Online Offer FAQ
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Is this a scam?
This is probably the first question that comes to mind when consumers run into something new & cool online. Let's help you get comfortable with this innovative evolution in the way Real Estate can now be done, thanks to technology and your knowledge of how to use the internet.
Q.1 Why are you doing this?
Because you can.
Because most of us now a days, rather do things by ourselves, get immediate results AND save money. You will achieve all of that by using this innovative & automated service.
Q.2 What's the catch?
None.
We gather no private personal or financial data. We don't sell any information to a third party.
You save us time by doing this, therefore it is worth it to us to save you some money. This 1% savings is agreed to in a separate buyer loyalty agreement between you and Team Advantage.
Q.3 What's in it for me?
You benefit in four ways that online consumers love: Save money, convenience, stress reduction, and tons of FREE information, representation & support!
1: Save 1% of the purchase price that you would not get going through a traditional Realtor.
2: Convenience of doing this at home without going to a Realtor's office.
3: Avoid the stress of facing a high-pressure Real Estate Salesperson.
4: FREE unlimited support and representation by licensed California Real Estate Brokers who you can call at anytime.
Q.4 Who are we?
We are a team of Realtors with Keller Williams Realty called Team Advantage. The co-leaders are both licensed Brokers in the state of California with over 30 years experience. It's our vision to innovate the Real Estate business to make it more convenient for consumers by leveraging technology. Along the way we invented the term "Cyberagent" which describes Realtors like ourselves, who have shed the old ways of doing business and are leveraging the internet to do business.
Please check out our credentials with the California Department of Real Estate. Together we have more than 30 collective years of experience and have never had any disciplinary action against us nor any complaints filed or compliance fouls with the DRE. Our license numbers are; for Keith Cuddeback #00972877 and for Tilton Quon #01358533
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How does this work?
1. Fill out the forms and submit it! Simple.
2. After answering the questions in the online offer form you will be emailed the completed offer for electronic signatures. Electronic signatures are fully endorsed by the California Association of Realtors and here you may view legalities, demo and security of Docusign.
3. Your 1% savings will be specified in a separate agreement between you and Team Advantage where the 1% savings will come to you at the close of escrow on the home you buy using our new online offer!
Q.1 How do I save 1% of the net sales price?
Simple. 1% of the net sales price is credited to you upon a successful close of escrow. For example, if the agreed upon net sales price is $450,000, you will be credited $4,500 from Team Advantage at escrow. Obviously, this credit is subject to approval and restrictions from your lender. If its an all cash offer, there should be no problem. You must agree to the terms and conditions of the program. Simply stated you must:
1. Read and sign our loyalty agreement
2. Exclusively use our services to purchase this property.
3. Not be working with another Realtor (even though we are cyberagents, we are still human beings and can be contacted with our direct phone numbers, SMS, skype, and email....)
4. Use our on-line offer form
5. Read and sign our 1% Savings Schedule.
Q.2 May I use my own Realtor?
Short answer? NO (it's a business, duh!!)
No one can prevent you from employing any California licensed real estate agent. If you have a relationship already established with one, please continue that relationship. However, our program is focused on saving you money by doing some of the work yourself and the includes exclusively using our team to represent you in the final real estate transaction. That is the only way we can guarantee you our 1% savings.
Q.3 Can I buy a house anywhere in California using the online offer?
Not yet. For now & until September 1, 2010 you may purchase in Alameda, Contra Costa, San Mateo or San Joaquin Counties. This service will be re-evaluated and expanded at that time.
Q.4 I need to see the house before I make an offer. When can I see it?
Here is the deal, we save you money while you save us time. So if we have to show you homes, then that defeats our purpose. Having said that, we will show you up to 3 houses before you make your online offer, and still honor the 1% savings. If you would like us to provide more showings then that reverts us back to the conventional way of doing real estate and this 1% offer is null and void. Please see terms and conditions for more clarity.
Q.5 Is this online offer a binding contract?
No, but it is a first step toward a binding contract.
The State of California allows licensed Realtors to complete and submit offers on behalf of our clients. We limit ourselves to standard forms provided and approved by the California Association of Realtors. These forms allow both the seller and buyer to agree on terms and conditions specified on these documents. Once completed and fully signed by all parties, only then do the documents become a contract. The online offer is the first step in creating your offer that will be a legal contract when accepted by the seller.
Q.6 What if I change my mind?
No problem. You can always change your mind up to the last minute. This online process does not commit you anymore or any less than the normal real estate process.
However, as in ANY real estate transaction, there may be financial consequences based on your timing. When you are making an offer for a property and if the seller agrees to the terms of the contract, your earnest money deposit of 3% of the purchase price (EMD) is the consideration you are placing into the contract for the seller to take the home off the market. There are several contingencies in the contract which allow buyers to back out without risking the EMD. As in all real estate transactions, once these contingencies are removed the EMD is at risk if you back out. We will advise you every step of the way to ensure that your best interest is secure.
Q.7 Is there anything else I need in order to make an offer?
YES
1. Copy of your pre-approval letter from your lender, not more that 30 days old.
2. Copy of your earnest money deposit check (3% of offer price payable to Title company of your choice)
3. Copy of proof of funds to close (copy of most recent bank or investment statement is fine...please blackout acct #)
4. Have email access to receive the required disclosures and agreements that will be sent to you via Docusign for electronic signature
Q.8 What amount of earnest money deposit do I need to offer?
3% of the purchase price.
The standard California Residential Agreement limits the amount for disputes between buyer and seller through arbitration or mediation to 3% of the purchase price. Offering more than 3% of the purchase price is foolish and offering less than 3% is saying you are not that serious about your offer.
Q.9 Why are there default service providers on the online form?
They are put there for your convenience. We have chosen default companies that our past clients have used extensively and are pleased with their service and value. Historically, these companies are reputable and provide a level of service that we expect. If you have your own preferences, please feel free to enter your choices.
Q.10 What is a "loyalty agreement" and why should I agree to it?
We want to ensure that there are no misunderstandings between you and our team.
The loyalty agreement is a contract between you and us that outlines our respective responsibilities to each other.
We are agreeing to provide our real estate services at no cost to you and it gives you written contractual confirmation of the one percent of net sales price savings plan.
This contract is put into escrow when your online offer to buy a home is accepted by the seller and becomes part of the final escrow instructions to credit you the one percent. Your responsibilities are to act in good faith throughout the home buying process and that you are loyal to us so we become true partners in order for you to successfully buy your home!
Q.11 When do I get to inspect the property thoroughly for hidden problems?
Same as the way real estate transactions have been dome for decades, the contract gives you ample time to inspect everything that you want. Although the standard California Purchase Agreement specifies that the property is sold 'as-is", you have every right to perform you own inspections. In fact, we highly recommend you hire a home inspector that will provide detailed reports after completion of the inspections. These home inspections do not eliminate the need to perform other inspections such as roof, pool and/or wood destroying pests. Once you are in contract you have a specific period of time to perform these inspection and remove these contingencies if you are satisfied with the findings from the inspection. One of our team members will be present at the home inspection and we also encourage the Buyer to be present in order to observe and ask questions of the inspector.
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Security & Privacy
Saving 1% on your home purchase should not come at the high price of compromising your privacy or any of your financial profile or data. The questions in this section answer how we protect that for you.
Q.1 What personal information do I have to give you?
1. Your reliable email address
2. Your contact phone number, and the preferred way to contact you.
Q.2 What financial information do I have to give you?
1. A photocopy of your earnest money deposit (EMD)
2. Proof of funds, in the form of a bank statement or investment account
3. A pre-approval letter from the bank that is no older than 30 days.
Q.3 Tell me about the legality of electronic signatures.
Electronic signatures are not magic that we invented. They came along several years ago from a company called Docusign and we were among the first Realtors to take advantage of them for the benefit of our clients. We have completed hundreds of transactions using electronic signatures and our clients love it! You will too!
Electronic signatues are so safe and secure that the California Association of Realtors has integrated them into their Zipforms product that is used universally by California Realtors. Find out more at the Docusign website.
J.D. Power & Associates 2009 Award to Keller Williams Realty: "Highest Satisfaction For Home Buyers Among National Full Service Real Estate Firms, Two Years in a Row!"
