What is a typical timeline for getting a home sold this way?
The typical timeline from the time a listing agreement is signed to the time of contract is about 14 days. This can vary however depending how much prep work and other marketing is needed.
We know sellers want to sell their homes fast, hassle free and for the most amount of money.
We hold an Open House on Saturday and/or Sunday which means no random or inconvenient showings during the week. We give buyers adequate time to view a home on the weekend.
Buyers then can make offers on a home/property up until the time specified in the property page for the particular property they are interested in. It can be no later than the evening on the last Open House day or a number of days after as specified in the property page. Again it all depends on the particular terms listed in the property page of the home the buyer is interested in making an offer on.
How is your system handling Open Houses during the COVID-19 pandemic?
Our open houses are usually full of prospective buyers. We adjusted the limit of parties allowed in the open house at the same time, while still maximizing the amount of quality buyers to see a home. We ensure adequate time for interested buyers to view a home.
Buyers schedule a window of time online to view a home. We sanitize and clean after each party as well as provide gloves, face masks and hand sanitizer for any visitor.
We are here to work with everyone and their level of comfort, as every situation and home is unique. Please reach out with any questions or concerns regarding our COVID-19 protocols.
Does this method really work?
Absolutely! Our system was developed and implemented by top producing agents in Illinois and around the United States. We saw a flaw in current real estate transactions and created a solution.
Richard Freedkin, Realtor with eXp Realty LLC actually wrote and taught an entire course nationwide for real estate investors around this methodology starting back in 2007 which makes him uniquely qualified to offer this same type of program for home buyers and sellers.
This platform is the most transparent way to SELL and BUY a home. A win-win for all parties involved. This platform creates a competitive and transparent environment allowing home buyers to openly compete for a home. No more blind “highest and best” offers which lead to conservative offers from buyers who do not want to over-pay.
How fast can this system sell my home?
7 days – 14 days. We recommend 14 days to maximize our marketing strategies on every home we sell under this program.
What types of homes qualify to be sold under this program?
Most homes we view meet the requirements to be sold under our system, but not all do. Contact us today and we can typically see if your home qualifies right over the phone. In rare cases we must actually see the home to make sure it will fit our program.
Why do you sell homes this way?
We never understood why home sellers would want to pay a real estate commission to the buyer’s agent whose job it is to negotiate against them and to get the seller home for less money thus reducing their home’s equity. While this has been the traditional way of doing things for decades it really is not the most beneficial system for all parties involved (especially the home seller).
We’ve created a process that allows buyers to know exactly what they are paying to buy the sellers home. This leads to a competitive and transparent environment for buyers. The buyer no longer worries about over-paying with a blind highest and best offer.
When buyers compete, sellers win.
Do certified “Northern Illinois Online Offers” real estate agents also sell properties the traditional way?
Yes! Our goal is to have a solution for any homeowner looking to sell their home. Contact us to find out all the alternative ways we can help you sell your home HERE
Is this just another way of calling this type of sale a cash offer?
NO!
This process has nothing to do with cash offers, although cash buyers can make offers on a home listed on our site with satisfactory proof of funds. We also have other programs that allow our institutional investment companies to make all cash offers for some homes that qualify but that is not what this system is about.
Our goal is to have a solution for any seller. Contact us HERE and we will be glad to assist you.
What is the Buyer’s Premium and How Do Real Estate Agents Get Compensated?
Using the Northern Illinois Online Offers listing platform, real estate commission can be paid by the seller, the buyer or any combination of both.
The amount of commission the buyer contributes over and above the price they offered for the home is called the “Buyer’s Premium”.
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensate the real estate agents who conduct and close the transaction.
Each property listed on our web site platform will offer different terms, conditions and buyer’s premium, so be sure to research the property and all of the details on the property page of the property you are interested in.
Buyer’s premium is collected from the buyer and used to compensate the real estate agents in the transaction. The seller(s) have agreed to compensate the real estate agents from the buyers premium (which is added to the final winning offer price). The buyers premium will be added to the final winning offer amount which shall establish the final sales price.
The seller has agreed that the listing broker will add the buyer’s premium on top of the final accepted offer price of the home. Final winning offer price plus the buyer’s premium will establish the sales price listed in the contract. The seller (by way of the listing agreement) has agreed in writing to release the buyer premium amount to eXp Realty to be used to pay the commission to eXp and to the co-brokerage.
I still have more questions on selling my home, who should I ask?
Please contact your certified “Online Offers” agent or Richard Freedkin at (847) 922-8423 of eXp Realty, LLC. They are available to answer all of your questions and provide any guidance necessary.
Will my property be placed on the MLS?
Yes, your home will be placed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures as they may allow and / or require. Our agents will handle all of those details.
Does Online Offers really work?
Answer: Absolutely, but the key to success is good marketing. Our system is the tool to display a seller’s listing professionally and accept offers online. We incorporate a seller’s property listing as the focal point of all our offline and online marketing. We handle all of that for our Sellers.
What is required for a buyer to place an offer?
Just like in the past for almost any real estate transaction, a buyer must be pre-approved by a licensed mortgage lender or provide sufficient proof of funds (if cash offer) to place an offer on a Northern Illinois Online Offers listing.
A pre-approval is different than a pre-qualification. Please contact a Northern Illinois Online Offers agent if you want to learn the difference or need help getting pre-approved.
Do Buyers need to submit a purchase contract every time they place an offer?
No!
A purchase contact will be submitted by the real estate agent of the final declared winning offeror within 24 hours along with their earnest money deposit.
Do I need to be a real estate agent to LIST a property on this site?
Yes! Only “Online Offers” certified agents with eXp Realty, LLC can place properties on this site. If you are a seller and would like to sell your property or you are a real estate agent and want to place your listing on our platform, please contact your “Online Offers” certified agent or Richard J. Freedkin at (847) 922-8423
Can a seller do anything if the Final Declared Winning Offeror backs out?
Yes! If we determine the buyer is at fault, we will remove their privileges on our site. A Seller may also choose to pursue them for default. Hopefully there will be many backup offers to choose from as well.
Is the Highest Declared Winning Offeror guaranteed to buy the property?
No. A seller can accept, negotiate or reject any or all offers and the highest offer is not always the accepted offer due to other parts of the offers that can make a difference on which offer is actually considered “the best”.
Our online offers system does create a binding agreement – how far a seller pursues a non-performing final winning offeror is up to them.
Keep in mind that there may be many offers for a seller’s property and the highest offer on our platform is not always the Final Declared Winning Offer. (see How to Make Offers for more information on how this works)
Also the buyer must be represented by a Licensed Realtor who must submit an Illinois Multi-Board 7.0 Residential Purchase contract and an earnest money check to the designated Escrow Agent (usually seller’s attorney or listing agent’s brokerage) within 24 hours of being declared the Final Declared Winning Offeror. Each property page will list specific information that can vary from property to property. By requiring quick submission of the contract and earnest money, we can quickly identify a non-performing final winning offeror right away.
In addition, a buyer must provide a full loan pre-approval letter from a Licensed Mortgage Lender to your certified online offers agent or us, or if they are paying cash they must provide acceptable proof of funds to your certified online offers agent or us before being allowed to place any offers.
Does a Seller have to accept the highest offer?
No.
A seller can accept, negotiate or reject any or all offers and the highest offer is not always the accepted offer due to other parts of the offers that can make a difference on which offer is actually considered “the best”.
If you are a seller, you should discuss this strategy with your Licensed Real Estate Agent. Also, the highest offer is not always the final winning offer. (see How to Make Offers for more information on how this works)
How is the Sales Price Shown in The Contract Determined?
Highest Final Winning Offer Price x Buyer’s Premium Percentage = Buyer’s Premium
Buyer’s Premium + Highest Final Winning Offer Price = Sales Contract Price to be shown on the Contract.
The Sales Contract Price is the final number that lenders and appraisers will work from.
Does the buyer pay any fees to Register on the site or to be able to make offers?
We DO NOT charge a fee to any buyer to register or place an offer on our site.
However, it is up to each individual seller whether or not they charge a “buyer’s premium”. Make sure you understand all the terms and conditions of a particular property listed on our site before you place an offer on it. (see How to Make Offers for more information on how this works)
What is the “Buyer’s Premium” – Using the NorthernIllinoisOnlineOffers.com platform, real estate commission is paid in whole or in part from what is called a “Buyer’s Premium”. Buyer’s Premium can range from 1% to 10% of the “Final Declared Winning Offer” price accepted (this is not the Final Sales Price). The exact amount of Buyer’s Premium can be different for each property offered on our platform so be sure to read the specific terms on the property page for the property you are interested in.
The FINAL SALES PRICE which will be shown on the 7.0 Multi-Board Residential Contract is calculated in the following manner:
Buyer’s Premium Amount = Highest Declared Final Winning Offer Price x Buyer’s Premium percentage stated on Property Page (as well as in the MLS – the two will be identical)
Highest Declared Final Winning Offer Price + Buyer’s Premium Amount = FINAL SALES CONTRACT PRICE.
The Buyer’s Premium is NOT based on the Sales Price Shown in the 7.0 Multi Board Contract.
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensate the real estate agents who conduct and close the transaction.
Each property listed on our platform site will offer different terms, conditions and buyer’s premium, so be sure to research the property you are interested in thoroughly along with all of the details on the property page.
Can a prospective buyer view the home before submitting offers?
Typically, on most listings, we will have an Open House the weekend prior to the end of the event. That will be the opportunity for all buyers to view the home. Each property listed can have different conditions for open houses so please make sure you read the property page for the home you are interested in completely to learn all the details.
Please contact the certified eXp Realty Listing Agent identified on the Property Page for more information.
I don’t have a real estate agent. Do I need to use one?
Working with a Realtor is required. Once the highest declared winning offer is achieved a Realtor MUST facilitate the entire process from contract submission, inspections to closing.
If you need an agent, we can recommend one of our experienced online offers agents that is NOT affiliated with the particular property you are interested in. They are experts at guiding you through the process.
If you have an agent, simply provide your agent’s name and contact information when registering.
Can I get an inspection?
In our program, once the final winning offeror is declared and the contract and earnest money is received by the listing agent, and all signatures have been placed on the contract, the buyer will have the ability to perform inspections per the terms contained and negotiated in the 7.0 Multi-Board Residential Contract. If there are inspections already done they will be available via a link provided in the listing. Please read the complete terms and conditions of a particular listing before placing any offers.
Is there a fee to register or place an offer?
No, there are no fees required to register or place an offer. However, some sellers may require that you verify your identity using a valid drivers license and you must always prove a valid lender loan pre-approval letter or proof of funds letter (bank statements) in your name before placing any bid.
Also, each property may require a specific earnest money deposit once a final winning offeror is declared. Each property will list the required deposit amount (if any) in the terms contained on the property page.
Where do properties on this site come from? Are they distressed or foreclosure properties?
NO!
The properties on this site are offered for sale by local certified online offers licensed real estate agents on behalf of private homeowners, wholesale investors and some banks or lending institutions.
Our goal is to have a solution for any and all homeowners looking to sell their home.
Are there any minimum or maximum offer increments?
Typically offers are made in $500 or $1,000 increments at a time but each property may have its own terms that can differ from this so be sure to read all terms and details of each property on the property page.
Do I have to pay cash or can I get a mortgage?
No, you do not have to pay all cash and yes, you can use a mortgage. However, in order to be approved to submit an offer on our site, you will need to provide us with a satisfactory “pre-approval” letter (no pre-qualifications) from a licensed mortgage lender or acceptable proof of sufficient cash if you will be paying in cash. A pre-approval is different than a pre-qualification. Once you register on our site, one of our agents will contact you and help with the process to obtain those items. If you have any question on getting a home loan, contact us for more details.
We also work with excellent mortgage lenders. You can CLICK HERE to apply for a mortgage through one of our lenders – “Neighborhood Loans”.
If you are paying cash, you must provide acceptable “proof of funds” documentation prior to be approved for making offers.
How do buyers make an offer(s)?
You must be a registered member of our site. Registration is quick, easy and FREE. Working with a Licensed Realtor is required – No Exceptions. Once the final declared winning offer is achieved a Licensed Realtor MUST facilitate the entire process from contract submission, inspections to closing.
Before being allowed to place an offer on a property listed on our platform, a buyer must provide to the listing agent for a specific property they are interested in a pre-approval by a licensed mortgage lender or show satisfactory proof of funds if they are paying in cash.
If you need an agent, we can provide one of our licensed Realtor “online offers experts” who work with online offers buyers.
If you already have an agent, simply provide their name and contact information when registering.
Does the agent representing the buyer have to be an eXp Realty Agent?
No! The buyer can use any Illinois licensed real estate agent.
Bidding Information Links:
CLICK HERE to learn about the whole offer process.
CLICK HERE to learn how to register to make an offer.
