BESTBID SELLERS / FREQUENTLY ASKED QUESTIONS

Q. Who is BestBid Realty?

A. BestBid Realty is a hybrid full service flat fee brokerage company. We provide a new choice for cost conscious sellers. We allow you to take the initiative and responsibility for starting the selling process. We help you sell your property, coordinate the scheduling of showings, handle negotiations, paperwork, contracts, counter proposals and manage the transaction. We schedule all third-party vendors, e.g. appraisers and inspectors. We facilitate your transaction from beginning to closing and BestBid Realty will do it for a one-time fee of fifteen hundred dollars.

Q. What is the difference between MLS and Realtor.com?

A. Do not confuse Realtor.com with the MLS. They are two separate systems. The MLS is made up of local boards of Realtors. Realtor.com is a publicly traded company. Realtor.com downloads property data from all the local boards across the country and makes that property data available to the public on a limited basis.

Q. Should my home be professionally photographed?

A. Remember that in 2007, 84% of buyers start their home search on the Internet. Today’s buyers are very savvy. They have little interest in properties that have poor or limited photos. This is why having your home photographed by a professional photographer is so important. This is one of the standard services that we provide. We only use respected professional photographers.

Q. How does a CMA work?

A. BestBid Realty will provide you with recent sales data of properties that have sold in your neighborhood and prepare a comparative market analysis (CMA). This information will help you make the final pricing decision.

Q. When will my listing appear in the MLS?

A. The same day you complete the online form. Once you are listed on the MLS it will take Realtor.com three business days to upload your listing to their site. This is an automatic upload and cannot be expedited.

Q. Do I pay a buyer’s commission if I list on the MLS?

A. Yes. If a buying agent brings you a ready, willing and able buyer, whose offer you accept, you must pay that buying agent a commission.  This is called the cooperating fee and normally is half of the total commission.  5.1% is the national average commission rate.  The commission is normally split equally between the buying agent and the selling agent.  Only you can decide how much to charge.

Q. Who sets the Commissions?

A. By law real estate commissions are negotiated between the Seller and the Listing agent. They are not set by any governmental body, real estate board or Association.  Only you the seller can dictate how much to pay the listing and buyer's agent.

Q. How much do I pay the buyer's agent?

A. In Illinois the average commission paid to buying agents is 2.5%. However, You will control the exact amount.

Q. Will buyer's agents show my property?

A. Yes. Real estate agents just want easy access to your property.

Q. How should I prepare for a showing or open house?

A. Preparing for an showing or open house is easy. Remove excess clutter and all family photos. During an open house have all visitors sign a register. Ask visitors who come in without a broker, if they are being represented by an agent.   

Q. Why are "lock boxes" so important?

A.  A lock box, allows the buyer’s agent to show your home when you are unavailable. A lock box is a non-threatening approach to showing property. This makes it easier for agents to visit your property at their convenience.  Agents like to show property during the day because it’s easier to park and there is less traffic.

Q. How can I tell if a buyer is interested?

A. It is very rare that an offer is made on a property without a second visit.  If a buyer is interested they will request a second showing and probably bring another person in order to get a different perspective.

Q. How long does my MLS listing last?

A. With BestBid Realty you can keep your property on the MLS until it is sold.

Q. If I find the buyer, will I pay a buyer's commission?

A. No. If you find the buyer and the buyer doesn't have an agent, you will not owe any cooperative commission.

Q. Can I use a For Sale by Owner sign?

A. No.  In Illinois, once you are listed on the MLS, it is not possible to use a For Sale by Owner sign (FSBO).  Local real estate rules require that property advertisement contain Broker’s information. It is not recommended to use a For Sale by Owner sign.  This will tend to put off Realtors who may want to show your property. It will serve you better to use our BestBid Realty professional yard signs.

Q. What happens when I get an offer?

A. Once Bestbid Realty gets a contract from the buyer or the buyer’s agent, the contract will be e-mailed to you and we will be in phone contact to discuss your options. 

Q. Can I negotiate the contract myself?

A. Yes. We will also be available to guide you through the entire negotiation process.

Q. Does BestBid Realty handle closings?

A. Yes. BestBid Realty will coordinate the closing and confirm that all inspections are completed.

Q. What is Escrow?

A. To show serious intentions, buyer’s funds are set aside and held in a special bank account.  In a real estate transaction, the buyer’s earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Q. Will BestBid Realty hold the buyer's escrow money?

A. Yes, we can hold escrow for all transactions.

Q. Is my data secure?

A. Yes. Our website is secure and your data will never be sold to anyone.

Q. How can I get started?

A. Call us at 877-995-9300.