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A Beginner’s Guide to Flat Fee MLS

By Jim Con Subscribe to RSS | June 11th 2012 | Views:
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In the real estate industry, there are several ways to buy and sell properties. First, a seller can post ads online through a buy and sell website, because buy and sell websites have property sections where all properties for sale are posted. Second can be by word of mouth, or even post in it social networking sites. Third, the seller can post ads in the local newspaper, and last, the seller can stick a post on the property for sale.

But the most commonly used is the flat fee mls method. This is a real estate industry practice where the seller enters into a "single service contract" with a broker. The real estate broker or the flat fee realtor accepts or agrees to a flat fee instead of a percentage of the selling price. If the buyer of the property has a flat fee realtor as well, it is also given a percentage which could be a flat fee as well. Flat fee mls is most commonly used in for sale by owner (FSBO) deals. The reason is because most flat fee mls allow the owner to post as an FSBO by means of using their sign and providing all necessary information. This practice is not recommended for owners who will be moving or have moved to another place away from the area. Successful transactions may happen from time to time but it can be frustrating for a seller to negotiate or have a long-distance contract and have everything run smoothly until they close the sale.

Mls listing on the other hand, which is also known as multiple listing systems or multiple listing services, is a record of all the properties for sale in a specific area. This is where all the properties for sale by owners are posted. Mls listing is also most commonly used by real estate brokers, agents, and homebuyers. Mls listing contains all important information an interested party would need about the property. A very great advantage of this is that it is available online which makes it easier and searchable by everyone.

For sale by owner or FSBO is another practice in the real estate industry where the owner sells his property without any help from a flat fee realtor or real estate agent. Sellers or owners represent themselves with the aid of a lawyer all the way through the consummation of the sale. One major reason why some sellers or homeowners go for the for sale by owner method is for them to avoid paying commissions.

Jim Con - About Author:
Jim Con is a shrewd consumer who writes about personal finance and real estate topics like: flat fee mls, flat fee realtor, Mls listing, for sale by owner

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