No. Your initial Sum funds are tax-deferred and you will not owe any taxes at the time of origination. You may have a tax liability on your final home value at the end of your contract. We recommend that you consult with a tax advisor before accepting a SumOffer.
Initially, we use the home value estimate you provide as well as the Zillow estimate of your home for your conditional offer. Once the final application process begins, your current home value is determined by an independent, third-party appraiser.
The Sum of the Whole application process has 4 easy steps. First, complete the online application, schedule a home assessment, receive your SumOffer, and lastly accept your offer and receive your funds directly into your bank account.