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Frequently Asked Questions
Q. Does Sky Realty have licensed agents?
- Our support staff includes licensed real estate professionals that will assist you throughout the buying process.
Q. Do I need to meet my Sky Realty agent before viewing a property?
- There is no need to meet an agent in person. This program is designed so that all documents, questions, and offers can easily be conducted from your computer, phone, or fax.
Q. Why would a listing agent be willing to show me a property without a Sky Realty agent present?
- Should they have any issues showing you a property we assure them that, in our case, we refund most of the commission to the buyer. Listing agents do not have to worry about having to do more than their fair share of the work when negotiating an offer from a Sky Realty agent. Our experienced agents prepare all the paperwork, handle negotiations and contingencies, and coordinate closing.
Q. How will my offer by received by traditional agents?
- Listing agents and sellers alike are motivated to take the best offer and get the property sold. Listing agents are obligated by law to present every offer to the seller. We make sure your offer is compelling and fair.
Q. Will a Sky Realty agent negotiate and handle counter offers?
- That is the primary focus of Sky Realty.
Q. Why are you refunding your commission to the buyer after closing?
- Why should Sky Realty get all the commission when you, the buyer, are doing all the leg work to find the property. The only thing Sky Realty is charging for is the handling of negotiations and closing.
Q. What are your hours of operations?
- Sky Realty agents are available between the hours of 9:00 am and 6:00 pm eastern standard time Monday through Friday.
Q. What if I submit an offer after 6:00 pm?
- A Sky Realty agent will contact you the next business day.
Q. How do I contact listing agents?
- Agent information is available on the bottom of the listing page of realtor.com and other various home sites.
Q. How much money can I expect to be refunded using Sky Realty?
- Usually, commission to buying agents is between 2 and 3%. The amount varies depending on the commission the seller offers buyer's agents. Sky Realty keeps 1/3 of that commission and you get 2/3rds of the commission after closing.
Q. How will I know exactly how much I will have refunded to me after closing?
- There is a $1500 minimum but this is only an issue if the purchase price
of the home is less than $150,000.
Q. When do I get my commission refund?
- Expect to receive your commission check within 7 to 10 days after closing.
Q. Do I pay taxes on my Sky Realty refund?
- No, the IRS has ruled that Sky Realty does not have to report commission refunds as taxable commission.
Q. What kind of offers does Sky Realty support?
- Sky Realty lets you make offers currently in Ohio. Sky Realty is looking to expand and hopes to be in multiple states soon.
Q. Who can use Sky Realty as a buying agent?
- You must be pre-qualified to borrow the amount needed to buy the property.
You cannot have a current buyer's agency contract with another real estate agent.
you cannot have simultaneously have an open offer on another property.
You must have access to a fax machine, internet, and email.
You must sign the Sky Realty Buying Agency Agreement.
Q. What if I submit an offer through a Sky Realty agent and the seller doesn't accept the offer?
Do I have to pay anything?
- No, we do not get any money until you close on a home.
Q. Is there a limit on the number of offers I can generate through Sky Realty?
- You are limited to six offers every six months. This does not include counter-offers.
Q. If I submit an offer through Sky Realty, are you obligated to work with me as a client?
- No. If an offer price is far below the apparent market value of the property in question, we may ask you to explain your pricing. Without a reasonable rationale, we may ask that you modify your offer.
Q. What if I start working with Sky Realty and decide I want to work with a traditional agent?
- Just contact us and we will remove you from the program.
Q. What if I am already using a traditional agent?
- If an agent has already helped you find a property you must make the offer through them. If you believe the agent is not delivering the value you expect, you can end your relationship with that agent buy informing them in writing that you no longer want to use them. Please be sure to read your current agency agreement carefully to make sure there are no penalties. If you are unsure of any agreements, you may want to have an attorney assist you.
PHONE 440-465-5697
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