U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 11-03-2008, 06:01 PM
 
388 posts, read 882,547 times
Reputation: 79

Advertisements

What the title says

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?
Reply With Quote Quick reply to this message

 
Old 11-03-2008, 06:15 PM
 
Location: Salem, OR
10,925 posts, read 18,576,045 times
Reputation: 6849
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.
Reply With Quote Quick reply to this message
 
Old 11-03-2008, 06:24 PM
 
Location: Central Texas
16,390 posts, read 22,627,024 times
Reputation: 12590
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.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 08:46 AM
 
Location: 27609
500 posts, read 717,407 times
Reputation: 437
Wow, I should have done this. If I sold my home for 90% of appraised value (when we had it appraised in April) we'd be thrilled!
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 08:52 AM
 
Location: Raleigh, NC
998 posts, read 3,449,717 times
Reputation: 601
I'd like to see the statistics on this. How many don't sell and then they buy it. Wonder if that is published anywhere.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 10:02 AM
 
Location: Central Texas
16,390 posts, read 22,627,024 times
Reputation: 12590
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.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 10:38 AM
 
Location: Where I want to be!
6,196 posts, read 3,300,121 times
Reputation: 2556
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.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 10:42 AM
 
Location: Montrose, CA
3,031 posts, read 5,626,227 times
Reputation: 1839
Quote:
Originally Posted by boocake View Post
Wow, I should have done this. If I sold my home for 90% of appraised value (when we had it appraised in April) we'd be thrilled!
I'm betting they require an appraisal within the last 30 days or less. Not from six months ago.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 10:43 AM
 
Location: Central Texas
16,390 posts, read 22,627,024 times
Reputation: 12590
Yep, given that rural property generally takes longer to sell anyway, it wouldn't fall within the criteria for that program.
Reply With Quote Quick reply to this message
 
Old 11-04-2008, 10:45 AM
 
Location: Central Texas
16,390 posts, read 22,627,024 times
Reputation: 12590
Quote:
Originally Posted by SuSuSushi View Post
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top