All Forum Posts by: Albert Hepp

I just want to echo the importance of picking the right flat fee MLS brokerage. There are a bunch of well advertised flat fee websites out there, with beautiful websites, but if you check reviews you will see horror stories. If you can't find a brokerage with more than a hundred positive reviews, keep looking. The websites you will see first spend tons on advertising, but don't spend resources helping their sellers. You want to find the opposite-the brokerages focused on being effective for their sellers, not advertising their website. Reviews will show you the difference. It is tempting, but a very bad idea, to go with a flat fee brokerage that doesn't have a long track record of happy and successful sellers.

If you have found the buyer yourself, do an internet search on "close my home sale" and you should find a flat fee purchase agreement and closing arrangement service (although not area has such services available).

If you haven't found a buyer and are considering a flat fee MLS listing, many of the reputable services will include the purchase agreement forms and guidance on how to get a transaction closed when the buyer does not have an agent. If you go the self MLS listing for a flat fee route, be careful because the best advertised/cheapest websites typically have awful reviews. You will read stories of paying, getting a listing with errors and then the brokerage not helping fix the listing. There are also lots of reviews about how the seller gets switched to an entirely different brokerage, and things go south. If you can't find hundreds of positive reviews, keep looking! Also, be sure to ask about whether assistance with an unrepresented buyer is included with the listing service.

Congrats! I agree that flat fee MLS is the way to go, but you have to be very careful. There are some absolutely terrible flat fee websites out there. If you don't see hundreds of positive reviews, keep looking until you do. One website that has good reviews actually sneaks in a fee that the seller doesn't see until they sign the listing agreement. Others put you in a far away MLS that does no good because agents in the area don't use it. The most advertised websites and cheapest tend to have the worst reviews and most unsuccessful sellers. Look for a brokerage that guarantees being in the right MLS and no hidden fees!

There are around 600 MLS systems in the United States. If you are not in the MLS used by agents in your area, the listing is not very useful. It is expensive for a brokerage to belong to multiple MLSs so unfortunately many flat fee MLS brokers will put you in the wrong MLS. Most consumers don't understand the importance of the right MLS, and if they complain the brokers will say "we only promised you an MLS listing, we didn't promise you the MLS used by agents in your area." The Las Vegas MLS is not generally used by agents in Northern Nevada, for example, because it is a different system and separate membership fees.

The commenter is right to make sure you are in the right MLS. Some websites have the right MLS guarantee, and if they do not reading reviews can help. Many of the brokerages will have negative reviews where sellers say that agents didn't really inquire or show their home--that is often an indication the listing was in the wrong MLS. Sometimes sellers never realize they were in the wrong MLS, and they conclude that agents are boycotting/blacklisting flat fee MLS listings, which is not the case.

Reading reviews for flat fee MLS services should be considered essential because the most advertised/cheapest services typically have awful reviews, and lots of ticked off, unsuccessful home sellers sharing bad experiences. If you don't see hundreds of positive reviews, which indicates a long track record of happy and successful home sellers, keep looking. They are out there.

There used to be a website called flatfeereviews.com that had a bunch of reviews of flat fee MLS brokers.

It shut down but it looks like the idea has been recreated on reddit.  I'm not sure if links are allowed, but it can be found at https://www.reddit.com/r/FlatFeeMLSReviews

A compilation like this can save time and help sellers sort out the shady.

Reading reviews is a must. Most self MLS listing for a flat fee websites will have lots of bad reviews, especially the ones that spend the most on advertising. Keep looking until you find a brokerage/website that has hundreds of positive reviews--they are out there, it just takes some effort.

When you find a company, use search terms "[company name] reviews." If you can't find reviews, be very concerned because there is more than one operator that frequently renames itself to distance itself from the bad reviews people have written. 

Trying to sell without being in the MLS is not a good idea. At best, you only get exposure to a fraction of the buyers that the MLS provides. That means a longer sale time and lower sale price.

Self MLS listing for a flat fee is a great option for saving, but make sure you read reviews. There are a bunch of well advertised websites that don't satisfy their sellers. Read the reviews and you will see experiences of being in the wrong MLS, listings that are incorrect/repulsive that the brokerage couldn't fix, and other tales of woe. If you do your research well, you will find reputable brokerages with a long track record of satisfied sellers and commission savings. You should see hundreds of positive reviews, or you are taking a risk.

Flat Fee MLS is a perfect match for bigger pocket sellers. Just be careful as there are a bunch of flat fee websites that have terrible service--you need to read reviews. Too many sellers mess up by trying to save an additional $1-200 on an inferior brokerage. Or by not doing any research to find the best flat fee brokerage. You don't save anything if you are not successful. Some of these flat fee websites are "middle men" that aren't licensed but refer to a local licensee. Unfortunately, they pay next to nothing to the local guy, so he/she has to find a way to make more money off your listing. If you don't see at least 200 good reviews, keep looking.

I'm biased, but I like the approach of closemyhomesale.com when buyer and seller have found each other. Getting the right forms is so important, and having a professional to answer questions that won't charge you a percentage or hourly fee is a perfect match for these kind of opportunities.

My tenant is 2 months behind on rent, and I just received in the mail a B9I Notice of Chapter 13 Bankruptcy Case, Meeting of Creditors, & Deadlines.

The tenant has listed our lease, and the 2 months he is behind, with a proposal to pay the amount over 60 months ($43.33 per month!).  The "Other Provisions" of the plan says " Debtor shall commence their monthly rent beginning 12/1/2015" which I interpret as full rent will be paid going forward.

The Bankruptcy form is a little confusing, in the standard explanations section it says "To be paid, you must file a Proof of Claim even if your claim is listed in the schedules filed by the debtor."

I found the B10 (Official Form 10) (04/13) UNITED STATES BANKRUPTCY COURT Proof of Claim form on the web, and it seems doable.

Has anyone done a tenant bankruptcy before?  There are also dates, times, and locations for "Meeting of Creditors" and "Hearing on Confirmation of Plan" on different dates, did you/should I go to these meetings?

Any way I can get the plan changed to pay me over fewer months?

Any curve balls or issues to look out for?  This tenant has been ok and it is difficult to find tenants this time of year, so I wasn't planning to evict unless absolutely necessary. It sounds like the Bankruptcy filing would put a halt to the Unlawful Detainer/eviction anyway.

Thanks in advance for sharing your experience.