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Facts about MLS

If you are planning to sell your house, get your For Sale By Owner property listed in MLS paying a flat fee (as low as $299) rather than paying 6% commission to Realtors. You can be listed in same Realtor's MLS along with other listed homes, and that too without paying 6% commission.

Many people using For Sale by Owners are getting listed in MLS these days and thus are saving lot of money that goes in commissions. Internet is revolutionizing real estate market and For Sale by Owner homes are getting priority.

After getting listed in MLS, you can yourself hold an Open House/ make fliers/ talk to buyers. I believe that most FSBO - For Sale by Owner sellers are in a position to sell better than Realtors. After getting listed in MLS, exposure on other websites like yahoo/ excite/ msn/ prudential etc

Let’s understand the 3 possibilities of selling a home:

- If you agree to hire 6% agent, you have to pay a huge sum as commission even if agent has not done anything specific.
- If you list in MLS, and you get buyer with agent, you pay flat fee($300 - $600) and commission to buyer agent which is usually 3%, you still save approximately half the money.
- If you list in MLS and buyer you get has no agent, only flat fee is being paid and zero commission saving you lots of money.

Steps to get enlisted in Flat Fee MLS:

- Choose the site you would like to get enlisted with.
- Select your location/ area on provided Map.
- Read various services offered, review them, then click on "Place Order"
- Feed in the required information along with property address
- Receipt is generally sent to you through email
- Further instruction/ information is emailed to you within 24 hours of placing the order. A broker would be assigned and you can further contact him
- After you have submitted the complete required information, property gets MLS listed
- Within 1-5 days, your listing would appear on website

You are in total control and have the option to cancel the contract any time. In case with working with realtor, if you intend to cancel the deal, you owe 6% to realtor. MLS is the biggest online database of homes and thus sell at best price very quickly.

There are few misconceptions about MLS. First of all it is not single big national database rather there are over a thousand MLS across the country and realtors need to join MLS to get access to information in that particular MLS and being member of a MLS would not provide automatic access to other MLS.

Second misconception is that everyone or anyone may have a look at MLS listing. In fact, lot of information is not available for public view.

Third misconception is that after getting listed in MLS, an agent is not at all required; whereas actually MLS has been created by agents in order to share their listings.

Article Source: http://freelegalinformation.info

Mike is a freelance writer for For Sale By Owner, a Flat Fee MLS company that specializes in placing For Sale By Owner (FSBO) properties on the Realtors® Multiple Listing Service (MLS) for a low one time flat fee.

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