs our release in order to accept the new offer.
7. We provide a release, against promise of payment, for the difference between the purchase price the seller accepted and the full appraised value (offer by Credit Partner as buyer), payable at closing.
8. A clean contract between seller and Credit Partner as buyer, along with the pay order, is sent to the escrow agent along with the end-buyer’s initial deposit/earnest money.
9. Title passes directly between seller and Credit Partner as buyer, avoiding any lender seasoning issues.
10. Credit Partner providess the property to the end-buyer in a lease-purchase transaction.

Getting the seller first

1. We make an offer to a “motivated seller” at a 15-25% discount (depending on end-buyer contributions).
2. The offer stipulates that we will have to produce a buyer (here Credit Partner) within 20 business days (not tying the property up like the typical 6 months Realtor® listing agreement).
3. The offer discloses everything in an addendum which has provisions for the seller and buyer (here Credit Partner) to contract directly.
4. When our offer is accepted, we advertise for end-buyers and get them approved for the No Credit Check Home Acquisition Program which designates a Credit Partner who buys the property for the benefit of the end-buyer.
5. You may offer to pay the buyers’ (here Credit Partner on behalf of the end-buyer) closing costs out of the discount we obtain if the end-buyer doesn't have enough cash.
6. The Credit Partner as buyer then makes an offer to the seller at full appraised value.
7. Since the seller is at that time already under contract with you, s/he needs your release in order to accept the new offer.
8. You provide a release, against promise of payment, for the difference between the purchase price the seller accepted and the full appraised value (offer by Credit Partner as buyer), payable at closing.
9. A clean contract between seller and Credit Partner as buyer, along with the pay order, is sent to the escrow agent along with the end-buyer’s initial deposit/earnest money.
10. Title passes directly between seller and Credit Partner as buyer, avoiding any lender seasoning issues.
11. Credit Partner sells the property to the end-buyer in a lease-purchase transaction.