How long will it take after I order for my listing to appear on the MLS? 2 to 5 days. Usually 2 days.
What is the MLS? The REALTOR® associations maintain a Multiple Listing Service (MLS) for use by licensed real estate professionals (brokers and salespersons) and to provide pre-formatted information on properties that are currently on market for sale or lease. Brokers and salespersons subscribe to the service and have right to show the properties and sell using offer and counter-offer process and using escrow to complete the transaction. Vast majority of real estate properties are sold through the MLS.
Who sets the listing price and can it be changed? You, the seller, will set the listing price. It can be changed any time.
How much commission will I owe the buyer’s broker? You will select the buyer's broker commission and declare it in your MLS listing. MLS listings generally show between 1% and 4% of the sale price. It is also referred to as cooperating broker compensation (or selling agent commission).
How much commission will I owe the listing broker? There will not be any listing broker commission for representing you. By using MLS Entry Only (Flat Fee MLS) Listing Program you have elected to represent yourself. You are paying us a fee for preparation and listing support. You will not pay us anything more.
Can I cancel or withdraw any time? In either case there must not be any contract activity pending with a cooperating broker. You must provide us your written and signed notification to withdraw the property from market or cancel your agreement with us and indicate that there is no contract activity pending with a cooperating broker.
How will the offers be submitted? When a cooperating broker has a buyer interested in making an offer, he will contact you for presenting offer to you directly.
Will you help us with analyzing the offer, preparing counter offer or conducting offer negotiations? First of all, relax. With an offer in your hands your advertising has worked. You will have three days to respond, standard. Second, it is your For Sale by Owner listing, you are representing yourself and you must be prepared to handle these tasks. However you may get professional representation from any real estate broker. We are also available to represent you; our commission will be 1% of purchase price if we represent you. Regardless of how you proceed cooperating broker compensation must be protected in a written and signed document.
Can a buyer present an offer to me directly? Yes. A purchaser not working with a buyer's broker can present offer to you directly and you will not have to pay any buyer's broker commission. You must confirm that no broker (or salesperson or agent) procured the purchaser.
Can I hire an agent to represent me to handle escrow process once I have a signed contract?
First of all, when you have a signed contract you are well on your way to achieving your goal. Go ahead and give yourself a pat on your back. On the other hand, if you think that you will need a licensed agent to represent you during escrow it is best to plan ahead and line up somebody (or us) while you are still marketing your property. So when you have a signed contract the licensed agent can step right in and represent you during the escrow process. If you look for an agent after the contract is signed it may be difficult to get an agent in a timely manner. Having an agent on standby is recommended.