COMPARE
FMV
vs OTHER Auction Companies
Here's a chart that shows how FMV compares to other top Internet Auction Firms
throughout the USA. Like all of these firms, FMV can handle files Nationwide
(except where state laws do not allow such assistance). Following the chart is
an EXAMPLE auction to compare prices for the different firms.
The BOTTOM LINE: if you follow this comparison to the Example Chart at the
bottom, there you will see visual proof of how using FMV can save you thousands
of dollars (in the example below using a typical $300,000 home, selling/buying a
home on FMV could mean the difference between spending an extra $4500 to
$41,500!! Not only does the Buyer pay less with FMV, but the Seller benefits by
not being priced out of the market vs the competition!)
This benchmark was completed in August, 2008. The other firms were chosen based on
their self-professed success ratios in assisting clients, their nationwide
network, their web presence, and FMV's knowledge about them. For legal reasons,
FMV is not able to list the names of the other firms, however if you do a web
search for real estate auctions and their area, you'll likely find them quite
easily.
Please note that FMV has a high-level of respect for it's online
auction counterparts and FMV wants to see all ethical companies succeed in their
attempts to help agents, buyers, and sellers take advantage of the exciting new
ways to invest and divest in real estate. FMV cannot help every person in
the USA who needs auction assistance - although we'd like to try! Competition in
the auction industry is good for everybody and FMV welcomes new entrants into
the marketplace.
Whether you choose to work with FMV or another firm, our
hope is that you find a solution that helps you to meet your property goals. FMV
or any of the firms on this list would likely relish the opportunity to assist
you! GOOD LUCK!
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agents:
Listing Agents Allowed?
| |
|
YES
(Full commissions allowed)
| |
|
YES
(Full commissions allowed)
| |
|
No, this firm IS the Listing Agent (represents Sellers only)
| |
|
No, this firm IS the Listing Agent (represents Sellers only)
| |
|
No, this firm IS the Listing Agent (represents Sellers only)
| |
|
Agents:
Buyers Agent Allowed?
| |
|
YES
(Full commissions allowed)
| |
|
YES
(Full commissions allowed)
| |
|
|
|
|
|
|
LOW Flat Fee roughly equal to .5% (1/2
percent)!! | |
|
1-3% of winning bid amount
| |
|
5% of the winning bid amount
| |
|
1-3% of winning bid amount
| |
|
10% of the winning bid amount
| |
|
Buyers:
Winning Bidder's Amount of Deposit Required
| |
|
1% * of the winning bid amount + FMV Buyer’s Premium
| |
|
5% (five percent) of the winning bid amount
| |
|
5% of the total purchase price
| |
|
5% of the total purchase price
| |
|
10% of the total purchase price
| |
|
|
|
$99 per 30-day auction
(Fees reduced or eliminate for
Sellers with multiple properties!)
| |
|
|
Privately negotiated with Lender Sellers
| |
|
Privately negotiated with Lender Sellers
| |
|
Up to 10% of the Starting Bid Amount
| |
|
Sellers: For Sale By Owners Accepted? |
YES |
No, must be listed by agent |
No, this firm IS the Listing Agent (represents Sellers
only) |
No, this firm IS the Listing Agent (represents Sellers
only) |
No, this firm IS the Listing Agent (represents Sellers
only) |
|
Sellers:
Accepts both private individuals and
institutional sellers? | |
|
|
|
No private sellers allowed; only lender foreclosed properties
available | |
|
|
|
Which side does the firm represent? (Buyer or Seller)
| |
|
Neutral 3rd party - represents neither side; unbiased
| |
|
Neutral 3rd party - represents neither side; unbiased
| |
|
Represents Seller's Interests
| |
|
Represents Seller's Interests
| |
|
Represents Seller's Interests
| |
|
Ability to make payments online for Buyers and Sellers?
| |
|
|
|
|
|
|
Loss Mitigation Division for Pre-Foreclosures and REO's?
| |
|
|
|
|
| |
*Note on Winning Bid Deposit Amount: For properties
offered by ReNu Investments, the minimum deposit
is 10% due to the fact that these properties are being
offered at such deep discounts and thus subject to “high-volume”
requirements.
Now, let's look at a helpful EXAMPLE for a standard auction.
Assume the winning bid for this auction was $300,000.
BUYERS - Interested to know what the Buyer's Total cost would
be? (Winning Bid + Buyers Premium + Commissions, not counting closing
costs)
AGENTS - want to see how much commission you would earn (if
any)?
SELLERS - want to see what this auction would cost you?
ALL
- want to see how much your auction company is making off the
auction?
TAKE A LOOK BELOW...
TAKE A LOOK BELOW...
|
EXAMPLE AUCTION
(Winning Bid Amount $300,000)
| |
|
|
|
|
|
|
|
|
|
|
Listing Agents Not accepted; No Cost to Buyers Agent
| |
|
Listing Agents Not accepted; no cost to Buyer's Agents
| |
|
Listing Agents Not accepted; no cost to Buyer's Agent
| |
|
Agents:
Commissions earned
| |
|
Listing Agent: $9000
Buyers Agent: $9000
(assumes 6%
Listing) | |
|
Listing Agent: $9000
Buyers Agent: $9000
(assumes 6%
Listing) | |
|
Buyers Agent: $3000
(1%)
Firm = Listing Agent, they
keep other 5% | |
|
Listing Agent = firm, they keep all 6% ($18000)
| |
|
Buyers Agent: $6000
(2%)
Firm = Listing Agent, they
keep other 4 % | |
|
|
|
|
|
$15000
(This 5% is in addition to the 5% Real Estate
Commission the firm also keeps)
| |
|
$6,000
(assumes 2%. This is in addition to the Real Estate
Commission the firm also keeps)
| |
|
$30,000
(This 10% is in addition to the 4% Real Estate
Commission the firm also keeps)
| |
|
|
|
$3000 Earnest money Deposit (1%)
+
$1500 Buyers
Premium
=
$4500 total | |
|
$15000
(5% of winning bid amount)
| |
|
|
|
$30,000
(10% of winning bid amount)
| |
|
Buyers:
Bid Price + Buyers Premium + Commissions
| |
|
300,000 + 1500 + 18000 =
$319,500
| |
|
300,000 + 6000 + 18000 =
$324,000
| |
|
300,000 + 15,000 +
18,000 =
$333,000
| |
|
300,000 + 6000 + 18000 =
$324,000
| |
|
300,000 + 30,000 + 30,000 =
$360,000
| |
|
Buyer:
Amount overpaid by not using FMV Auctions?
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Auction Company Revenues from this auction
| |
|
|
|
|
|
|
As you can see, ALL of these firms have something positive to
offer you. ALL of these firms are very successful at what they do, but ONLY FMV
Auctions! has the opportunity to provide you with ALL of the benefits noted on
the chart above!
The choice is clear - FMV Auctions!
|
