A Short Sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the "deficiency".
A foreclosure, for the purpose of HungryAgents, is a property which has come into the ownership and, usually, possession of the mortgage lender, without right of redemption by the borrower, usually for the reason of delinquency in mortgage payments.
A Member Seller is a property owner who has registered his/her property with HUNGRYAGENTS.COM® ("HungryAgents") to receive bids on the amount of commission that *Member Agents will charge them to sell their property. There is no charge for doing this.
A Member Buyer is a potential property buyer who has registered with HungryAgents to receive bids on the percentage of commission a *Member Agent is willing to rebate to the Member Buyer in states where this is not prohibited by law.
There are several answers to this question. The first is that we must be sure that the seller or buyer is actually a person who wants to get a bid on listing or purchasing a property and not just someone interested in keeping commission rates high by filling our system with bogus information. This is why our system emails your informaion back to you when you register as a Member Buyer, *Member Agent or Member Seller. The second reason is that by gathering the buyer’s or seller’s information only once, we can be sure that our system can automatically forward the correct information to the *Member Agent when the Member Seller or Member Buyer chooses (and verifies that choice) to do so.
The Property Public Profile is the information about the property that the *Member Agent will see before he/she bids on the commission the Member Seller will pay to sell his/her property.
The Buyer’s Purchase Profile is the information about the type of property the Buyer wants to purchase, which *Member Agents will see before they bid on the percentage of the commission they will rebate to the Member Buyer upon a purchase.
A Bid, for the purpose of HungryAgents, is the amount that the *Member Agent will receive in return for services provided for the Member Seller in the sale of Member Seller’s property. In the case of a Member Buyer, it is the percentage of the commission that will be rebated to the Member Buyer upon the purchase of a property. The listing or purchase agreement between the parties will determine the exact amount and terms.
This is the date that the bidding will end for a property. It is set to seven days from the registration. After the seven days expire, the *Member Agents will no longer be able to bid on the property or Buyer. If the Member Seller or Buyer is not satisfied with the bids received in the seven days, they may register the property again.
A rebate is a deduction from an amount to be paid or a return of part of an amount given in payment. For our purposes it simply means that the *Member Agents will give the Buyer a part of the commission earned on the sale. Rebate offers void where prohibited. In some states offer restricted to a credit at closing.
The States that presently prohibit commission rebates are: Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee. In these States we will still ask *Member Agents to indicate their willingness to help you find the home you want by submitting a non-rebate bid. Buyers can see the *Member Agent's profile and/or "BIO" and choose to be contacted.
This is the date the Member Seller actually wants his/her property placed on the market.
A Listing or a Listing Agreement is an arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period of time.
A Full Service Listing, for the purpose of HungryAgents, must include, but is not limited to, the following services at no extra charge above the Total Commission submitted in the bid:
Listing the Member Seller’s property in the local MLS (Multiple Listing Service), where available, for the duration of the listing, unless the Member Seller declines this service.
Receiving and presenting the Member Seller with offers and counteroffers on the property.
Assisting in development and delivery of counteroffers on the Member Seller’s property.
Answering the Member Seller’s questions relating to offers, counteroffers, notices and contingencies.
Details of showing, advertising, open houses and other issues should be discussed at the agent's listing presentation. Both parties must agree to which services the agent will provide.
The Multiple Listing Service (MLS) is the National Association of REALTORS® (NAR) computerized list of homes currently for sale. It is an exclusive tool, only available to the million-plus members of the NAR. The MLS is the tool most Agents use to find homes for buyers. Agents search the MLS daily to find properties that match the requirements of their buyers. The MLS will provide more exposure of a Sellers property to Buyers than any other service or website. You increase the chance of selling your property more quickly and at a better price by listing in the MLS. Listing your property in the MLS automatically lists your property on www.realtor.com, which is by far the most visited real estate website on the Internet.
*Member Agents who have chosen this subscription feature will provide Member Buyers and Member Sellers with more information about themselves. This information can include the National Association of REALTORS® (NAR) designations they have earned, their buisness history, education, awards, community service, their picture and any other information they want to include without compromising their anonymity.
A *Member Agent is an Agent who has registered with HungryAgents; to bid on the amount of commission he/she will charge Member Sellers to sell their property or on the percentage of the commission that they will return to a Member Buyer upon purchase. There is no charge for registering or for bidding. The *Member Agent pays a referral fee to Best Listing Bid LLC at the time of closing. This referral fee is due when the *Member Agent receives the commission for that sale.
The Agent Public Profile is information about the *Member Agent that the Member Buyer or Member Seller will see with the bid to help purchase or list his/her property. The Member Buyer or Seller will have the bid and the *Member Agent’s Public Profile before the Member Seller chooses to have the *Member Agent contact him/her.
A Buyer’s Agent is the real estate licensee who is helping the buyer find and purchase a property. When the seller of a property pays a commission to a listing agent, the listing agent generally pays a part of that commission to the buyer’s agent.
A Browser is a software program that allows a person to read hypertext ("electronic information language"). The browser gives some means of viewing the contents of nodes ("pages") of websites and navigating from one node to another. Examples of browsers are Netscape Navigator, Microsoft Internet Explorer, Mozilla Foundation's Firefox and Opera Software's Opera.