Are you representing me as an agent?
No. We are empowering you to be your own agent. We're here to help navigate the complexities of a real estate transaction, but ultimately you are representing yourself. Similar to how a For Sale By Owner represents themselves, you're doing the same thing on the opposite side of the table. Our team is here to help you work through any issues and to coordinate the transaction for you...but we are not officially your agent.
Can you help me with financing?
Yes, we partner with great lenders who can help you get a loan. When you submit your offer, just tell us you need financing and we will put you in touch with a lender who can help.
How do you get paid?
We charge a flat service fee of $5,000 at closing when the transaction is completed. We request this amount from the seller when your offer is submitted. This amount will either be paid at closing by the seller or added to the total amount of the home if they refuse to pay our flat fee.
Do you provide home tours?
No. However, we do send tour request to the listing agent or homeowner on your behalf. If you need to see the home before making the offer, you can submit a tour request or contact the agent or homeowner directly. You can still use Realable to submit your offer when you're ready.
Do you help with pricing?
Yes, we're happy to help you find a price that is likely to be accepted by the homeowner. You want a good deal and the seller wants a good price. Often times, it just takes some back and forth between the two parties to find the price that is right for everyone. We're also building new ways to analyze home listings and find the optimal fair market price using AI, recent home sales and more to give all parties a reasonable assessment of a home's true value.
Do you make me sign any contracts?
No. You're representing yourself. If you choose to use an agent instead, you're free to do so. There's no need to sign a contract with Realable. Just submit your offer and we'll take care of your offer and help you manage the transaction.
How do you handle foreclosures and short sales?
We're not sure yet. Working with the banks will likely be something the title company and our transaction coordinators will handle.
Can I make offers on multiple homes?
Yes. You're free to make as many offers as you choose. We have investors making multiple offers a week and only close on a few of them. We automate as much as possible so you can move as fast as possible to find the deals that make the most sense to you.
Do I need a licensed Realtor to make an offer?
No. Many in the industry will try to convince you that you need a REALTOR. It could be advisable in some situations, but it's not necessary.
What if I need advise after I make the offer?
If you get in that situation, we have agents and former agents on staff who can help. If you want to talk to an active agent, you're free to do so on your own or we have a network of agents as well. They could request additional compensation and we can handle that within your offer. You can choose to stay within Realable or cancel your offer and resubmit it with an agent. We hate to see you go, but sometimes those situations are unavoidable.
Are you Realtors?
No. However our founder, Damon Pace, is a former Realtor from Arizona. He parted ways with NAR in 2008 when they tried to stop him from allowing consumers to review other Realtors.
How does this affect listing agents?
Listing agents are free to create their own listing page on Realable to attract offers from buyers who want to submit direct offers on your listings. It's 100% free to create an offer page on Realable and can help you attract buyers to your listings.
Why are you building Realable?
The recent NAR settlement means that many home sellers are no longer paying the industry standard of 3% to the buyers agent. Realtors don't want to admit it...but that business model is dead. They're trying to keep it alive by forcing buyers representation contracts to ensure they get the 3% from the transaction. Many buyers can't afford that commission if the sellers refuse to pay it. At Realable, we're providing an alternative method to help home buyers save 3% and not be trapped into an agreement that isn't in their best interest.
As former Realtors, we know the same amount of work goes into representing a $100k sale as a $1 million sale. There's more at stake, but the work load is essentially the same.
We belive the only thing that truly makes sense for home buyers is a flat fee.