Here is a collection of frequently asked questions that I have put together to help you in buying or selling a home. If you have any other questions, not listed here, feel free to call or send an e-mail.
By clicking on any of the questions below, you may view the answer.
Can we monitor the auction?
Yes. All bidders must be approved on our website prior to the sale. Our state of the art webite can be seen at www.longauctions.com.
Can we set a reserve price or sell absolute on an online auction?
Of course. You set the "reserve" or lowest price that you will take for your property. In order to sell "absolute" certain conditions must be met. Such as no existing liens. Call us or email for more requirements.
Do I owe a commission to you, the listing agent?
Absolutely not. All you pay us is the cost of the listing package.
How long will it take for our listing to be posted in the MLS?
Usually within 24 hours or less, provided we have all the required fully completed documents and your photos.
How much Buyers' agent commission should I offer?
It is your choice, but to get full Buyer agent participation, we strongly suggest 3%, which is on all our listing docs. If an agent sees 2% co-brokerage commission, chances are they will steer their client in another direction.
How much does it cost to sell our property online?
$499 listing fee. If a buyer agent's client gets the final bid, and buys the property, you will be responsible for the 3% co-brokerage commission, just like any of our flat fee plans. No registered buyer agent client, you owe "0" commission--just like selling it yourself.
If a non-represented buyer makes an offer on my property, do I owe a commission if it sells?
No. Just make sure they are not represented by a buyers' agent. We have forms that will help to protect you.
What are the requirements for the property photos?
MLS requirements include no photos of animals, children, people, and signs, and the main photo be of the frontal exterior.
What happens if the "reserve" price is not met on an online auction?
Then your flat fee listing will then take over. You signed a 9 month listing. The remaining time on your listing will now be in effect, or your may cancel your listing at any time. If sold by a buyers' agent during that time, you will owe a buyers' agent commission.
What's the advantage of selling our property on an online auction?
You get the best of both worlds. You choose the time to encourage all interested buyers' to bid on your property at your choosing. You get to set the "reserve" price or sell "absolute if it qualifies. You get a 9 month listing, so you can determine when you want to "auction". We suggest at the beginning. Just as in "flat fee listing' if a buyer agent's client buys your home, you will pay him 3%. If no buyer agent, you can sell with only the "listing fee".
Will my contact information be listed in the MLS for Realtors to see?
Yes. Buyers' agents will contact you for showing appointments. It is up to you to agree on the appointment time. Per MLS rules, your contact information will not be on www.realtor.com or other real estate sites. We forward all calls, emails, texts to you so you can possibly sell the property yourself.
Will other Realtors encourage their clients to register for our online auction?
Absolutely. The Realtor will, again, be receiving a 3% co-brokerage commission. It is included in in your "flat fee" package, just as if you sold it without the auction. either way, it is a winner for you.
Will Realtors show my property since we have listed "flat fee"?
Of course. They will be getting the same amount of commission that they would receive if they sold a house listed with another company --provided you offer a 3% co-brokerage commission. It is your choice, but my experience says you should offer the same co-brokerage commission other firms do--which is usually 3%.