How Can a Realtor guarantee to sell my house, or he'll buy it? (contingencies, appraisal)
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Been seeing this a lot on tv and craigslist. Claims he can get my house sold in 59 days or he'll buy it at a price acceptable to you. Whats the deal with this? Are they just betting on averages?
The price that they buy it at will not be acceptable to you. The price they recommend in order to sell is pretty low. We have one agent that used to do/still does this program and there are a lot of contingencies in order for the guarantee to kick in.
ERA has this program. The house has to qualify, and you have to do some things (things that you should be doing anyway to help your house sell). The offer is 90% of appraised value. They've got 6 months to sell it, though you've got a contract within 30 days, and if you get a better offer, you can take it. If it doesn't sell in six months, you close. There's more to it than that, but that's the basics.
ERA can do it because they've got the money. Regular agents or smaller brokerages have to put some really stringent requirements on it.
Well, I do know that ERA doesn't buy many, because they're not in the business of buying houses, they're in the business of selling them, so they make sure the house is in the best possible shape to sell and priced appropriately (which is to say, not over 5% over market value) so that they don't have to buy it. They also have to accept the house into the program; thus the requirements. The stats are probably available somewhere.
My own is listed with ERA and mine wouldn't qualify because of it being so rural, no huge sales history out here and because of the acreage. Would of been nice though considering they can't seem to get it sold.
I'm betting they require an appraisal within the last 30 days or less. Not from six months ago.
They require an appraisal done at the time you apply for the program.
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