John Mizerek

Maureen,

For what it's worth, I think the traditional open house is dead as far as selling a home. However there's plenty of value as far as picking up buyers. And this is from my own personal experience, not some sort of generalized statistic.

John Mizerek
RE/MAX Pros, Westlake - Sun Aug 10 2008, 19:22

Kokie,

There are a variety of companies that do this, not only builders but there are a few real estate brokerages that will offer this as well. Generally speaking, the deals are for real, however you'll end up paying a load of fees. Think about it this way...is another company (who we assume to be professionals in this industry) going to buy your home for more than they can turn around and sell it quickly for? They are going to make their profit somehow. And regardless where that profit shows up, you are going to be paying for it. And chances are, you're going to pay a considerably higher price to do things this way, especially in this market.

My advice to you would be to simply sell your home "normally", by using a reputable, local, full-service real estate brokerage. Once you start adding additional forms, charges, and legalese to an already complicated process, you're going to end up with a heavy bill.

Sell your home then build the new one. Too many homeowners have gotten in way over their heads by not doing things the right way. If it sounds too good to be true, it most likely is.

John Mizerek
RE/MAX Pros, Westlake, OH - Sun Aug 10 2008, 19:17

At the expense of sounding blunt here, if you've only had one showing in one month, then your home is considerable overpriced. most likely by at least 15% if not more. I personally think that's what you need to address first, what if you move, have two great jobs, then can't get out from under your home?

Just my $.02. I can afford to be blunt because I'm not in your area, thus I don't run the risk of listing your home ;)

-John Mizerek
RE/MAX Pros, Westlake, OH - Wed Jul 9 2008, 08:39

Kay,

You won't have to pay commissions to both buyer's agents. You're actually talking about something different than a protection period.

What you are asking about has more to do with buyer's agency than protection period. If the first agent that showed the home to the buyer did not have an agency agreement with the buyer, then the buyer saw the house with another agent, then the first agent will most likely be out of luck. That first agent will have to file a complaint with the local Real Estate Board in order to be decided as procuring cause for the sale, but shame on them for not having buyer's agency signed. Chances are they will not win the complaint, especially if they lost touch with the buyer between the two showings.

Regardless, you don't have to pay both buyer's agents. It is up to them to fight over the buy-side commission.

John Mizerek
RE/MAX Pros, Westlake OH - Sat Jun 28 2008, 12:06