The Roam 45 Day Seller Closing Guarantee

TL;DR: Roam is confident we can close your assumption in 45 days. If we don't, we'll pay for the seller's mortgage until we do!

To provide sellers peace of mind in the rare event of a delay in closing, Roam will reimburse the seller for the principal and interest portion of their monthly mortgage payments for up to 60 days after the scheduled closing date.

Historically, purchasing a home with an assumable mortgage hasn’t been so easy. First of all, they’re hard to find, and even if you do find one, the mortgage assumption process is unfamiliar to most buyers, sellers, and agents, and it can add a lot of complexity and time to the transaction.

We started Roam to solve this problem and to make the assumption process transparent and reliable. Our deep expertise, repeatable methods, and relationships with servicers ensure that mortgage assumptions go smoothly. As a result, Roam’s average closing time (i.e., from the day the offer is accepted until the close of escrow) is approximately 45-60 days — not much longer than with a traditional mortgage. And since our inception in 2023, no transaction has fallen out once a buyer has been approved.

Still, sellers may be hesitant to accept an offer that involves a mortgage assumption because they don’t want to add any complexity to the transaction.  

That’s why we created the Roam Closing Guarantee — we’re so confident in our service, which ensures assumptions get done on time, that we’re putting our money where our mouth is. The closing guarantee is a safety net that gives sellers security that possible delays won’t impact them financially.

How The Roam Seller Closing Guarantee Works

Roam’s proven process ensures that the typical mortgage assumption timeline takes  45-60 days to close. However, the servicer may occasionally have unusual requirements or internal issues that result in delays on their end. In these cases, the Roam Closing Guarantee acts as an insurance policy. As long as the scheduled closing date is at least 45 days out from the time an offer is accepted and the seller signs the Roam Seller Closing Guarantee, Roam will compensate the principal and interest portion of the seller's monthly mortgage payments for up to 60 days after the scheduled closing date. 

Sellers only need to provide proof of the mortgage payments made during this period. We handle the rest, ensuring the reimbursement is calculated accurately and disbursed promptly. 

If, for example, you made two months of mortgage payments and closed 45-days past the scheduled closing date, you will be reimbursed for the entirety of the first month of payments, and the second month will be prorated to match the number of days of the delay. All funds will be paid at closing unless the home purchase falls through; in that case, the seller will still be compensated for the prorated period of the delay. Compensation will be made within 30 days of the date the purchase falls through.

How Buyers Benefit from the Seller Closing Guarantee

Roam’s Seller Closing Guarantee is designed to give sellers peace of mind so they are receptive to assumption offers, knowing they are covered if something goes wrong. The Roam Guarantee also provides additional negotiating room and can help strengthen the buyer’s offer in a multiple-offer situation when it occurs.

Whether you are selling a home with an assumable mortgage or looking to purchase one, the Roam Seller Closing Guarantee solves potential concerns for all parties in the transaction.*

Getting Started

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*Additional terms and conditions may apply. Email support@withroam.com for additional details on the Roam Seller Closing Guarantee.