UHXLV Process and Procedures
How to Register
UHXLV.com is a private listing website which requires a pre-approval code in order to register. One can be obtained by a UHXLV representative or a UHXLV member who is a licensed real estate agent. When registering, all members will be given the option to enroll in the UHXLV monthly membership. Only members that enroll in the monthly membership will be able to purchase a home during the 10-day exclusivity period. Once registered, UHXLV members will be notified instantly via email and SMS whenever a new property is listed.
UHXLV Terms and Conditions
Once logged in, all members will have access to purchase available UHXLV inventory but they must be aware of the following terms and procedures:
Properties will fall under the following categories:
- Exclusive: All UHXLV properties are listed exclusively for 10 days and are only available for purchase to UHXLV members that have enrolled in the monthly membership.
- Available: The exclusivity period has expired on these homes and they are now available for sale to all UHXLV members. They may also be listed through other entities and available to the open market.
- Coming Soon: These properties are awaiting virtual tour and pictures and will be available to purchase within 5 business days.
- Expired: These properties are currently unavailable for sale.
- Contingent: These properties are currently in escrow.
- Sold: These properties have either sold through UHXLV or another designated listing service
Properties will also fall under the following four types:
- Turn-Key Tenant Occupied- These properties have been fully rehabbed and are tenant occupied.
- As-Is Tenant Occupied- These properties were purchased with an occupant still living in the home and was immediately signed to a full term lease. The mechanical, electrical, plumbing, and heating/air-conditioning issues have been addressed but no cosmetic improvements have been performed.
- Turn-Key Vacant- These properties have been fully rehabbed and are currently vacant.
- Handyman Special- These properties are vacant but have not been rehabbed. These are the lowest prices one can purchase a home on UHXLV but the Buyer will be responsible for the rehab of the property.
Members must also be aware of the following terms and conditions:
- Cash Only Transactions- UHXLV purchases are cash only transactions
- As-Is – All purchases are as-is and a NRS 113 Waiver must be signed by the buyer
- 10-day Close – Both Buyer and Seller must be able to perform all necessary actions in order to close within 10 business days.
- Pricing- All properties are listed a minimum of 5% below market value.
- Closing Costs- Buyer is responsible for all closing costs including Real Property Transfer Tax, Title Insurance, all Escrow Fees, and HOA transfer fees when applicable.
- Home Warranty- Seller is required to provide an Alliance standard home warranty policy.
- First Come First Serve – UHXLV has structured the prices and terms in a way that are beneficial to both parties and therefore are NON-NEGOTIABLE. This enables us to provide a very unique service to our members which allows them to buy a property instantly. This means whoever submits an offer first…gets the home!
Buying a UHXLV property
Once a member is ready to purchase a home they simply click Buy Now. This will take them to a contract information page which has the Buyer fill in the necessary contact information for the required documents for the transaction. If the Buyer is referred by a licensed real estate agent the system will automatically filter in the agents’ information. Once all fields have been filled in the Buyer clicks Buy Now one more time and the property is theirs!
The system will then send out an email to all parties that are required to sign with a link to DocuSign. The Purchase Agreement and Disclosures will be signed electronically by all parties. Escrow instructions will be emailed to the Buyer and a $5000 Earnest Money Deposit must be received by title within 24 hours of submitting the offer. If EMD is not received the property will be placed back on the market.
Once the EMD has been received the 10 day clock starts. The Buyer will have a 5 day due diligence period to perform a home inspection and to review all necessary documents. The following notifications/timelines are provided to the Buyer:
- Day 3- Opening Package including EMD receipt is emailed to all parties
- Day 6 – Due Diligence period has expired notification
- Day 6 – Buyer’s and Seller’s Escrow documents are uploaded and a second link to DocuSign will be sent out to parties for electronic signature
- Day 8 – Final day for Buyer to wire remaining funds notification
- Day 10- Escrow authorization to close is uploaded and a third link to DocuSign will be sent out to all parties for electronic signature
- Day 10/11 – Transaction successfully recorded notification
** A $200 per diem will be charged to the responsible party for any delay in the transaction. The affected party will receive the per diem. **
** Please note that the NRS113 Waiver must be notarized and cannot be signed electronically. The Buyer must provide this via email or fax. **
Listing a property on UHXLV
UHXLV members can list their home on UHXLV.com for a set-up fee of $150 which includes a virtual tour. An additional $499 transaction fee will be charged only if the property sells. In order to list the Seller will click List My Home. This will take the Seller to a quick details page asking for Name, Address, and suggested price. The price must be approved by UHX before the property can be listed. Once the price has been approved, the Seller will then be guided through an on-line listing process. The Seller will be required to list the following items:
- Realtor Info if applicable
- HOA Company and payment information if applicable
- SID/LID Balance and payment information if applicable
- Property Management and Tenant information if applicable
- Property APN#
- Property Details: Bedrooms, Baths, Room Sizes, Lot Size, Pool, etc.
- Interior and Exterior detailed descriptions
- Rent amount and Lease Expiration if applicable
Once all the required information has been submitted the system will email the Seller a link to DocuSign to electronically sign the Purchase Agreement and Disclosures. Since the price and terms are non-negotiable the Seller will pre-sign all offer documents to expedite the process. The Seller will also be required to submit an upfront fee of $150 at this time, which covers the set-up cost and virtual tour. This fee will be paid directly through the website by credit card. Once completed, the property will be listed as coming soon and UHX will have a professional virtual tour completed. The Seller will retain partial rights to the virtual tour to use at their own discretion. After the virtual tour has been uploaded the property status will change to exclusive/available based on the Seller’s preference.
When an offer has been submitted the Seller will be notified by email and the notifications/timelines listed above are provided to the Seller. Upon recordation of the sale title will deduct the $499 transaction fee from the Seller funds.
** Please note that the Deed must be an original signature and the Seller will be required to hand deliver or mail in the original document to title. ** |