TORONTO, Feb. 10, 2014 /CNW/ - Transition Squad is pleased to announce an affiliation with The Society Of Accredited Senior Agents (ASA) to provide downsizing services and online property auctions for seniors considering "late in life" moves. This affiliation brings together a national network of 2,500 REALTORS® trained in the nuances of working with seniors, from multiple leading brands across Canada, together with a technology platform that simplifies, speeds up and lowers the cost of the home selling and buying process.
"We're very excited about this relationship with Transition Squad" says Chris Newell, CEO of ASA. "It not only provides a unique alternative method to selling homes but also a full turnkey downsizing solution that can make our members' jobs much easier".
"We already provide a comprehensive solution to seniors for their downsizing needs" says Viraf Baliwalla, President of Transition Squad. "Helping to sell the home is a natural progression for us and will be instrumental in our expansion plans to franchise across the country".
Unlike traditional auctions, Transition Squad's Property Auctions have ported the tried and true method of blind quotes that fuel multiple offers to the internet, with a few unique twists.
Sellers agree in advance to a minimum acceptable price below fair market value. The minimum acceptable offer is published. If any offers at or above this level are received, the seller must sell. Sellers receive a 1% discount on the commission rate, while still getting all the services of a full service agent. The below fair market price helps create the buying frenzy seen in many major markets. Other benefits to sellers are a rapid close and the elimination of time and costs of staging, repairing or renovating the home.
Buyers are pre-approved to avoid "conditional on financing" clauses and enter the maximum offer they would be willing to pay, subject to an independent home inspection, closing date and any other conditions being satisfied. However, the system manages the offers so the highest bid presented is an amount just enough to beat out the second highest bidder. Under the traditional approach, the highest bidder is charged at their full offer. Buyers can still retain their own real estate agent to help them establish a budget and bid on their behalf at no additional charge. They also are given the standard time to obtain a property inspection and have their lawyer review the contract.
How It Works:
- Sellers establish a fair market value through their own independent appraisal or through a market value assessment from the listing agent
- Sellers determine the minimum offer they would accept below fair market value
- The listing is exclusive with the listing agent for the auction duration of approximately 2 weeks
- The listing is posted online with several pictures, descriptions and property highlights and is now open for bidding
- There are up to two open house viewings. As well, viewings can be arranged by appointment with the listing agent prior to placing offers
- Buyers get pre-approved through their lending institution and place an offer for the maximum they would be willing to pay before the auction expiry. Their credit card is authorized for a token buyer's fee of $50 which will be charged only to the winner, thus making the offer legally binding
- These offers are anonymous however the agent can view the offer amounts and keep the seller updated on the progress
- Upon expiration of the auction, all offers, conditions and closing dates are presented to the seller by the listing agent for acceptance
- In most cases, the highest offer will be accepted however the seller still has the option of choosing an alternate offer if the closing date and conditions are not acceptable
- The winner is selected, their pre-approval is verified with the lending institution and the paperwork is completed. A deposit is collected by the listing agent and held in trust
- The buyer is granted the standard time to obtain an independent home inspection as well as have their lawyer review the paperwork
- The buyer waives their conditions and the deal closes as normal
- There is no additional cost to the seller. The winning buyer's credit card is charged a winning bid fee of $50+tax. There are no charges to the other bidders.
Transition Squad is a fully integrated and turnkey downsizing company, working with seniors and families going through a parent transition. As a project manager, Transition Squad assists with organizing, packing, moving, junk removal and space planning, including the facilitation of other services like estate sales and online property auctions. Transition Squad also has their own consignment store to continue to sell any store-worthy unsold items after the estate sale. Clients continue to receive cheques monthly as items sell.
ASA, and the advanced-level Master-ASA, is the sole Canadian education program training REALTORS® in working with seniors, and, when necessary, their family, through the emotion-laden process of a "late-in-life" move. For most people, a late-in-life move is something done once, maybe twice, and the accompanying stress, guilt and anxiety can be debilitating, dragging the process out over many months. For members of ASA, assisting with this move is something they do every day. An ASA also brings their Network of Exceptional Specialists to the table; a network of specialists in as many as 50 fields, and people they would trust to help their own parents.
SOURCE: Transition Squad
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