At Eco Realty, Sellers have Options:
1. The Traditional Listing Option:
The Seller pays commissions for Seller’s Agent and Buyer’s Agent at closing.
- Typically split 50/50.
- Negotiable Commissions
- Typically at less of a percentage for higher priced properties.
Offers can be presented and considered as received by the Seller’s Agent, Eco Realty.
- First in with a solid offer gets accepted.
- OR -
Offer Date and Time may be stated in the Agent Remarks when multiple offers are anticipated.
- No preemptive offers will be considered before the stated date and time.
2. The HomeBids Option:
HomeBids is a Hybrid of Regular Auctions and the Conventional Real Estate Model:
- It uses a transparent, cloud-based bidding platform: HomeBids.com
- The listing is entered into BAREIS MLS, thereby prorogated to all Internet Syndicators and All Broker IDX sites.
- This system uses standard California Realtor Forms and Contracts.
- A Buyer’s Agent is necessary, and their compensation is secured via the MLS with the Broker Co-op offer of compensation.
- Our preferred option is for each party to pay their own Agent’s commission.
- See details below.
- Other options are possible.
- A Buyer’s Premium is included in the sales price.
- Highest Bid + Buyer Premium = Sales Price.
- The HomeBids Fee of ½ % is included in the Buyer Premium.
- The property is made available for viewing with open house dates.
- Prospective buyers don’t write up an offer unless they win the bidding.
- The highest bid and the recent bid history are displayed on the website at all times.
- There is no long-term listing contract; 10 to 30-day listing contracts are based on the Price Range.
- Buyers can be approved for bidding by the Seller’s Agent or instantly with a credit card.
- There are no upfront fees required from the Seller.
- Seller reserves the right to accept, counter or reject any bid.
- Once Seller accepts the winning bid, Buyer opens escrow with typical contingencies and time frames, per the purchase agreement.
- If the contract falls out of escrow, the Seller can ask another bidder to prepare an offer.
A Compelling Seller Strategy
- Cutting-edge Real Estate technology with full Broker representation and professional marketing offers Sellers the most effective and efficient method for selling their homes.
- The HomeBids option works in all market conditions and typically receives multiple property offers within the time frames indicated above.
- Sellers will be able to watch the entire live process on their computer from the comfort of their home or office.
- Sellers have total control, and there is no risk involved because Seller reserves the right to accept, negotiate or reject any bids.
- The HomeBids option reduces the number of showings, with limited open-house dates (unless agreed otherwise).
- The whole process is transparent and convenient for Seller, Buyers, and their Agents.
- Why be bound to six-month listing agreements, when HomeBids delivers in days?
How does the HomeBids process work?
- Starting bid price should be around 20% – 30% below market value.
- Property details, photos, and videos are posted to the MLS and the HomeBids website.
- The property is marketed for the duration of the bidding period.
- Open Houses are held on Saturday and Sunday, with an occasional additional showing, as necessary.
- End the process on the following Tuesday afternoon.
- The Agent for the high bidder must submit Buyer’s Offer within 24 hours to remain in first position.
- The winning bidder might not be the highest bidder.
- Financing Terms and Offer Conditions may be better from 2nd highest bidder.
- The Seller has the right to accept the 2nd bidder’s offer, or the Seller may counter both.
3. Off-Market Cash Buyers:
The Seller pays Eco Realty a finders fee; the Buyer may not be represented by an Agent.
- Eco Realty sends property information to know institutional and cash buyers.
- Eco Realty presents offers to Institutional Sellers.
- The Buyer will manage the escrow and close directly with the Seller.
- Sales Price is typically 70% to 85% of Market Value.
- It is not uncommon for the iBuyer to conduct an inspection and revisit the price accordingly.
4. Off-Market Matchmaking:
The Seller informs Eco Realty of interest in moving and pays no commission or fees; the Buyer is represented by Eco Realty.
- Eco Realty locates off-market homes that meet buyers' needs.
- Eco Realty creates a Purchase Agreement with both buyer and seller contingencies that accommodate the moving needs of both.
- The Sales Price is at Market Value.
- Buyer avoids multiple offer competition.
- The seller has time to locate and purchase their replacement property.