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Frequently asked questions by local agents

faq

What is Fello?

  • Fello is an ibuyer who seeks to work with agents to provide ibuying experience to the agent's customers.
  • Fello's mission is to empower all agents with an ibuying solution and provide homeowners with a trusted and seamless experience.

Why should I work with Fello during my client's home sale?

We believe agents are more important than ever, which is why Fello wants to partner with you to help:
  • Give your clients multiple options for selling their homes. Your clients can choose between an instant offer and the option to list their home with a trusted agent (that's you!).
  • Generate more leads.
  • Convert more leads into clients.
  • Win more offers and close faster.

What makes Fello different?

An agent is always involved during every home purchased by Fello and will earn their full commission. This is applicable for every lead that directly comes to Fello and the leads that agents bring to Fello. Fello does not directly market to or take commissions from the customer. For all repeat business for the same lead, the realtor involved in the sale will always earn the commission.

Can I represent my client on both their buy and sell transactions?

Yes, you can! Working with Fello does not change your client relationship, and you still earn your full commission.

Do I get 100% of the commission?

Yes, you earn your full sales commission when the house is sold by Fello.

Is Fello a home flipper?

  • We are not a home flipper, which is a common misconception about our business.
  • Home flippers aim to fix and flip homes for maximum price appreciation. Their business model is to buy low and sell high, whereas our instant offer model makes a competitive offer and provides a service.
  • The service we provide is the certainty of an all-cash offer on your home and the ability to move on your own timeline; we're also dramatically simplifying the home selling process for a better experience overall. In exchange for this service, we charge a fee.

Where is Fello currently buying homes?

We are currently buying homes in the following metro areas:
-Cleveland

What types of properties does Fello purchase using instant offer?

  • Single family residential homes, including condos and townhomes
  • Single-family residential homes, including condos and townhomes
  • Homes built after 1960
  • Homes with a value of no more than $500,000 (depending upon market)
  • Homes on lot sizes of no greater than one acre

Do you provide instant offers on homes in age-restricted communities?

Yes, we do. Typically, our maximum purchase price for homes in age-restricted communities is $300,000.

Do you provide instant offers for homes in gated communities?

Yes

Are there any types of homes for which you won’t provide an instant offer?

  • Homes outside of our service areas
  • Homes that are manufactured, pre-fabricated, or mobile
  • Homes where the seller does not have clear ownership (no double escrow)
  • Homes that are not vacant as of the closing date (or Extended Stay, as applicable). No leasebacks after closing are permitted.
  • Homes that have significant foundation, structural, or other condition issues

Can my customers trade in their home to Fello?

Yes. Because few homeowners have the financial capability to own multiple homes simultaneously, Fello helps you time the purchase of your new home with the sale of your existing home to us. The transactions happen back-to-back and reduce the stress that you might otherwise experience. You can speak with one of our Home Advisors to learn more.

How should I apply to Fello to receive an instant offer for my client?

There are two ways to submit an application to Fello:
  • Signup/Login to Fello Connect platform and submit a new instant offer application for your client.
  • Submit a new instant offer application for your client from hiFello.com and signup/log in later to have the client details automatically synced to your Fello Connect account.

How fast will I receive the instant offer from Fello for my client?

There are two ways to submit an application to Fello:
  • Fello typically provides you with your client's instant offer within 24-hours after you submit your request.
  • You will receive an email, SMS notification, and a notification on the Fello Connect platform to view the instant offer. You can also review and personalize the email and the listing offer for the homeowner before it is sent to the homeowner for review.

My property is leased and occupied by tenants—I can't get photos for the final offer.

We understand! Email our Home Advisor, and we'll move forward without photos for your instant offer. Remember that the tenants have to move out by closing or end of Extended Stay, or we can't buy your home.

Will you still make an instant offer without photos?

Yes, photos are usually optional. However, there are some cases where photos will be required. Reasons we might need images include: the age of the home, lack of comparable properties, or because we don't feel that we can get an accurate idea of the value of your home without photos. If we determine that photos are required, you'll receive an email from our team.

Does the instant offer for my client expire?

Yes. Home values will often change based upon market activity, competition, and other factors. Our offers will usually expire seven days from the date of the offer. If you schedule a virtual walkthrough, we will extend your offer expiration to 14 days. However, Fello is happy to provide you with an updated offer; just click on the Renew button at the top of your expired offer from your Fello Connect dashboard. Our renewed offer price may be unchanged, higher, or lower than your original offer, depending on current market conditions. In rare instances, we may conclude that we are unable to renew an offer.

How long does the selling process take with Fello?

If your client chooses to move with our instant offer, we can close in as few as ten days.

Am I obligated to accept the offers provided by Fello?

No, you are not obligated to accept any offer you receive.

What happens if my client's final offer is different from the preliminary offer?

Your client's final offer would be different if the home condition determined after inspection changes from what the preliminary offer was based on.

Is my information secure?

  • Fello provides our customers with the convenience of signing documents electronically with one of the leading electronic signature providers, PandaDoc. You can learn about their specific technologies by visiting https://www.pandadoc.com/security/ . Additionally, you should know that Fello, LLC does not collect or store any sensitive information. Throughout the entire process, the security of your data is part of our promise of a better experience with Fello. For more information, please view our privacy policy.
  • Fello does not sell or share your information. Fello can provide your information to their partner agents to help you with your home selling process.

How does referring my client to Fello affect my commission?

It doesn't. When you refer a client to Fello, you stay at the center of the transaction and earn your full commission. You will earn commission on repeat business. If the client works with Fello later on, you will get a commission for repeat business.

When will I receive my commission?

When you list the house and sell the house to an eventual buyer, you will receive your full commission.

How is the instant offer price for the home determined?

  • Real estate experts who specialize in your market carefully evaluate your home. Using their knowledge, combined with Fello's proprietary evaluation and predictive market analysis technologies, Fello is able to provide our customers with data-driven and competitive offers.
  • Every offer is backed by a combination of local real estate expertise and the most current market data. We take hundreds of factors into consideration, including:
    • The information you submitted about your home and its special features and upgrades (Photos can be really helpful)!
    • Current local market trends like home price appreciation or depreciation.
    • Recent sales of similar homes (a.k.a "comps").

    First, we find homes within a half-mile of yours with similar features and use them as a baseline for your home's price. Then we make line-item adjustments. For example, if your home has granite countertops and the comparable home doesn't, we'll credit you for the upgrade.

Are there other transaction costs that the homeowner needs to consider for the instant offer?

Sellers are responsible for certain closing costs—just like any traditional sale. These fees may include title insurance, escrow fees, HOA transfers, taxes, document transfers, and other customary fees. These fees differ based on the market and range from 1% to 3% of the purchase price. The Fello team is always willing to help you work with the title company or attorney's office handling the transaction to get an estimate of your net proceeds.

How does the instant offer price compare to values on sites like Zillow?

  • The home values found on sites like Zillow, Trulia, Realtor.com, and Redfin, are determined by computer-generated algorithms. Those values are limited by the data available to them through public records. They look at the market's history, not where it's going.
  • While our offer is not intended to be an appraisal of any kind, it is a real and actionable offer and is based on careful analysis by our team of real estate experts. We take time to evaluate and understand your home's unique features and condition in the context of the market's inventory and future supply.

What are the costs associated with selling to Fello for the instant offer option?

  • Fello aims to offer a fair market value for your home and takes a single service charge of between 5-14%, enabling us to provide a streamlined experience from offer to closing. Fello allows you to skip the hassles of listing your home.
  • Once we buy and list your home, we'll need to pay all the typical transaction costs that come with selling a home—including a commission to a buyer's agent (3%), concessions to the buyer, holding costs, maintenance fees, taxes, and other costs to list and market the home.

Does Fello negotiate on their instant offer price?

The team works hard to ensure that our initial offer is fair and has a competitive market price. However, if you feel that we've missed something about your home that affects our offer – we want to know. Please feel free to contact the Fello Home Advisor mentioned in your dashboard for every deal, and we'll be happy to re-evaluate your property.

What if I/my client forgot to include information about my home when the offer was requested online?

We want to make you an offer that is as accurate as possible, so if you forgot to include any vital information—such as upgrades—please let us know. Our dedicated Home Advisor will be happy to reassess the details of your offer with you.

My client made improvements to my home. Will that increase the offer price?

We want to know about the renovations you've done to your home. We're happy to give you an offer based on the improvements so you can sell your house for top dollar. It's best to provide multiple photos of the modification to provide you with a reliable estimate.

How do I/my client accept an offer?

Your client has to accept our offer by signing the purchase agreement officially. Once Fello, your client (and any other sellers) sign the agreement, we are officially under contract.

How does my client sign the purchase agreement?

Fello makes it easy to sign your documents online using PandaDoc for electronic signature.

Does the Fello team look at my client's home in person?

Yes. The Fello team will perform a free, on-site inspection of your client's home within 15 days of the signed agreement. The purpose of the appointment is to verify the home's specifications, condition, and identify repairs that will need to be addressed.

What if the city/county the property is in requires a Point of Sale inspection?

This is scheduled & completed at the seller's expense as in a traditional sale. The point of sale inspection report and any violations noted are also considered along with the general home inspection report.

What happens if the inspection finds repairs are needed?

If our inspection reveals needed repairs, your client will have the following options:

  • Provide Fello with a credit. Due to our volume and in-house resources, we can keep required repair credits to a low and reasonable price point. Your client would sign an addendum to the contract to move forward with this option. This solution means no money out of pocket or work done by you. This is the most popular option by our sellers.
  • Make the repairs before closing. You/Your client can hire a licensed contractor to make all the required repairs before closing. Fello will provide you with a list of necessary repairs, and it would be up to you to ensure all items are completed to current building codes. Fello will need proof of the completed work, contractor's name and license number, before and after pictures, receipts, and visible approval by Fello during the final walkthrough.
  • Decline to make any requested repairs or issue a credit. Fello can then choose to cancel the contract or may determine that it still wants to move forward with the purchase of the home. If Fello elects to cancel the contract, there is no penalty to either party. Keep in mind that these repairs will most likely have to be addressed regardless of whether your client sells to us or tries to sell traditionally.
  • In some circumstances, the repairs required on your client's home may be significant and need substantial funds to complete or special expertise to manage. In these cases, rather than add unnecessary stress to our customers, we will offer the option of credit only.
  • In all the above cases, we would request your assistance at this time to educate the client regarding the repairs or credits.

How does the final walkthrough work?

Fello typically performs our final walkthrough of the home after your client has moved out of their home. The walkthrough confirms that all personal property has been removed and that the home's condition hasn't changed since the time of inspection

How quickly can my client close for an instant offer?

If you need to close quickly, Fello will work as fast as possible. Below are the minimum time frames to close:

  • Homes in a city/county with no Point of Sale requirement: 11 business days
  • Homes in a Point of Sale: 21 business days

I need a specific closing date to work with for my client's purchase of a new home.

We are happy to work with your client with a closing date up to 60 days from your signed contract date. As your closing date approaches, if you need the date adjusted, please let your Home Advisor know, and we will send you an addendum to your purchase contract. If you find that you need a closing date beyond 60 days, we may be able to work with you on a case-by-case basis.

What company does Fello use for title and closing services for instant offer sale?

When Fello purchases a home, we use Ohio Real Title. The title company ensures the title is legitimate and then issues title insurance for that property. In addition, they maintain the escrow account for the transaction and handle the funds for the transaction, including the earnest money deposit from Fello, payoffs to mortgage companies, HOA dues, and any other transaction funds.

Can my client change my closing date once I am under contract for the instant offer sale?

Yes, we can adjust the closing date at any point throughout the selling process. You have up to 60 days to close on the sale of your home to Fello, and we can adjust this date within this period to your schedule.

When do I need to start the listing process for Fello bought properties?

  • Fello will evaluate the property and internally create a project plan for the renovation needed on the home before the listing. The renovations required can vary from minor to semi-major repairs, and the decision entirely rests on the Fello Home Operations team.
  • For every Fello property, you will be able to see the tentative listing date listing date for the property in your Fello Connect dashboard, and you can plan accordingly.
  • Fello Home Advisor will work with you for the listing.

How will Fello know about offers on the home after listing?

  • You have to add that offer to the listing from your Fello Connect dashboard for every offer you receive from buyers or buyer's agents.
  • Fello team will discuss the offers and finalize an offer for the sale with you.
  • You will need to work with the buyer, buyer agent, and Fello team for the home sale, and your commission will be paid after closing.
  • You can earn a buyer commission also if you can refer a buyer and Fello closes the home with the buyer.

Can I bring in buyer offers for other Fello properties?

Yes, we encourage you to bring buying offers on Fello properties. As a Fello certified agent, you will get early access to Fello inventory before they are listed to MLS. You can bring buyer offers for the properties to receive the buyer commission.

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