ERA has had it for at least 5 years and about 30 ERA agents in my MLS use it as a marketing tool.  Several ReMax agents also use it here and several independents use it too.

It has been taught by Craig Proctor for many years.  The catch is that a predetermined agreed upon below market price is used for the purchase if the home hasn't sold in the required time.  The seller also has to agree to buy their new home through the same agent within a certain time limit.

Proctor advertises that he has a credit line with a bank set up for this but that he almost never has to go through with the purchase.

One of the agents who used to advertise it here has stopped advertising it.  Either it didn't work or it worked too well.  If you are interested in acquiring homes for rentals or flipping, its a good way to get them at a good price.  

I am with ERA and the tag line is "if I can't sell your home, ERA will buy it".  It is a great program, not like Craig Proctors (I'm not saying his isn't great... it is just very different).  Our program puts the seller into a marketing program that lasts about 6 months, and the seller can become a buyer.  Sellers that are ready to retire, and don't want to deal with buyers coming and going, and want to get onto the "rest of their lives" seem to gravitate towards.  Also, sellers that are buying new construction, building their home.  

Shelly

My tag line is "If I can't sell your home, I will cry with you."

It gets the sellers in touch with their feminine side,

doesn't help from a business standpoint though. Might need to rethink that one.

Actually Bill there is an article in this months Broker Agent news online about a plan similar I think to this buy it if I can't sell it program.

Are you thinking of doing something like this? Maybe it's just me, but it seems like you are saying upfront "I don't think your house is going to sell so here is plan B. But I guess it is an option that some sellers would like to have.

It sounds like a guarantee.  I think that is way people would like it.  One of the ex-agents in my office did that also.  Not sure how many he had to buy but he was a busy bee.  

Jana

Yes I wondered about that, wouldn't they have to have something upfront that says I am interested in your property or is it some kind of side contract?

We have a couple of agents in the New England area advertising this, as well.  "Sold in 70 Days, dot.something or we'll buy it ourselves"(for 70% of market value {not said in the commerical}).  "We outsell the average REEL-A-TOR, by more than 4-1!

If you're going to practice the profession, at least try to learn how to pronounce it.

Sorry, Am I getting pissy again?  My bad.

"Sorry, Am I getting pissy again?"

And just when we got your halo back in position!

Even Angels trying to work their way back from the Dark Side have momentary lapses.  I'll do my best from this day forward.  Humble, as ever....Cathy

actually our offer is 90% of appraisal, paid in 6 months.  Gives us 6 months to market and sell the home for more.  It is a guarantee.  and if your home hasn't sold in 6 months time, with marketing and pricing, and ERA buys it... well 90% of an appraisal done 6 months ago is probably looking pretty good in this market.

Shelly

This all sounds great during upward trend. I am skeptical about its practical side when market becomes a slippery slope.

http://www.namneet.com

Bill, we continue to market it for sale.  If it sells for more than was paid for it, all monies collected over and above the sale price and expenses and holding costs, is given to the original owner. ERA isn't in the business of owning homes, we are in the business of selling homes.  It is a peace of mind program. We also have a bridge loan available, and it allows our sellers to make non-contingent offers on thier new homes (as they have an offer to purchase in hand).  Our program is very much like the corporate buyouts for relocation.

Shelly

I just don't like our program being lumped in some of those, "we buy homes fast" deals and offering dimes on the dollar.  I believe our program is a good one that works to give the seller a guaranteed out, but works to do better for them.  

Shelly

I know years ago ERA came out with that and took control on the market about 12-13 years ago then when the market switched to a sellers' market we did not hear that anymore. I have to look into that I truthfully do not believe they are doing that here. How can they with the prices. The homes are staying 6 months anyway. I do not see as many ERA signs. I see Re/Max ????? as far as the eye can see. A lot of new ones popping up all the time.