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SELLERS FREQUENTLY ASKED QUESTIONS QUESTIONS
What is an off-market property? dropdown-img
An off-market property is a home that is for sale but not listed on the Multiple Listing Service (MLS). These properties are usually sold privately and can offer unique opportunities for buyers. Sellers looking to sell their home off market typically see the best results when using a service like VELfixi that helps put their home in front of the buyers' agents on the MLS, and in front of the buyers who are serious and pre-qualified. This can save you up to 5%-6% in commissions while still getting you the marketing that the best agents boast about.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
Why should I consider selling my property off-market on Velfixi.com? dropdown-img
Selling off-market can offer privacy, reduced competition, and significant savings on commissions and fees (on average $10,000+ in 2024). Velfixi.com connects you directly with motivated buyers, often resulting in quicker sales. As you might know, big websites charge buyers' realtors up to 40% of their commissions, and often hide the for sale by owner (FSBO) properties from potential buyers behind filters. We are revolutionizing the industry by only charging a small flat fee for advertising on our website. Additionally, for only $995 we can get you marketed to buyers' agents which is something that only VELfixi and full time agents do. This will include direct marketing to agents, MLS, and increased buyer targeting to get more eyes on your home to increase your chances of receiving a top offer. Keep in mind there is also a 0.5% compliance fee to help with the new regulations and changing real estate landscape.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I list my property off-market on Velfixi.com? dropdown-img
You can list your property directly on Velfixi.com by creating an account and following the step-by-step listing process. Our platform is designed to make listing your property straightforward and hassle-free. Head to Sell page.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What are the benefits of selling off-market? dropdown-img
Benefits include privacy, fewer disruptions from showings, potential savings on commissions, and attracting serious buyers who are specifically looking for off-market deals.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What are the risks of selling off-market? dropdown-img
Risks include limited market exposure, which can impact the number of potential buyers, and the need for thorough due diligence to ensure you’re getting a fair price.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I determine the right price for my off-market property? dropdown-img
Conduct a comparative market analysis (CMA) using recent sales of similar properties in your area. Consider hiring a professional appraiser or consulting with a real estate agent to get an accurate valuation.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
Do I need a real estate agent to sell an off-market property? dropdown-img
While it’s not required, having a seller’s agent can be beneficial. An experienced agent can help with pricing, marketing, negotiations, and ensuring all legal aspects are covered.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I market my off-market property? dropdown-img
Use Velfixi.com’s platform to reach potential buyers. Additionally, leverage social media, word of mouth, and your personal network. A real estate agent can also provide marketing assistance. Velfixi also markets your property as well, adding to your efforts.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What are the advantages of using a seller’s agent for off-market properties? dropdown-img
A seller’s agent can provide market insights, assist with pricing, handle negotiations, and ensure all paperwork and legal requirements are met, making the process smoother for you.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I handle inquiries and showings for my off-market property? dropdown-img
Respond promptly to inquiries and schedule showings at convenient times. You can manage this process yourself or enlist the help of a seller’s agent to handle it for you. Asking buyers for their pre-approval and ID before showings can ensure that you are safer and more wise with time spent.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What should I prepare for during property showings? dropdown-img
Ensure your property is clean, well-maintained, and free of clutter. Highlight its best features and be ready to answer potential buyers’ questions.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I handle offers on my off-market property? dropdown-img
Review each offer carefully, considering both the price and the terms. Negotiate if necessary to get the best deal. You may want to have a real estate attorney review the offer or a real estate agent.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What contingencies should I expect in offers? dropdown-img
Common contingencies include financing approval, property inspection, appraisal, and buyer’s sale of their current home. Ensure you understand these contingencies and how they affect the sale.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I verify a buyer’s ability to purchase? dropdown-img
Request a mortgage pre-approval letter or proof of funds for cash buyers. This ensures the buyer is financially capable of completing the purchase. Either document should be within the last 90 days.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
What paperwork is involved in selling an off-market property? dropdown-img
Essential documents include the sales contract, property disclosure forms, title documents, and any inspection reports as well as addendums. A real estate attorney or agent can help you manage these documents.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How do I handle the closing process? dropdown-img
Engage a reputable title company or closing attorney to handle the closing process. They will ensure all documents are in order and funds are properly transferred. Try to avoid common scams where the buyer is not physically present or where the title company does not have a physical location. Typically, the buyer picks their title company as their funds are at risk, but the seller may veto at least once if the company does not seem to have a good reputation or is simply not found in public records which would be a large red flag.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
Are there any additional fees when selling an off-market property? dropdown-img
Potential fees include title insurance (usually on buyer's side), attorney fees, and transfer taxes. These are generally lower than traditional commission fees.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How long does it take to sell an off-market property? dropdown-img
The timeline can vary but typically ranges from 30 to 60 days, similar to MLS-listed properties. Factors such as buyer financing, inspections, and negotiations can affect the timeline. Additionally, certain areas are in higher demand than others. For example, in a rural area, an average time to sell might be 90 days, but during the same period this timeframe might only be 7 days in an urban area. Furthermore, if you set a price that's more than 5% higher than average comparable sale, it may take you years to sell.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
Can I back out of an off-market sale? dropdown-img
Yes, you can back out under certain conditions, typically outlined in the sales contract. Consult with your agent or attorney to understand your rights and any potential consequences.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
Can I sell an off-market property again in the future? dropdown-img
Yes, you can sell an off-market property again. Whether you choose to list it on the MLS or sell it off-market will depend on your circumstances and market conditions at the time.
Last updated: Wed, June 12 2019 7:07 PM UTC +03:00
How much should I offer to Buyers’ Agents? dropdown-img
We typically see 2.5% being offered to Buyer’s Agents for their Compensation. How much you set is up to you, but we recommend setting it at 2.5% or higher. There are many reasons for this including allowing buyers to more easily afford the total down payment required of them; however, there have been sellers who offered 0% to buyer’s agents and have sold their home. You choose how much to offer and it’s a negotiable amount. If you advertise this amount, we will include it on our site, but not on the MLS per recent regulations.
Last updated: Wed, June 12 2024 4:03 PM UTC +03:00