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The Truth About 'Your Home Sold In 90 Days...'

You may have seen the ads..."YOUR HOME SOLD IN 90 DAYS OR WE BUY IT!" or "IF I CAN'T SELL YOUR HOME, I'LL BUY IT!"

It sounds like a great offer and certainly worth checking out, right? Well, most ads that sound too good to be true usually are. Some consider a Guaranteed Home Sale Program to be a scam. Programs like these are used by some agents to get their foot into the door (and your living room) and then lay out the many strings that are attached.

Here's a basic scenario and rules for these programs:

  • YOU MUST BUY ONE OF THE AGENT'S OTHER LISTINGS: Odds are you probably won't want to buy one of his/her few homes that they currently have. Most agents carry 1-10 listings. You have to like & buy one of these homes to qualify.

  • THE "GUARANTEED PRICE" WILL BE PRE-DETERMINED: The "Guaranteed price" may be much lower than what you want for it. You may list it to the general market for $425,000, but the price that is "Guaranteed" may be significantly less (usually 75% or 80% of the original list price). This Guaranteed price will be put in writing.

  • GUARANTEE PROGRAM FEE: Once you agree on a price (above), there may be a FIVE PERCENT GUARANTEED SALE "FEE" which will come off the (low) price that you agreed upon! This nets you 5% less than even the agreed upon price.

  • MAXIMUM ALLOWED PRICE: Many times, they will not take a house priced over $300,000 or $400,000.

As mentioned, the attractive sell line "Your Home Sold In 90 Days Or We Buy It" gets an agent into many homes to lay out the GUARANTEED PLAN. Most home sellers don't go for it once they see the details, but they go ahead and list under a normal agrement.

With excerpts written by Al Maxwell - Real Estate Agent