This new “homes for sale by owner” website has now gone live from beta testing where the site has over 44,000 houses listed for sale by the owners. http://www.FreeHomeListingOnLine.com is a Massachusetts-based company offering owners of homes, houses and condos the opportunity to sell their house without the services of a real estate agent. A basic listing is free with one photo. Sellers can upgrade their listing with additional photos, links to their own website or featured listing status. The company is advertiser supported and generates thousands of mortgage leads per day.
Boston, MA (PRWEB) January 25, 2011
http://www.FreeHomeListingOnLine.com has been in development for nearly two years, and is already one of the top 20 real estate websites in the U.S.
The company is based in the Boston area but does business in all 50 states.
Advertising is the primary source of income for the website which also generates thousands of mortgage leads per day from potential home buyers.
The time needed to input a house for sale is only 6 minutes with a very simplified on line form, and the ability to quickly upload a digital photo. The listing goes live after administrative approval, usually within a few hours.
The company has advertising relationships with many other classified and real estate websites such that homes listed on http://www.FreeHomeListingOnLine.com can also be found on other sites. Viewers can then click on a property and will be directed back to the original listing for additional information.
A basic listing for the property and photo are free. Sellers have the option to pay an extra fee to have their home featured for their zip code; to upload additional photos; or to have a link to their own personal website.
The company feels the slow real estate market actually enhances the “for sale by owner” concept, commonly known as FSBO’s. People are looking to get a better deal on a property and eliminating the real estate broker commission can result in substantial savings to home buyers.
General Manager Tracy Trumble commented that the internet has eliminated the middle-man in most industries so it was only natural that real estate would follow. She noted that having a lawyer or title company perform the closing actually includes much of the leg work a real estate broker might assist with for final paperwork needed for the closing and recording of the deed. A 7% commission on a $ 400,000 home purchase would mean the buyer could save $ 28,000 if no real estate agent is involved, she noted.
Recent years have resulted in many changes to real estate companies, notably the “rebating” of part of the commission to the buyer. Formerly banned by Fanniemae and Freddie Mac years ago as a seller concession to the actual price, the practice is now legal in many states resulting in lower net commissions for real estate professionals.
This website takes it to the final step, totalling eliminating any fee in connection with purchase a house or condo, by matching Sellers and Buyers with this free service.
With 44,000 listings of homes and condos for sale by owner, the company is adding between 300-400 new listings per day.
The company can be contacted at: info@FreeHomeListingOnLine.com
The firm employs about a dozen people and plans to add 50-60 additional employees this year including web designers, search engine consultants, affiliated marketing reps, Advertising sales reps and Customer Service Telephone consultants based in the Beverly, Mass. area north of Boston. The company has satellite offices in West Palm Beach, Florida and Austin, Texas where strategic partners are based.
A large call center is being planned for an undisclosed location, possibly on the west coast where several of the company’s principal investors are located.
The company has been backed by private investors but is looking to raise $ 7 million in venture capital or other financing this year for additional national advertising exposure.
The company has strategic relationships with many real estate websites and advertising programs such as national affiliated marketing firms (who broker ads between websites).
Company officials feel that fsbo real estate sales, those with no real estate broker involved, will rise from approx. 12% of all sales in 2010 to approx. 20% of all real estate transactions by 2012 as more people look to save money without using a real estate broker. The number of sellers willing to go it alone without a real estate broker will likely to continue to increase as people find they are capable of doing it themselves, with the closing lawyer (or title company) handling legal matters.
After Seller and Buyer agree on a price, the company encourages the parties to use the services of a local real estate lawyer to draw up the Purchase and Sale Agreement, most of which are standard state-specific forms, though a hand-written sales offer is also legal and common in most states. In most states, the seller or their attorney creates the sales agreement. A financing contingency which gives the Buyer time to obtain a final mortgage commitment is also common, and encouraged, company officials say.
The company describes itself as an “MLS equivalent” for those people looking to sell their house, themselves.
The company is also coordinating a national title closing roll-out so people can actually close their loan in the comfort of their own home, with just a notary being present to witness signatures and record the deed in the local government agency.
The company also features national mortgage lenders, and local mortgage brokers and banks who offer attractive loan rates to qualified buyers.
The corporate offices may be reached at (978) 526-8113. Please ask for Tracy Trumble, Gen Mgr. or Jack Gallagher, Communications Director
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For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2011/01/prweb4995244.htm
