HOW DO I GET STARTED
or call us at 888-58-OMEGA.
Additional Resources
Do you already have an offer?
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Contact our office right away. |
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Discounts are available for clients who already have an
offer and do not require MLS listing.
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What is the MLS?
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The MLS or Multiple Listing Service is the most comprehensive database of homes
for sale locally and nationally. 95% majority of residential real estate transactions
occur directly because of MLS exposure. Listing your house on the MLS notifies
thousands of local real estate agents and their buyers that you want to sell.
Since the MLS is now
accessible to anyone on the Internet, your house is also exposed to millions of
agents and buyers worldwide. The question is how much do you want to pay to be
there? Omega makes this vital marketing tool
available to you at a fraction of the cost of using a traditional broker.
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How can Omega Realtors afford to sell my home for so much less?
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We use both technology and volume to lower our costs, and pass the savings
on to you.
- Minimize Meetings - We meet in person at the listing appointment
and at the closing table, rarely in-between.
- Home Marketing Center - Our centralized Internet site where you can
securely make changes to your home's asking price, description, or terms 24x7.
- Document Scanning - Scanning your disclosure forms and posting them on the MLS
eliminates the need for us to fax them to agents interested in your home.
- Electronic Offer Presentation - For our Full-Service Program, we
scan all your offers and net sheets.
Your Realtor will then review them with you online.
- Cut Unproductive Costs - Newspaper ads and open houses are not effective
ways to advertise. See our Homesellers Handbook for more about this.
- Volume - By selling more homes, we cut our overhead costs associated with
each sale.
We focus on the one proven way to sell your home -- marketing it to other agents
via the MLS. This cuts our costs, and allows us to provide licensed Realtor
service at much a lower price than our competitors.
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Why is Internet exposure important?
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Savvy buyers are increasingly turning to the Internet when they go looking for
a new home. Often a buyer won't even contact an agent until they are interested
in a specific home. If you're home isn't online, you're missing a large pool
of buyers.
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Where will Omega post my house on the Internet?
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We supply our listings to Realtor.com, MSN Homes, Yahoo Real Estate, and most other
major home search sites. In addition, many California brokers have established their
own sites for prospective buyers (ColdwellBanker.com, ReMax.com, etc...). Your house will
be listed on these sites as well.
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Do I need to supply pictures of my house?
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No. When we list your house, we will also make an appointment for one of our
Realtor staff members take 6-10 digital pictures of the interior and exterior of
your house. These will be posted on the MLS, and on the various websites.
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What else is included in the Omega listing program?
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- Posting on your local MLS and the websites mentioned above.
- A Comparative Market Analysis (CMA) to help you determine an asking price.
- Placing a yard sign your front yard.
- A lockbox so MLS agents will be able to show your house.
- Telephone access to licensed Realtor staff members to answer any questions you have.
- Online access to change your house's listing any time 24x7.
- Additional benefits are available with our Our closing program also offers additional benefits.
Get a preview of our online tools right now by taking the Home Marketing Center Test Drive.
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How do I determine my asking price?
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We'll prepare a Comparative Market Analysis (CMA) to determine your house's
market value, including detailed data on comparable homes that have recently
sold in your area. We'll advise you of your house's optimal selling price range,
but the final listing price is your decision.
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Should I offer a home warranty with my house?
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Yes. We strongly recommend a home warranty for every home sale. A warranty
gives the buyer peace of mind, and makes your home more marketable. Typical
homes cost $400-$500 depending on age, location and coverage.
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Should I have the pest inspection done before receiving an offer?
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In most cases, yes. Pest inspections are required, and usually take 2-3 weeks to
schedule. If the inspector finds something that needs to be repaired prior to
sale, expect another 2-3 weeks to schedule the work crew. Unless you're planning
on sitting in escrow for 2 months, we suggest taking care of both the inspection
and any needed repairs up-front. Inspections cost $100-$150 for most homes.
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How long does it take to list my house?
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You can signup online and
we'll call you to setup an appointment to take photos of your home and sign
the listing agreement. Once the paperwork is done, your house will be posted to the MLS
within 24 hours. Or, if you can speed the process even further by
creating an online home profile.
You'll receive immediate access to our Home Marketing Center, and we'll have most
of your listing information already in our systems.
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When do I need to pay for Omega's services?
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Our full service program is paid through escrow only when your home closes -- you pay nothing
in advance. On our FSBO program, the fee is due when we list your home.
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Will I owe any commission when I sell my house?
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When you post on the MLS, you decide what commission to offer buyers' agents. The
amount is negotiable, but the MLS rules require that you offer a reasonable commission
to motivate buyers' agents to show your home.
If the buyer who purchases your home is represented by an agent, you will owe
that commission to the buyer's agent. If you find your own buyer, you can save that
fee and pocket it yourself. In Northern California
today, most sellers offer 2.5% to a buyer's agent. While we can tell you what
commission surrounding homes near you are offered at on the MLS, the exact amount
to offer on your home is always your choice.
NOTE: Omega does work with buyers as well. It is unlikely, but possible that an
agent from our own office will find the buyer for your home. In that case,
the Omega agent would collect the buyer's agent commission. To avoid any possible
conflict of interest, we always tell you whether an offer was obtained by an
agent from our office, or by an agent from the MLS.
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Will all Realtors show my house to their clients?
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Yes. Since buyers' agents are subject to commission, all Realtors will be
motivated to show your house to interested clients. When it comes to showing your
home, listing with Omega is no different from listing with a commission-based
real estate agent.
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What if I find a buyer myself? Do I still owe a commission?
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No. If you find a buyer yourself who does not use an agent, we will handle
the paperwork for you, but you will not owe any additional commission to
anyone. If there's no buyer's agent, there's no commission.
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What if a buyer contacts me directly after being shown my house?
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You will still owe the Realtor who showed your house to that buyer the buyer's
agent commission as specified in the listing agreement and on the MLS.
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What if a prospective buyer contacts Omega directly?
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If an Omega agent shows the home to a buyer, and that buyer purchases the home,
the Omega agent will expect to collect the commission, just like an agent from another
company would. However, if you put a prospective buyer in contact with your
Omega listing agent, there is no commission.
Historically, one of our agents finds a successful buyer on about 5% of our homes. Another
5% sell directly to a buyer who does not have an agent at all. The remaining 90%
sell through a third party agent via the MLS.
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Do I need to be home for showing?
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No. One of the advantages of using Omega rather than selling your
home directly yourself is that we supply a lockbox, so we or any other licensed Realtor
can show your house whether you are there or not. Realtors are instructed to call
at least 2 hours in advance of showing, so you shouldn't be surprised by
anyone walking in your front door unannounced.
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How can Omega afford to sell my home for so much less?
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We use both technology and volume to lower our costs, and pass the savings
on to you.
- Minimize Meetings - We meet in person at the listing appointment
and at the closing table, rarely in-between.
- Home Marketing Center - Our centralized Internet site where you can
securely make changes to your home's asking price, description, or terms 24x7.
- Document Scanning - Scanning your disclosure forms and posting them on the MLS
eliminates the need for us to fax them to agents interested in your home.
- Electronic Offer Presentation - For our Full-Service Program, we
scan all your offers and net sheets.
Your Realtor will then review them with you online.
- Cut Unproductive Costs - Newspaper ads and open houses are not effective
ways to advertise. See our Homesellers Handbook for more about this.
- Volume - By selling more homes, we cut our overhead costs associated with
each sale.
We focus on the one proven way to sell your home -- marketing it to other agents
via the MLS. This cuts our costs, and allows us to provide licensed Realtor
service at much a lower price than our competitors.
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Why do I need Full Service? I can manage my own closing.
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There is no reason you cannot complete the closing yourself; however, most sellers
find the process far more pleasant and less stressful when they have professional
help. If you have experience selling 3-4 homes within the last 10 years, and
have the time to devote a couple hours each week, go for it.
If you're too busy to manage the escrow and inspections yourself though,
we can take that load off your shoulders.
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Who is involved in the closing process?
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A typical close in California involves the following participants:
- Mortgage Broker - The originator of the loan. Communicates between lender and buyer.
- Lender - The buyer has to get the money from somewhere.
- Appraiser - Lenders want to make sure the home is worth what the buyer is paying.
- Pest Inspector - Checks for termites and other wood-destroying pests.
- Home Inspector - Not required, but most buyers pay for one anyway.
- Roof Inspector - Required for some loans. Buyers may purchase even if not required.
- Insurance - Lenders require that the buyer have insurance lined up before close.
- Title Company - Writes insurance to protect the lender's interest on the property.
- Escrow Company - Holds the money and transfers the deed at closing (same as title in No. CA.)
When you purchase the Omega Managed Offer and Closing Program, we will
help you select the participants, and coordinate among all of them to make sure all necessary
documents and funds are at the closing table on time. In the rare event that the inspections
turn up a problem, we will help you work with the buyer to resolve these issues and keep
the sale on track.
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What are my responsibilities under the Full Service Program?
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Once you accept an offer (our Realtors will help with that as well),
you will need to provide us with the name of
your current mortgage company, your loan number(s) and title information. We'll
handle the rest and keep you apprised every step of the way.
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Is there a "correct" amount of earnest money?
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Earnest money is a deposit that the buyer makes when they submit their offer. It's
like an insurance policy that they won't back out of the deal.
A good rule of thumb is that the earnest money deposit should be about 1% of
the purchase price.
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How do I know if a buyer is qualified?
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A pre-approval letter submitted with an offer speaks volumes about a buyer's financial
qualifications. When we take an offer on your behalf,
we always request a pre-approval letter showing that the buyer has already
been approved for the proposed loan amount.
Don't be confused about pre-qualified vs. pre-approved buyers. Pre-qualified
means almost nothing. A pre-qualified buyer still needs to go through income
verification and underwriting with a lender. Pre-approved means that the lender
has already done the underwriting and is prepared to offer the buyer a loan as long
as the house checks out. A pre-approved buyer is effectively shopping with cash.
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What if the buyer backs out of the deal?
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In this case, the outcome depends upon the reason. If the buyer backs out
because an inspection turned up something unexpected, their loan fell through,
or they could not remove a contingency, the earnest money deposit will usually be
refunded. In this case, you and the buyer sign a "cancellation of purchase"
agreement and the earnest money is returned to the buyer(s). If the buyer backs
out for a reason not covered in the contract, you may be entitled to keep the earnest
money as damages for the buyer failing to perform.
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Can I start this program if I've already accepted an offer?
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Yes. Fax the purchase agreement to us, and we can manage the escrow for our same,
low flat fee.
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How will I know what's going on with my closing?
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We load all the documents and reports onto a secure custom website, created specifically
for the sale of your house. You, the buyer, and the agents all have the ability to view the
documents, to help you keep keep track of what's been completed and what is still
outstanding. Documents can be uploaded or faxed in by you, us, the buyer's agent,
or the various inspection companies and other vendors involved in the process.
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What should I expect to pay for in closing costs?
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All fees are negotiable at the time a purchase contract is signed. However, there are
some conventions concerning who typically pays which fees. These conventions are very
locale specific, and vary even between Northern and Southern California. The following
list outlines the fees paid on a typical home in the Sacramento area, sold at a price
of $300,000-$600,000.
Sellers typically pay for:
- Buyer's agent commission (2.5%).
- Escrow fee ($400-$600).
- Lender's Title Insurance Premiums ($1400-$2000).
- Termite inspection ($100).
- Termite & dryrot repairs (varies).
- Roof certification ($250-$400).
- Home warranty ($350-$500).
- Transfer tax ($1.10 per $1,000 of sales price)
- Document preparation & notary fees ($50-$100).
- Recording charges ($100).
- Any judgements, tax liens, etc. against the seller.
- Any unpaid homeowner's dues.
- Any bonds, assessments, and property taxes up to date of close.
- Any FHA loan fees required by buyer's lender.
- Payoff of all loans in seller's name.
- Interest accrued from last mortgage payment to closing date.
- Payoff statement fees and any prepayment penalties.
- Transactional coordinator / Administration fee ($300-$400).
Buyers typically pay for:
- Owner's Title Insurance Premiums ($800-$1200).
- Document Preparation and notary fees ($50-$100).
- Homeowner's Transfer Fee ($0-$200).
- Property taxes from date of purchase.
- Recording charges for all documents in buyer's names ($50-$100).
- Fire Insurance Premium for first year (varies).
- Inspection fees: home, roof, septic & geological (varies).
- All new loan charges except seller FHA fees.
- First month's mortgage interest.
These are guidelines. Every purchase is different, and all costs are negotiable
as part of the purchase contract.
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When do I need to pay for the Omega's services?
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You pay nothing until your home closes; we collect our fee at close of escrow.
There are no upfront costs.
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What does the title company do?
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Title or escrow companies are responsible for reviewing the title of the
property to be sold or purchased to ensure that the title is clear (i.e., free
of any encumbrances such as liens on the property). They also close the
transaction, disperse funds to the proper parties and file all necessary
documents with the appropriate government agencies and financial
institutions.
Note, in Southern California, the title and escrow functions are often separated.
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What are the most common closing problems?
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Obtaining clear title to the property, missing copies of certified documents
such as a marriage license, divorce decree or power of attorney. The buyer's
homeowner's insurance policy can take a week or two to secure as well.
Last minute lender and loan issues are rare, but if you're buyer bought a car
on credit halfway through escrow, it will throw a serious wrench into the
equation. The point is, we keep you informed about what's going on, and
make sure you understand your options if the buyer begins to drag
things out.
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Will Omega help me resolve problems?
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We do our best to manage the closing issues for you and keep them from impacting
your close date. In rare cases, an escrow closing may be delayed while the buyer
completes some last-minute requirements.
We will help you in any way that we can to make your transaction smooth and
painless. However, by law, we cannot give legal or tax advice. Our expertise is
in real estate; if you need advice in other fields, we can put you in touch
with qualified professionals who can help.
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