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Frequently asked questions

faq

What is Fello?

  • We provide multiple selling options to homeowners to make their home sale easier and give the homeowner the option to choose how they want to sell their house.
  • We enable our customers to receive a competitive offer on their home and move on their own timeline without listing on the market; no showings and months of uncertainty about when and where you'll move to next. The instant offer provided by Fello is a no-obligation offer. Our customers pay a service charge similar to the commission that a listing agent collects in a traditional sale. The customer can bring their agent to work with Fello during the instant offer selling process.
  • We also provide our customers an option to connect with a top-rated local neighborhood agent to list their homes and sell them using the traditional process.

Why should I work with Fello for my home sale?

  • Simply put, there's no easier way to sell your home. Fello helps you with one option to sell on your timeline and avoid listing, showings, and months of uncertainty. Another option is to work with a top-rated local neighborhood agent to help with the listing and get top dollar for your home.
  • Selling to Fello means:
    • Multiple selling options in just a few clicks
    • The convenience of skipping showings and open houses in case of an instant offer
    • You avoid costly double-moves and double-mortgages in case of an instant offer
    • You can still have an agent involved during the instant offer sale process so that you have a trusted individual to bank on
    • Concierge support from offer to close

What makes Fello different?

Fello's goal is to provide the home seller with a seamless, trusted experience by providing multiple options for home selling and having the homeowner choose which option they want to go with. Fello works directly with the homeowner with an option to bring their own agent during their home selling process as well as with top-rated local neighborhood agents for the traditional listing process to give the homeowner multiple options to choose for their home selling.

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.
  • During our service, you can still take the help of an agent to work with Fello on behalf of you to be assured of the value you are getting and make your home sale hassle-free.

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 I still sell to Fello using the instant offer option if my home is listed with an agent?

Yes. Even though you don't need an agent to sell your home to Fello, we will work with your agent directly if you're already working with an agent or your home is currently listed. Simply have your agent submit your request for an offer on your behalf, or submit your home with your agent's information, and we'll take it from there.

Can I trade in my home to Fello?

Yes. Because few homeowners have the financial capability to own two 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 do the improvements that I made to my house affect the selling offers?

Improvements (or renovations) to your home are an important factor in how we determine the value of your home and our purchase offer, so it is essential that you tell us about them in your offer request. Photos of your improvements also help; you can send them via email to info@hiFello.com ; please make sure that you include your home's address in your email.

How fast will I receive my selling options?

Fello typically provides you with your selling options within 24-hours after you submit your request.

Should I provide photos?

Yes! Our offers are not computer-generated or based solely upon our robust algorithm. Our real estate experts evaluate every property carefully, and photos help them have a more accurate understanding of your home's condition, features, and overall value.

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 my instant offer 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?

With Fello, you have the freedom to choose your options. If you decide to move forward with our instant offer, we can close in as few as ten days. If you prefer to go the listing route with our certified agents, you can close between 45-90 days.

Am I obligated to accept the offers provided by Fello?

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

Is there a cost to request an instant offer from Fello?

No. Requesting an offer from Fello is completely free.

Does Listing with a Fello Agent cost money?

No. Our service is 100% free for buyers and sellers, and there's no commitment required.

Do agents pay to partner with Fello?

No. There's no way for an agent to purchase advertising on Fello or pay for preferential positioning on our site. The only way agents can influence our rankings is to do better work for clients, handle more transactions, and improve their stats. Our recommendations are transparent, performance-based, and data-driven –that's how we keep them objective.

Why should I trust Fello’s agent recommendations?

Fello uses actual sales data, client reviews, and machine learning technology to find the best local neighborhood real estate agent for you. An agent can only influence our recommendation by doing consistently great work for their clients.

Can I use Fello if I'm already working with a real estate agent?

Absolutely. We encourage you to invite your agent to work with Fello for your home sale. If you want to work with a top local neighborhood agent, you can always request a Fello certified agent.

Why will Fello call me to discuss my agent matches?

Real estate is a highly personal business, and there's only so much we can get to know about your needs from an online form. The better we understand your situation, what you're looking to do, and your motivations and personality, the more we can refine your search.
We want you to have the best possible experience working with the agent we recommend, and talking to you about your needs is the best way to ensure you find a perfect fit.

Do I need to use the agent that Fello recommended?

You're under no obligation to work with any real estate agents we recommend. You can always request a new agent from the dashboard or talk to our Home Advisor to get a new agent. Our goal is to bring more transparency to a process and present you with these performance-based recommendations so that you can make an informed decision.

What's the difference between a top agent and the average real estate agent?

Our data shows that the top 5% of listing agents sell homes faster and for more money than the average real estate agent, and the top 5% of buyer's agents typically save clients thousands of dollars on the purchase.

How is Fello different from Zillow, Trulia, and Realtor.com?

Unlike many other real estate websites out there, Fello does not allow real estate agents to advertise anywhere on our platform. We strive for objectivity and transparency in our agent recommendations, and so we keep all of our recommendations 100% data-driven and based exclusively on historical performance.

What happens to my house after selling to Fello using the Instant Offer option?

Depending upon the condition, we will typically perform light renovations on the home to get it market-ready. These items may include upgrading appliances, painting, putting in new carpet, or even upgrading countertops. We'll install for sale signs, hold open houses, send out flyers, take care of listing paperwork, talk to agents, wait for and negotiate with a buyer, work with the appraiser, worry about buyer financing falling through, pay holding costs, utilities and association dues. In short, once we've bought your house, we take on the costs, risks, hassles, and headaches associated with selling a home.

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 information 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 Invite your agent work with Instant Offer?

If you're already working with an agent or your home is currently listed, we will work with your agent directly. Invite your agent from your dashboard.

How is the instant offer price for my home determined?

  • Real estate experts carefully evaluate your home who specialize in your market. 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 I should 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 my 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.

How does selling to Fello Instant Offer option compare to Listing with Fello Agent option?

Sellers who sell to Fello directly skip the costly preparation, frequent showings, and months of uncertainty with the traditional process. Instead of listing your home on the market and waiting to find a buyer, Fello purchases your home from you. You also get to choose your close date to avoid expensive double-moves, double-mortgages, and storage units. Fello aims to make a competitive offer for your home and takes a single service charge that enables us to provide a streamlined experience from offer to closing. The amount typically falls between 5-8% and goes no higher than 14%. Our service charge also helps us cover costs like maintenance, utilities, and taxes while we're holding the home so you can move on to what's next.

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 forgot to include information about my home when I requested an offer 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.

I 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 accept an offer?

You officially accept our offer by signing the purchase agreement. Once Fello, you (and any other sellers) sign the agreement, we are officially under contract.

How do I sign the purchase agreement?

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

What if I don’t know the date I would like to close?

No worries. You can simply select the closest date to your best guess. We will send you an addendum to adjust the closing date when you've determined your final closing date.

Does Fello team look at my home in-person?

Yes. The Fello team will perform a free, on-site inspection of your 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 prior to closing.

Who will be inspecting my home?

Either a Fello team member or licensed property inspector (or both) will perform the inspection. If specialists are needed, we will partner with licensed contractors to provide additional insight and expertise and work with you to coordinate the scheduling of all property inspections.

What areas of my house are you looking at?

Fello will need access to your entire home during our inspection. When your inspection is scheduled, we will provide you with a guide that will help you prepare for the inspection and an overview of the most common items we evaluate during the inspection process.

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 convince the client regarding the repairs or credits.

How does the final walk-through work?

Fello typically performs our final walk-through of the home after you've moved out of your home. The walk-through confirms that all personal property has been removed and that the home's condition hasn't changed since we went under contract. The property must be clear of personal belongings and trash for the closing to occur as scheduled. Additionally, the property must transfer to Fello in the same condition as when we entered into contract, including landscaping and pool maintenance. If you elect to perform repairs through a licensed contractor, the Fello representative will confirm that the repairs have been made. This is a short appointment and should take no longer than 30 minutes to complete; if you can't attend the final walk-through, that's no problem.

How quickly can I 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 with no Point of Sale: 11 business days
  • Homes in a Point of Sale: 21 business days

I need a specific closing date to work with the purchase of my new home.

We are happy to work with you with a closing date up to 60 days from your signed contract date. As your closing date approaches, please let your Concierge Specialist know, and we will send you an addendum to your purchase contract if you need the date adjusted. 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 I change my closing date once I am under contract for the instant offer sale?

Yes, we can adjust your 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.

Can I stay in my home after it closes using the instant offer option?

Yes, Fello allows you to stay in your home for up to three days after closing. This program helps sellers avoid the rush of having to close and move in one day. Fello hopes to relieve much of the stress associated with selling and moving. Sellers taking advantage of the extended-stay program must sign a post-possession agreement. There is no cost for this service, but specific details apply.

How does my mortgage get paid off when I sell to Fello using the instant offer option?

The title company or attorney office handling the transaction will send the final payoff payment to your lender, the remaining funds (less closing costs) will be wired to your bank account.

When do we sign the closing documents when I sell to Fello using the instant offer option?

The title company or attorney's office handling the transaction will schedule a convenient time for you to sign the closing documents. Typically, the closing occurs at the title company or attorney's office, although you may also request a mobile notary come to you. The date this happens is called the closing date or close of escrow. The sale is recorded on public record on your closing date, and the funds are distributed. This varies depending upon the state you live in and the time of day you sign your documents

When do I need to move out of my house when I sold my house to Fello?

The home must be clear of all personal belongings and trash at least 24 hours prior to closing. Additionally, the property must transfer to Fello in the same condition as when we entered into contract, including landscaping and pool maintenance. Fello will verify the condition of the home before closing. If the house is not clear of personal belongings and/or trash or the property is not in the same condition as when we went under contract, your closing may be delayed.

What appliances can I take when I move?

The typical practices are the washer, dryer, refrigerator, stove, and dishwasher.

What do I need to leave in my home when I move?

You will need to leave any built-in appliances, keys, remotes, and other items that belong to the home. Built-in appliances include, but are not limited to: your dishwasher, built-in microwave, stove, oven, cooktops, ice machines, trash compactors, water softeners, built-in refrigerators, R/O systems, window treatments, central vacuum and hoses, garage door openers, and remotes, pool equipment, built-in BBQs, built-in fire pits, ceiling fans and light fixtures, pool fencing, pool cleaning systems, exterior landscape lighting, and built-in speakers.

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