You may have seen the ads..."IF I CAN'T SELL YOUR HOME, I'LL BUY IT!" It sounds like a great offer and certainly worth checking out, right? Well, most ads that sound TOO GOOD TO BE TRUE, usually are. This sell line is used to get their foot into the door (and your living room) and then lay out the many strings that are attached to this.
Here's a basic scenario and rules for this program:
1. YOU MUST BUY ONE OF THE AGENTS OTHER LISTINGS: Odds are you probably won't want to buy one of his/her litsings. Most agents carry 3-12 listings. You have to buy one of these homes to qualify.
2. THE "GUARANTEED PRICE" WILL BE PRE-DETERMINED: The "Guaranteed price" may be much lower than what you want for it. You may list it to the general market for $425,000, but the price that is "Guaranteed" may be significantly less. This Guaranteed price will be put in writing.
3. GUARANTEE PROGRAM FEE: Once you agree on a price (above), there will be a FIVE PERCENT GUARANTEED SALE "FEE" which will come off the (low) price that you agreed upon! This nets you 5% less than even the agreed upon price.
4. MAXIMUM ALLOWED PRICE: Many times, they will not take a house priced over $300,000.
As I mentioned, this attrtactive sell line gets them into many homes to lay out the GUARANTEED PLAN. Most home sellers don't go for it, once they see the details, but they go ahead and list under a normal agrement.
If you have any questions please feel free to contact me.
Thanks for the information! I always wondered about these guarantees and how they worked. I cringe everytime I see one of the advertisments. They sure do you get you coming from any angle, don't they?
These ads are as bad as the ?% realty adds that have ala carte realty. Cafeteria real estate may work for some but I wonder if many sellers end of paying much more for complete representation.
You need to be very careful posting the catches on home sale guarantees. Most of these done buy agents have no teeth and a million ways for the agent to dodge having to ever buy the home. However, this is not the case for the ERA home sale guarantee. It is backed by a National franchise that is part of the Realogy network. The Realogy companies are well known and include Century 21, Caldwell Banker, Homes And Gardens, and ERA. The ERA buy out price is based on an appraisal made by an apprasier that the home owner chooses. And the stipulations are very reasonalble like you cannot list the home for more than 5% above the appraised value. Anyways my point is that you need to list the individuals names that make the guarantee and what the requirements were at a certain date other wise you are risking a slander case. As the public's perception becomes that all home sale guarantees have your above premises.
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Good post. Thanks for the information Al.