Frequently Asked Questions

What are the benefits of this program?

Seller receives an interest free loan for up to $30,000 to refresh and refurbish their home.

Is the Note required to be notarized? 

Yes, the seller must sign the note and it must be notarized in the county where the property is located.

What are the sellers' advantages of using this program? 

The ability to update and renovate their property prior to putting it on the market in order to increase their net proceeds.

What if the property ultimately doesn’t sell after being refreshed and refurbished? 

The seller is responsible for paying back the loan to the Select Group. The loan will be extended to allow time to refinance or pay back the loan.

Is home staging part of the R&R program?

Yes, if a seller would like professional staging that can be included in the refreshing process.

At what point does that loan begin to accrue interest?

No interest will be charged to the seller if the funds are repaid within 120 days. Interest will accrue beginning on the 121st day on the outstanding balance at the rate of 6% per annum.

Can this program be used by investors?

The program is for homeowners only and is not available for professionals looking to buy and “flip” homes.

Will there be a lien placed on my property?

Seller is aware and agrees by signing the application that a lien will be placed on their property to secure the funds from the loan.

Does the seller have to contribute towards the Refresh and Refurbish of the property?

The seller is requested to fund at least 10% of the total expenses.

What is the maximum combined loan to value percentage allowed?

Maximum loan to value percentage allowed is 75%.

Does the interest charge go back to the beginning of the loan?

No. You will only pay interest from the 121st day and only on the amount outstanding.

Can the Refresh and Refurbish Program be used to make necessary repairs that need to be completed prior to selling? (IE. Roof, Pest, Repairs, Septic System)

Yes. On a case by case Select will approve the use of the program to make critical home repairs.

Do I have to arrange for and coordinate all the work on my home myself?

No. The Select agent will work with you to find, choose and coordinate the work.

How do the Contractors/Vendors paid?

Once you approve and sign an invoice for payment, Select will pay the contractor directly while keeping a detailed tally of funds used. 

Who chooses the Contractors/Vendors to do the work on my home?

You do. Your Select agent will assist you in finding Contractors/Vendors, however the final selection and bid approval is yours.

Will my Select agent help me identify those items that would add the greatest value to my home? 

Yes. Your agent will work with you to determine the best items to "Refresh and Refurbish", however the final decisions are yours.

Can I use the Select Refresh and Refurbish Program, the Select Guaranteed Sale Program and the Buyer Protection Guarantee on the same transaction?

Yes. You could use our Refresh and Refurbish Program to prep your home for sale of top dollar and then use both the Select Guaranteed Sale and Buyer Protection Plan to make Non-contingent offers on your Dream Home!

Inter-County Title, Stanford Mortgage, CENTURY 21 Select, Coldwell Banker Select and CENTURY 21 Cornerstone Realty are all part of the Select Group family of
companies with shared ownership and financial affiliation.
©2021 Stanford Mortgage is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 ( | 300 Welsh Road, Building 5,
Horsham, PA 19044 | (800) 355-5626. For licensing information, go to: | Licensed by the Department of Business Oversight under the California Residential
Mortgage Lending Act. |This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.
Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to
compare loan types when making a financing decision.