Frequently Asked Questions.


What is Limited Service.    With recent changes in the Real Estate Brokerage Laws here in Michigan a Real Estate Company serving Home Sellers can now unbundle their full service marketing plan and make each of the core services available on an individual basis.   This is Limited Service.    Instead of full service where there is a Seller's Agent involved,  Limited Service provides  a Transaction Co-ordinator.    With Limited Service the Home Seller can decide what services they want to receive from their Listing Agent and what services they want to waive, or in other words do for themselves in order to save money. 


What is a Transaction Co-coordinator ?    The Michigan Association of Realtors defines a Transaction Co-ordinator as a licensee who is not acting as an agent of either the Seller or the Buyer, yet is providing services to complete a real estate transaction.   The Transaction Co-ordinator is not an agent for either party and therefore owes no fiduciary to either party.    FairWay Real Estate is a Limited Service company and will act in the capacity of a Transaction Co-ordinator for each of it's Marketing and Consulting Services.



Will FairWay represent me in the sale of my home ?   No.  FairWay will not act as a Seller's Agents and will not negotiate the sale on your behalf.   We are a Limited Service Real Estate Company.     We do provide a Consulting Service that will review any written offer that comes in on your home.  Please review under Consulting Services.



What is the Realtor's Multiple Listing Service ( MLS ) ?   The MLS is the single most effective marketing service available through any real estate company.     The MLS is a co-operative listing service among licensed real estate agents and brokers.   Members of the MLS input detailed information regarding properties available for sale into a database that is distributed to all participants .   All members of the MLS have the ability to show and to sell advertised properties, and have the right to collect a Commission to Selling Broker or C.S.B. should they bring the Seller an acceptable written offer at the closing.  



What is the MLSEO ?    An acronym that stands for Multiple Listing Service Entry Only.   This is a brand new service being offered by Limited Service Realtors in the area and it is an Exclusive Agency Listing that allows a Home Seller to list their home in the Realtor's Multiple Listing Service as a stand alone service without any other services involved, while at the same time being allowed to sell their home By Owner.    Some conditions to apply with this service.   This new service is not being promoted by  full service real estate companies, which restricts the For Sale By Owner's  access to the Realtor Multiple Listing Service with Exclusive Right To Sell Contracts.



Why haven't I heard about this service until now?    The full service real estate companies are not promoting this service nor are they endorsing this service.    This has only been around for a short time with the recent passage of the Agent Disclosure and Responsibility Act.



Who is this service designed for ?   This service is not for everyone.   It is designed specifically for those For Sale By Owners who are absolutely serious about selling their home and who want to protect their equity better and save money.    



Why would I want my property listed in the MLS ?   Most By Owners cannot reach a large number of potential Buyers.    This is not due to a lack of desire or a lack of effort, but rather due to a lack of exposure.   When a property is submitted to the MLS it is put in front of over 11,000 Real Estate Agents and Brokers throughout South East Michigan, and more importantly put in front of all of their serious pre-screened Buyers.



Why would FairWay offer this service so inexpensively ?      Because we are  not spinning our wheels creating illusions for Home Sellers and spending time, money and energy with a lot of non-essential services that have very little chance of securing a Buyer.   We want Home Sellers to be successful with our Limited Service and save money.    Since our company is newer we want these successful Home Sellers to help build our company and grow our company, and refer their family, friends, and co-workers to us.

Besides that we have gone through a series of downsizing and cost cutting measures.   As a home based real estate company we have decide to eliminate a lot of non-essential services that only provide PERCEIVED VALUE, and pass that savings along to the Home Seller.   This helps us to be more focused and the result is we offer REAL VALUE.  



Once I sign up for the MLSEO service what will I be responsible for ?    The Home Seller will be responsible for a lot of the day to day activities of selling a home, negotiating the transaction with the Buyer or the Buyer's Agent, and co-ordinating the closing with a Title Company.    Please refer to our Checklist Of Responsibilities.



How long does it take to get my home’s details into the Realtor’s MLS ?   There are four easy steps to get your home into the Realtor's MLS as a MLSEO.    Once these are completed, it takes less than a day for a Mult-List number to be assigned to your home's detail and a Multi-List Sheet to be available and printed.




Is FairWay a discount real estate company ?   No.  Unlike Help-U-Sell which is a Full Service discount real estate company we are a Limited Service flat fee real estate company.



Is the up front advance fee for the MLSEO refundable ?   No.   We are however the only Limited Service company to offer the Home Seller with the Conversion Option with Full Credit.    What this option provides is that if a Home Seller is not happy with the results of this service and they are tired of the whole thing and want to hire or convert to a full service real estate company, FairWay will make sure the money you paid in advance with us the $375 is credited to you and is taken off the amount of the commission the new company will charge you.   Some conditions do apply. 



Is there a cancellation fee ?   No.



If a Buyer calls FairWay about our home, how does FairWay handle the call ?    FairWay refers all Buyer inquires and leads back to the Seller.   It is written into our Service Agreement.



Do I have to pay a commission to a Real Estate Agent who bring us a Buyer ?   Yes.   Only if the Agent brings you a Buyer who in turns makes you an acceptable written offer you are obligated to pay a C.S.B. or Commission To Selling Broker.   FairWay leaves this amount up to the Home Seller.   We do recommend  a selling commission of of 2% - 3% to remain competitive with other homes for sale.    This amount is not due unless you secure your own Buyer, and is not due until the Closing.   The amount is withheld from your proceeds.



Why would I want to pay a Selling Commission ?   Commissioned Selling Agents in the MLS are highly motivated people.    They realize they will only get paid and receive a commission when they bring you an acceptable offer which nets you a satisfactory bottom line figure.    Besides that most homes don't sell themselves so the selling agents have to spend a considerable amount of time showing other homes as comparable,  asking a lot of personal questions and overcoming a lot of objections about buying.



If I find a Buyer on my own do I still have to pay a real estate commission ?   No.   Provide you are the procuring cause and had first contact with the potential Buyer you are not obligated to pay a selling commission.



Can I cancel my Limited Service Listing with FairWay at any time ?   Yes.  Even though we specify an ending time limit, if you are not satisfied with the results of this service you are not locked into FairWay and we do offer you  an easy exit arrangement.   This is written into our Service Agreement.   We will forward you a Termination Of Listing  and your listing will be withdrawn from the MLS once we receive the written request.



Does FairWay assist me when I receive a written offer on my home ?    You can hire us to review your written offers, investigate any contingencies,  and provide you with the appropriate recommendations,.    We will provide you with a list of competent Real Estate Attorney's who can also review the written offer for you.   They will review these offers for you on an hourly arrangement.    Once an offer is hammered out and accepted you can contact a Title Companies who will Co-ordinate all the details of the closing for you.




Are you a licensed Real Estate Broker ?     Yes.   FairWay Real Estate is a licensed Broker in the State Of Michigan and also a member in good standing  of the Greater Michigan Association Of Realtors.    To check on our member status you can click on the following link.    FairWay Real Estate and Bob Lamkin.     When you hire us for any Marketing Services or Consulting Services you are assured of getting a Realtor with over 20 years of full time active service and not just a clerk who will take your order and forget about you.




In addition to the Realtor’s MLS will my property be listed on the internet ?   Your home will also appear on Realtor.com which is the #1 public website for Buyers searching for homes locally and nationwide.



How many photos can I submit with the MLSEO service ?    The service includes 4 photos.    If you want more than four, we offer the Virtual Tour service.   Please click on the link above for details. 



Do you charge for changing pictures, or details, or price ?   No.   We do not charge you extra for making changes.    When you want to make changes in your offering price we will forward you a Status Change Form for you to authorize.   When you accept an written offer we ask that you notify us so that we can chance the status of your home from Active to Pending.  



Will FairWay supply a yard sign and open house signs ?    No.



Can I use my own sign with your MLSEO service ?   Yes.  One of the main benefits of this service to the Home Seller is the right to continue to sell your home By Owner and keep your own sign in your front yard and ads on the internet and find a Buyer and not have to pay a selling commission.    We don't restrict your ability to find a Buyer once you sign up for our service.   This gives you the best of both worlds and increases your chances of selling.



Can I see my listing once it is in the MLS ?   Once the details of your home are submitted to the MLS it usually takes less than a day for it to be assigned a MLS number.    FairWay will then forward you a copy of the listing so you can review it and have it for your records.



How long will my property be listed with FairWay ?   Your Active Listing will run for one year.    There is a $125 fee to renew for an additional year.



Who will show my home once I sign up for your service ?   You will continue to show your home to those Buyers who contact you directly.    Once your home is Listed you will be contacted directly by other Realtors who want to schedule an appointment to show your home to their potential Buyers.    Even though they have never been in your home, they will escort the Buyer  through your home.   You need to make yourself available to let them in the front door.



How successful is FairWay Real Estate Services ?   100% as of January 2012.     For each of the Home Sellers who have hired us as a Limited Service Real Estate Company they have all used our MLSEO service and have sold their homes and have saved thousands of dollars in Listing Agent real estate commissions.  We will provide names and phone numbers of successful Home Sellers who have used our services. 



Do you help price my home ?     We offer a Home Pricing Service.    It takes a considerable amount of time and expertise to prepare a CMA or Competitive Market Analysis and apply it to your home.   A CMA will show you similar propeties to yours that are currently for sale, and more importantly which home have sold for.    Having this information will help you determine your home's optimal list price which is absolutlely one of the most essential services your will recieve from FairWay or any other Real Estate Company.    The cost of this service is $150.   Having a CMA and hiring FairWay  to evaluate the information with 100% objective advise helps you avoid the auctioning or bidding war for your home.   Please click on the  Home Pricing Link above.



Do you offer suggestions to prepare my home for sale ?   We offer a Home Staging Service.   First impressions are everlasting and it takes a considerable amount of expertise to evaluate a home' current condition and look at it through the eyes of a Buyer.   There are certain things that need to be done to every home to maximize it's appeal to even the most savvy Buyer.    With FairWay we will offer a Home Seller general suggestions as well as written specific suggestions that will not only get your home noticed but more importantly get it sold.    The cost of Home Staging is $175.  Please click on the Home Staging link above.



Do you offer Virtual Tours ?   With our Virtual Tour Service we will come to your home and take up to 20 high resolutions photos of the inside and outside of your home.   We will then put these photos into a tour format which will link to your home's details on the Multiple Listing Sheet.    The cost of the Virtual Tour Service is $175.   Please click on the Virtual Tour link above for a sample Virtual Tour and further information.



What is my first step in listing my home with FairWay ?    You can contact us by phone or email and let us know how you would like to proceed and what services you might need.     Our contact information is listed by clicking on the Contact Information  link above.    If you decide on the Multiple Listing Service Entry Only we have prepared a helpful Home Sellers Instruction Sheet with checklist and will email this to you. 



Is it necessary for me to hire a Real Estate Attorney ?    Yes.   With Limited Service the Home Seller will be representing themselves in the transaction.       A competent Real Estate Attorney who is paid an hourly fee serves a valuable purpose in reviewing your Offer To Purchase documents, providing the appropriate  recommendations, and representing you in the sale.  The benefit to the Home Seller in hiring a competent Real Estate Attorney is that they are assured of getting  100% objective unbiased advise 100% of the time.   

The drawback to hiring a full service real estate company is that a Home Seller is getting advise from someone (the listing agent)  who has a financial interest (the commission) in their major decisions.    There is the potential for biased advise.  Because commissions can be substantial there is  the potential for that Listing Agent to steer you in the direction that mainly benefits them and not you as the Home Seller.


Does FairWay offer a Home Warranty Plan.   Yes.   We offer a one year or two year plan available through American Home Shield.    These plans  give the Buyer peace of mind in purchasing your home.   Even after a Home Inspection a Home Warranty cannot prevent systems or appliances from breaking down, but it can make handling the repairs or replacements easier and less costly


Should I have a Pre-Sale Home Inspection done ?      Yes.  When it comes to a Pre-Sale Home Inspection  FairWay believes in the 4 P's.      Proper Planning Prevents Problems.    A certified Home Inspector will access the condition of your home and flag any potential problems.    It is better that the Home Seller confront these issues before a Buyer.    If potential problems  are not dealt with ahead of time  they could  possibly prevent a sale or become negotiating points for a Buyer later on.



What else should I expect ?     offersFairWay has  put together a What To Expect Booklet in a PDF format.    Once you sign up for our service we will make this available to you.    The booklet outlines each of the  eight main step in the Home Selling process and offers tips and suggestions based on over 20 years of getting homes sold and people happily moved. 




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