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SALE BY OWNER
FREQUENTLY ASKED QUESTIONS
That is simple. We don't advertise and don't use the mails. Sure a lot of people never hear of our service but for those who do it means saving hundreds if not thousands of dollars. We don't agree with corporate America that our customers should subsidize advertising costs.
Our Money-Back Guarantee takes effect if for any reason, such as you have moved out of town, you require a full-commission broker to do your showings. If circumstances arise such that you need to list your home with a full-commission brokerage firm the Guarantee comes into play. If we referred you to a full-commission broker who is an Affiliated FSBO Realtor™ and he or she sells your home then at the closing of your sale the commission earned by the Affiliated FSBO Realtor™ will be reduced by the listing fee you paid us and reimbursed to you. In effect your listing with us is totally risk-free. Many have asked why we can do this. It is because we know our program works. Our Affiliated FSBO Realtor™ network includes well-known real estate brokerage firms throughout the country. You may use one of them or if you wish simply pick one of your own choice and then let us make the referral for you. In either event the Guarantee comes into effect.
Yes and Yes. The reason is that the MLS Rules require both. And the MLS Rules also require that a listing be changed when the contingency in a contract is satisfied. A contingent contract is present in 99.99% of real estate contracts. Typical contingencies are the receipt of a mortgage, your attorney's review and approval of the contract, the sale of the buyer's home, a property inspection, a 48-hour pre-closing inspection, or any other condition that can allow the buyer to not proceed to closing. The MLS requires that all such events be reported immediately or else there is an automatic fine. The MLS Rules apply to everyone, every broker, every sales agent, every realtor, every home seller...everyone. Compliance is simple: just call us! We'll do the rest.
That is you. You tell the brokers in our Property Profile what commission it is that they will receive when their client buys your home. You set it. If you want our advice it is there for the asking. But one thing is now clear under the law. There is no such thing as a standard fee. That would be price-fixing. You are thus free to set any commission you wish. The only requirement is that the set commission is always reduced by $100 in order to defray the listing agent's closing expenses. Thus, if you set the buyer's broker commission at 2% and in your case that would be equal to $8,400, the buyer's broker would receive $8,300 at closing. Such allowances are customary.
If you put in our Property Profile a commission less than 2% it will be hard to find a broker who would be willing to show your property to his or her client. Brokers are human and if he or she can earn $10,000 versus $5,000 when the client buys a home guess which one the broker will recommend. This of course is not appropriate behavior and in fact it violates the law. A realtor stands in a fiduciary relationship with his or her client and must always put the client's interest ahead of his own. That means if he finds home that is perfect but the commission is less he is still obligated to show it. Reality, unfortunately, may be a different thing.
To the Brokerage world the term "fsbo" or "for sale by owner" means that nobody gets a commission, not the buyer's broker and not the listing broker. So if a broker sees that sign you can be sure he or she won't come back. Thus purely as a practical matter the continued use of your FSBO sign can only adversely affect your chances of sale. Also up until now the FSBO sign has really not done you alot of good, even if the traffic patterns in your neighborhood means many cars pass by your home. Otherwise you would not have visited our site. That is a second reason why an FSBO sign makes little further sense. So historically using an FSBO sign once listed was almost never done. On a purely theoretical legal basis an FSBO sign is permitted even on listed properties. While the MLS regulations are unclear on this we have discussed the issue with senior MLS representatives who have told us that FSBO signs are permitted but that due to our concern the MLS regulations will be changed to make it clear! The key though is to remember: you are listed. You are no longer "for sale by owner." And that means you don't want to tell brokers that you are. But that is exactly what an FSBO sign means. Practically it should be avoided if at all possible.
This is the easiest question you could ask. The purchase and sale of real estate is an extremely complicated transaction involving numerous laws, regulations and court decisions. While there are tens of thousands of lawyers only a small minority have the knowledge to adequately represent a buyer of real estate. And far fewer have the knowledge to represent a seller!! It is crucial that you have not only a lawyer but a lawyer who specializes in this field. Just as you would not go to a podiatrist for brain surgery you should not hire a lawyer who is not a specialist in the real estate industry. Did you know that many lawyers study to become real estate brokers just to gain the knowledge and experience that brokers have? The point is no matter how you find your lawyer make sure he or she is highly qualified. The stories are famous where unqualified lawyers have been the cause of a failed closing. Don't let that happen to you. Many of our clients have asked members of our staff to be their lawyers. While we could do so we have made the decision not to on the basis that it might theoretically be construed to be a conflict of interest. But that does not mean that we cannot help. At the insistence of our clients we have established a carefully screened and monitored network of the most knowledgeable real estate attorneys to assist our clients. Our FSBO Lawyers™ will charge you fees which we have negotiated to be below market. We monitor our FSBO Lawyers™ very closely. And they know it!
That again is your lawyer--a knowledgable one. There are many issues involved in negotating a contract. Some are obvious, some are not. It is for the nuances that you need a lawyer. What is the difference between a credit for costs and a reduced purchase price? Are there any tax effects? What kind of contingencies are acceptable in an offer? What does the term "material" mean in the context of a home inspection? What is the legal effect of an attorney approval rider? Can the buyer's attorney ruin a deal by demanding a lower price? What happens to the earnest money deposit if a contract does not close? As a seller will I get any of it? What is the effect of the earnest money clause? Who holds the earnest money and why? Does the holder of the earnest money owe me any special duties? What is a quit claim deed? What is a warranty deed? How should prorations be handled? And what the heck is a proration? And what things are prorated? What is the effect of a homeowner's exemption? Every sentence in a real estate contract has legal significance. Most have been litigated numerous times in the courts. Every one must be analyzed in the negotiation process. There is only one reason why trial attorneys make so much money. It is because other lawyers have made mistakes in the planning process!!! A thoroughly thought out and negotiated contract will avoid that. GET A GOOD LAWYER. And if you don't have one call us for an FSBOLawyer™ well before closing. Don't do it yourself. And don't use your hairdresser's lawyer!!!!!!!
It is illegal. They can go to jail for three years. It violates the trust imposed upon them by clients. And they can lose their license in a snap. Brokers are fiduciaries. They must act in the best interests of their clients. If they do not present your property and it is within their client's wants their licenses are in jeopardy. Furthermore, it is strictly against the law (which every realtor and broker must study and understand to pass the test required to become licensed). Every broker is free to charge whatever he or she wants for the listing services rendered. If a broker tells you he will not show FSBO properties because he does not like them, he is telling you that his office is engaged in price-fixing and group boycotting. That violates United States Anti-Trust Laws and there can be both civil and criminal penalties. HE CAN GO TO JAIL FOR THREE YEARS. HE CAN BE FINED TREBLE DAMAGES. If you even suspect this is happening just keep his card and call us. We take any such threats very, very, very seriously. (That is why we have heard of this happening only once). Want to read more on this topic. Here is an informed article on this exact topic. It should have been entitled "Don't Tread On Me!"
We accept MasterCard and Visa. We also accept checks or cash if your Property Profile is delivered to us in person or by overnight delivery service. Payment is credited only after your listing appears on the Multiple Listing Service.
Realtor.com is the premiere FSBO listing site on the Internet. All MLS listings appear there and are available for viewing and research by members of the general public. You do not have to be a broker to search that database. As a result if you want to increase your chances of eliminating all brokerage commissions it is highly advantageous to be featured prominently on Realtor.com. The owners of Realtor.com know just that and so charge hefty fees to brokerage firms who want their properties featured. We are no exception. If you wish your FSBO home to be featured on Realtor.com we will be happy to accomodate. But there is a charge of $199 for this service to primarily cover our costs. Many of our clients feel that the chance to save not only 50% but 100% of their brokerage fees is worth the extra cost.
Yes, MasterCard or Visa. No foreign accounts or corporate accounts please.
Postage is exorbitant. The cost of xeroxing is exorbitant. The time involved to prepare mailings is exorbitant. We prefer to pass all cost savings on to our clients. And we do.
Advertising is a big money item in today's world. If we were to start advertising we would have to charge hundreds of dollars more than we do, in line with our competition. That would not be fair to you. We know there are people who will wind up paying more for the services we offer but there is not alot we can do about it if we want to keep our fees as low as they are. But since over 50% of our business is referral we hope to keep the unhappy people to an absolute minimum.
Yes but only on two conditions. We obtain the approval of the client first and you agree to accept a reference call from a stranger as well.
That is simple. You will have to obtain a full-service broker who can show your property. And we will not act in that capacity. We will not let our FSBO service bring us full-service clients. We have, however, assembled a national broker-network and would be happy to bring you a qualified professional. All have been pre-screened by us and are part of our Affiliated FSBO Broker™ network. They have all agreed to do a free market analysis for our clients.
That is an agreement where the broker obtains a commission no matter who sells the home, you, he or another broker.
It is unfair and creates conflicts. Let's say you move. Then you sell your home. Since the broker has an exclusive agreement he will still be entitled to a fee and could actually take you to court if you refused to pay. Or else for you to get out of the contract he will require compensation, like a percentage of your sales price. That is grossly unfair but unfortunately the way many of our competitors do business.
But all of our customers have. One of our purposes is to avoid such advertising costs (hundreds per week) through a one-time payment. Your discount is our service.
It will appear in the MLS databank accessible by brokers when the data you provided in the Property Profile is submitted. But a homeowner's phone number is not permitted to be included on non-broker accessible sites under the MLS Rules. The information on consumer sites will be available to the general public in a day or two after the MLS receives your data. We also frequently receive calls from brokers and individuals despite your contact information being available. In such cases we immediately forward them to you. The reason we do this is simple. We want you to sell your home. Then you too will hopefully send us referrals: over 50% of our business is referral business--and it is growing every day.
Unless you choose to be featured as discussed above, your Realtor.com listing will contain only the basic information that those who own Realtor.com permit. The six-line write-up you prepare and all of the other data in the Property Profile is sent to the MLS. But neither the MLS nor any broker has control over what Realtor.com does with it. And clearly they take a whole lot of information and water it down significantly. We have no control over what they do.
Just call us. We have assembled a nationwide team of top professionals to assist you.
The instant we submit the information on your Property Profile to the MLS it is accessible to brokers. On numerous occasions we have received calls even before we could notify our client of the listing number. The information is posted on the public sites after the MLS has had a chance to review it. This takes a day or two.
Our company is a subscriber to the MLSNI recommended virtual tour company. That means you can get a virtual tour of your home included with your listing. There are two types of virtual tours available. One puts your virtual tour on www.imagemaker360.com and the MLS. The cost is $100. The second includes your virtual tour on these sites as well as realtor.com and others. The cost is $150. Both virtual tours include four virtual shots and one still shot. We can also link your virtual tour to our own home page as an alternative to linking your own website to our homepage.
That takes approximately one day after it is submitted.
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