Frequently Asked Questions

Why is the Multi-List important?

The Multiple Listing Service (MLS) is a database of homes currently for sale, and is only available to MLS real estate members.  It is the primary tool used by Realtors to find homes for their buyers, and for most Realtors and buyers, it is the only tool they need to find the right home. Realtors search the MLS daily to find potential matches for their buyers, and when new listings are entered, Realtors can quickly evaluate them for their buyers. This process provides immediate access of information for your home to thousands of Realtors and buyers.

The MLS provides the biggest marketing advantage in selling your house. This kind of exposure to buyers is not available anywhere else. You maximize your chances of selling your property more quickly and at a better price when it is listed in the MLS. When your property is in the MLS, it receives the broad coverage of a large number of realty offices that have access via computer to your home's availability, price and features.

A common misconception is that the company that lists your house also sells it.  While this may occur at times, being listed on the MLS enables you to take advantage of the power of thousands of Realtors in your area that also have an opportunity to sell it. That means more exposure for you.

Will other Realtors show my home even though I paid a Flat Fee for listing the property?

Yes.  The Multi-List does not state how much you paid to have your house listed in the data base.  However, during the listing process, you will be required to identify how much you will pay any Realtor who provides a buyer with a satisfactory contract. This provides you an opportunity to sell your house while saving half or more of the normal commission.

Will I be required to pay a commission if I find my own buyer?

You will not be required to pay any commission if you find your own buyer.

Do I have to use the Pennsylvania Association of Realtors (commonly known as the “PAR”) agreement of sale?

No. The Pennsylvania Association of Realtors and their attorneys have drafted the agreement to be helpful and facilitate the transaction. At least two things are important to note about the use of the agreement. One, the issue of the unauthorized practice of law occurs when a non-lawyer begins to add language to the agreement rather than just filling in the blanks.  Two, the agreement has obvious terms to protect the real estate companies involved, these items as well as many other terms that are not required by law are freely negotiable.

Having noted the above, it is a cost effective way of negotiating sales and attempting to cover required acts.  While you could draft (and our lawyers will if you desire) a specific agreement to protect you as a seller or buyer totally, you would probably not find another party that would sign it.

The other real estate company tells me that they sell all of the houses in the area, shouldn’t I choose them?

The beauty of using the Multi-List is that we all share.  When we list your home, all member companies are welcome to sell your house and you won’t pay anymore if they do. Please understand that when you list your house with most other realtors, you are agreeing to pay a “selling agent” commission and a “listing agent” commission all rolled into one.  With our company, you only pay a selling agent when your house is sold by a member realtor.
Yes. It's required by law if you are an owner. We recommend that you complete it with full disclosure because failure to do so could result in a lawsuit of fraud against you even if there would be no cause of action  by a buyer under the agreement of sale. This is true even if you never lived in the property, you must still complete the disclosure.
Do I have to fill out a seller disclosure?

Yes. It's required by law if you are an owner. We recommend that you complete it with full disclosure because failure to do so could result in a lawsuit of fraud against you even if there would be no cause of action  by a buyer under the agreement of sale. This is true even if you never lived in the property, you must still complete the disclosure.

What does it mean when the buyer makes an offer with a  home sale contingency or requesting seller concessions?

A home sale contingency essentially states that the buyer wishes to buy your home subject to the sale of their home. It's also called a domino because once the buyer closes on your home you may close on the purchase of a new home. Contingencies can vary greatly and a seller may insist upon a “wipe out clause” which permits the seller to accept an offer from a buyer that is contingent upon the sale of the buyer’s home; however, if the seller receives another offer they may inform the first buyer that they have a limited time to remove their contingency

Why hasn't my house sold?

The market value of a house is determined by the price similar properties in your neighborhood have sold for recently, plus similar properties that are currently on the market.  These represent your competition.  If your home is not properly priced, other homes will have a tendency to sell more quickly.  The best way to determine your house value is to prepare a Comparative Market Analysis (CMA).  A CMA compares your property against other similar properties that have recently sold.  We would be happy to work with you to help price your home competitively, and result in a quicker sale.

How do I know what offer to accept?

The offer you ultimately accept for your house is something you'll need to evaluate.  There are several items you should consider as you contemplate your decision.  Does the offer satisfy most of your significant objectives in terms of price, timing, and quality of buyer?

How long has the property been on the market?  If you've recently listed it and you 've had strong interest, more offers may be coming and perhaps you might be willing to 'hold out' for a better offer.  On the other hand, if the house has been on the market a long time and this is the first offer, you may want to consider how many more offers may come along.  Again, if the offer accomplishes most of your major objectives, you may have 'to bend' a little and concede some things you have not previously considered.

Try to determine how likely it is that the transaction will close within the timeframe you've chosen.  Is the offer coming from a quality buyer?  Have they been pre-approved for a mortgage that will cover the price of your house?

Are there any contingencies that would needlessly 'tie-up' your house?  For instance, does the buyer insist on a contingency that they first sell their house?  If so, suggest that you will consider a 'right of first refusal'.  This allows you to continue marketing the property and notify the buyer if another offer is made.  The buyer would then have a specified amount of time to remove the contingency or lose the opportunity to buy the property.

Finally, ensure that you review your 'net settlement' sheet that estimates what your final proceeds of the sale will be.  This should include mortgage payoffs, closing costs, any liens, etc.  No one likes surprises at the 'closing table'.