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Rainmaker
151,954
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

It's a gimmick.  They buy the property but at a ridiculous discount, in the end the seller losses.  

Jul 16, 2018 04:05 PM
Ambassador
3,223,854
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Companies and some single agents have been doing this for many years.  They make sellers sign on dotted line with very specific things that need to be in place in order for this to go into play.  I highly doubt most ever ended up buying homes themselves.

Jul 16, 2018 04:18 PM
Rainmaker
5,570,688
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

those "broker will purchase" deals are not the sale price anyone is looking for.... there's a commission deducted twice....buying and selling.... carrying costs.... profit on the sale.... and the list goes on.... 

Jul 16, 2018 04:21 PM
Rainmaker
3,960,505
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Tim -How? What are the benefits to me as the seller?

Jul 16, 2018 03:42 PM
Rainmaker
869,401
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

The bend and snap works every time!  Hahahahah! Long, profitable day.

I'm not fighting for a listing.
Listings fight for me.  See my value or kiss my Italian butt.

Those companies have so many caveats that sellers should be shrieking.

Jul 16, 2018 07:00 PM
Ambassador
3,300,057
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I regularly compete with a brokerage that has that as a sales pitch.  They don't advertise it much these days, as we are in a seller's market.  It's never the deal that sellers think when they see the ad.  

Jul 16, 2018 05:45 PM
Ambassador
3,002,274
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Tim, I've seen those promises around our area for many years now.  In our markets that approach would just seem silly.  Don't you agree? 

Jul 16, 2018 04:40 PM
Rainmaker
339,469
Mott Marvin Kornicki
Waterway Realtors® • Notary Public & Apostille - Sunny Isles, FL
Miami Notary & Apostille 786-229-7999

Why don’t they just outright buy it at the sellers asking price and cut the drama? Obviously, if it can’t sell in 90 days - perhaps nobody wants it. Something smells fishy about this approach.

Jul 16, 2018 03:31 PM
Rainmaker
515,421
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Definitely a "gimmick" -- I'm not a Fan of these and can't see how the Seller wins with this approach.  I say if the seller is willing to take that kind of a "hit" why not just price it right and just get er sold?

Jul 16, 2018 06:13 PM
Rainmaker
1,362,248
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

So this type of promotion has been around the "Greater Los Angeles Area" for quite some time.  Like anything, the devil is in the details.  The fine print makes it so that they basically never have to honor that promise... and when they do, it's an offer thats "pennies on the dollar".

Jul 16, 2018 05:40 PM
Ambassador
5,218,910
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not a new concept, agents have been doing this for as long as I remember.

the price they pay is fairly low, enough to cover their risk should anyone take them up on the offer.

Jul 16, 2018 05:36 PM
Rainmaker
361,808
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Everybody needs a way to convince the seller to sign a listing agreement. Some do it with discounts, some do it with gimmicks, some do it with trickery. Most just offer good service and expertise. Whatever floats your boat.

Jul 16, 2018 04:27 PM
Rainmaker
1,177,959
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

That's an oldie but a goodie. That scam has been around for 20 years (read the fine print).

Jul 16, 2018 06:35 PM
Rainmaker
1,624,372
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Just as Aida Pinto wrote. These carpetbaggers do nothing to advance our profession. Relax, it won't take long for thinking clients to see right through this garbage.

Jul 16, 2018 06:10 PM
Rainmaker
1,201,311
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Real Estate LLC - Coast & Luxury

There will always be some business trying out a new gimmick. Their math doesn’t add up. Somebody is going to pay. 

Jul 16, 2018 06:06 PM
Rainmaker
512,774
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Do a search of their listings. How many expired or canceled?  Check to see if they ever took title to the ones that did.  

Jul 16, 2018 05:34 PM
Rainmaker
868,874
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

This is not a new model. That is an old approach. The difference is the 2% commission rebate. That is on the “home’s value”. And what is that amount? The list price or the pre-determined guarantee purchase price.

Set the guarantee purchase price low enough and the broker cannot go wrong. If the guarantee price will make the seller happy, would you list for more? How much more…in order not to get stuck buying a bunch of houses at inflated prices?

And when the market changes? Good luck!

Jul 16, 2018 05:18 PM
Rainmaker
832,218
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It's usually a gimmick that involves conditions which are : You must buy one of the listing agents listings, and it must be a move up home purchase, and other such conditions.

Jul 16, 2018 04:43 PM
Ambassador
2,546,525
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   i have seen this pitch before.  In one case, the listing broker agreed to pay 80% of a "quick sale appraisal, subject to any mortgages or liens".  The Seller would still pay the commission; the seller would pay all closing costs.

 

     That amount would be about 60% of the market value.  Probably not enough to cover the mortgage, which would void the promise.

Jul 16, 2018 04:25 PM
Rainmaker
820,931
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Yeah I am not a fan of it either. So what happens if for some reason you dont sell it? My thing is if you sell it in less than 90 days,you won't have to buy it.

Jul 16, 2018 03:39 PM
Rainmaker
1,707,347
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Been around a long time and I am not fond of the approach. 

Jul 16, 2018 03:15 PM
Ambassador
4,093,103
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I have wanted to buy a listing before but, never that way!

These companies are costing the sellers to leave money on the table by offering to buy their homes at a hefty discount if the homes don't sell. Sadly, there are sellers who fall for this tactic and wind up walking away from some fairly large sums of money sometimes.

Jul 16, 2018 09:01 PM
Rainmaker
3,910,908
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Oldest "trick" in the book... and nothing new. Just ask them at how much of a discount they buy the houses! They like to say they'e never had to buy a house... of course not... when the home fails to sell the sellers never sell to them... they just find a new agent. (BTW, I've been that new agent more times than I can count.)

Jul 17, 2018 05:23 AM
Rainmaker
1,510,463
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Old scam.

Jul 17, 2018 12:01 AM
Rainer
87,820
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

Old scams.

Jul 16, 2018 11:54 PM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

There are several agents that offer that guarantee. It includes specifics price reductions all the way to the 90 day mark where the list price is somewhere around 80% of where it started.

Jul 16, 2018 09:43 PM
Rainer
86,464
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

Craig Proctor has been using that for years and I'm sure before his use some other Realtor thought of the same ploy. You obviously buy it at a discount or you'll go broke. Proctor had an addendum to the listing agrement outlining his model.  Old School.

Jul 16, 2018 08:23 PM
Rainmaker
526,755
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

It's just a hook to get sellers to call. 

Jul 16, 2018 07:53 PM
Rainmaker
808,597
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

As many others have said, nothing new. I doubt often or even ever the agent buys the house, but it gets their phone ringing, which is their intent. -Kasey

Jul 16, 2018 07:40 PM
Rainmaker
2,611,520
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This attracts the gullible and uniformed. At these prices & stakes....no games!

Jul 16, 2018 07:21 PM
Rainmaker
6,374,075
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good for them. 

Jul 16, 2018 04:17 PM
Rainer
294,687
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I have heard these ads for quite a while around here. I figure there must be a LOT of fine print. 

Jul 17, 2018 11:20 AM
Rainmaker
665,903
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Read the small print, they're not buying anything that isn't profitable for them. 

Jul 17, 2018 05:04 AM
Rainmaker
749,990
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

It's a pitch.  It rarely happens and in general in this market, if you can't sell in 90 days, you should consider another career. 

Jul 17, 2018 04:40 AM
Ambassador
4,312,167
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

PropertyMinder (AccelerAgent) - not a good option for consumer as terms and conditons of the final price is pretty low.

Jul 16, 2018 11:53 PM
Rainer
308,442
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

You’ve already got the answer that the seller loses on the deal. You always make your money on the buy!

Jul 16, 2018 07:18 PM
Rainmaker
1,674,213
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

My thoughts:  The big print giveth.  The small print taketh away.  Read the small print!

Jul 22, 2018 12:32 PM
Rainmaker
1,044,289
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Nothing new under the sun they are simply offering what many many already offer. A deal they have NO intention of making good on because of their terms these deals are simply a way to get the appointment. But the guarantee to buy comes with some pretty undesirable terms for the sellers.

Jul 21, 2018 05:00 PM
Rainmaker
3,985,813
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

WE have a company doing this here also...Know several agents that have worked with that company and were not impressed, but I have no first hand.

Jul 18, 2018 08:26 PM
Rainmaker
4,739,728
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We saw many companies like this a few years ago, but they will only pay pennies on the dollar.

Jul 18, 2018 06:10 PM
Rainmaker
54,478
Jordan Ayan
The Lifestyle Collection - Scottsdale, AZ
Luxury Market Expert, CLHMS,Million Dollar Guild

This is one of the examples of why the general public thinks so little about our industry.  It is snake oil.  Unfortunately, there are many snake oil salespeople out there.  Rather than deliver value and service, they build their shaky businesses with scam tactics that are, IMHO unethical.  I wonder if the agents who use this tactic could even get a loan for the properties (I'm betting that if they ever do buy, they are not cash buyers).

Jul 17, 2018 07:08 AM
Rainmaker
4,799,356
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The catch is the price that they will buy the home for.

Jul 17, 2018 06:34 AM
Rainmaker
4,023,936
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It sets the seller up for a potential loss and the listing agent with a potential windfall. Not a fan!

Jul 17, 2018 05:55 AM
Rainmaker
3,297,674
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

We have one here but the fine print says they list at agents price and deduct every 2 weeks. The agent will by back at roughly 60% value

Jul 17, 2018 05:47 AM
Rainmaker
4,433,483
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you

Jul 17, 2018 04:36 AM
Rainmaker
625,405
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Back in 1989, prior to be a Realtor, we listed with Forest E Olson and their Move Fast Guarantee.   They stated "we'll sell your home in 30 days or we will buy it"  We needed to sell that fast and listed with them.  The home didn't sell with the 6% commission so they bought it with a 10% commission.  We were happy to pay it, otherwise we wouldn't have been able to buy our brand new home in an incredible neighborhood.

Jul 16, 2018 09:37 PM