ForSaleByOwner.com “Is Your Price Right?” Contest
NO PURCHASE NECESSARY TO ENTER OR WIN.
1. The Contest: The ForSaleByOwner.com “Is Your Price Right?” Contest (the “Contest”) starts at 9:00 a.m. on May 11, 2011 and ends at midnight on July 1, 2011 (“Contest Period”). The sponsor of this Contest is ForSaleByOwner.com, 435 North Michigan Avenue, Chicago, IL 60611 (the “Sponsor”). Contest shall be subject to these Official Rules, and by entering, all participants agree to be bound by the terms and conditions herein.
2. Eligibility: The Contest is open to all individuals who are 21 years of age or over at the time of entry and who are legal U.S. residents residing in the 50 United States or DC. You must be the owner of a residential dwelling (free-standing home, condominium, etc.) (a “Home”) as of May 11, 2011. Real estate professionals – i.e., agents, brokers, appraisers, assessors or other professionals whose job entails assigning market value to residential properties – are not eligible to participate. Entrants must have a valid email address and it is the responsibility of the entrant to update the Sponsor to any change in email address. Employees (and their immediate household or family members) of Sponsor and of its parent companies, affiliates, subsidiaries, advertising agencies, prize providers, promotion and delivery contractors and/or public relations companies associated with this Contest, are not eligible to participate. . This Contest is void where prohibited by law. This Contest shall be governed and enforced pursuant to Illinois law, excluding choice of law provisions.
4. Winner Selection: On or about July 8th, a panel of judges will select four winners. Winners will be selected based on the following criteria: clarity and logic of their Submission and creativity and originality of ideas in the Submission. The decision of the judges is final.
Sponsor will attempt to contact potential winners via email. Failure to respond within 72 hours of attempted notification may result in disqualification, and a new winner may be picked by using the criteria set forth above. Winners will be required to sign and return an Affidavit of Eligibility, Liability Release, and Publicity Release and certain tax documents. Winners may also be required to complete, sign and return a release of all right, title and interest in the Submission, including but not limited to intellectual property rights and any rights contestant may hold in the idea or ideas incorporated in the Submission. Failure to return all such documents set forth herein within one week of the date Sponsor sends them to winner will result in the winner being disqualified and another winner may be selected from remaining eligible entries, based on the criteria set forth above. Names of winners of the Contest will be posted at http://forsalebyowner.com on or around July 26, 2011.
5. Prizes: Four prize packages will be awarded, each consisting of: a $500 gift card to a home improvement store; a listing package for ForSaleByOwner.com, with no expiration date; and a free appraisal of the subject Home. Winner must schedule the appraisal within six weeks of notification of winning, at the mutual convenience of the appraiser and the homeowner. The appraisal is for informational purposes only and a copy with all relevant information must be made available to Sponsor. The prizes cannot be redeemed for cash or substituted for any other items by the winners. The winners cannot assign or transfer prize. Only Sponsor may elect, at its discretion, to substitute a prize of greater or equal value due to lack of availability for any given reason. Prizes are awarded "as is" with no warranty or guarantee, either express or implied by Sponsor. All expenses not specifically provided for herein are the responsibility of the prize winner. Gift cards subject to terms and conditions thereon.
6. Taxes. Each winner is responsible for all local, county, state and federal taxes on prizes based on the estimated retail value of the prizes as communicated by the winners.
7. Representations and Warranties/Indemnity: Contestants represent and warrant that no laws were broken in the creation of the Submissions and that their Submissions are their own original creations, have not been copied in whole from any other work, have not been previously published, do not violate the rights of any other person or company (including but not limited to privacy rights and copyrights), do not defame, libel, or slander anyone or any entity, and do not contain offensive, vulgar, obscene or profane content. Submissions that do not comply with these Official Rules shall be disqualified. Contestants agree to indemnify, defend and hold Sponsor harmless against any and all liabilities, losses, damages, claims, debts, investigations, fines, penalties, costs, expenses and settlements (including attorneys' fees and costs of litigation, settlement, judgment, interest and penalties) arising out of or related to a breach of the foregoing representations and warranties.
8. General Terms and Conditions: Contestants grant to Sponsor a world-wide, non-exclusive, royalty-free, perpetual license to use their Submissions, including any ideas contained therein, in any manner related to the Contest or ForSaleByOwner.com without prior notice, approval or compensation. Winners otherwise will retain all rights to their Submissions. Sponsor reserves the right, at its sole discretion, to disqualify any contestant it finds to be tampering with the entry process or operation of the Contest, to be showing a disregard for these Official Rules, to be acting in violation of the terms of the ForSaleByowner.com website or to be acting in a non-sportsmanlike or disruptive manner, or with intent to threaten, abuse or harass any other person. If, for any reason, the Contest is not capable of running as planned, Sponsor reserves the right, at its sole discretion, to cancel, terminate, modify or suspend the Contest. If Sponsor cancels, terminates, modifies, or suspends the Contest during the Contest Period, Sponsor will post notice of its action on the ForSaleByOwner.com website and will determine winners from among all valid, eligible, non-suspect Submissions received as of the date of termination. In the event Sponsor terminates the Contest, Sponsor will post notice of its action on the Contest website. Properly claimed prizes will be awarded, but in no event will more prizes be awarded than are provided for in these Official Rules.
10. Limitations of Liability: Sponsor and its affiliates, subsidiaries, parent companies, advertising, prize providers and promotional agencies, and all of their officers, directors, shareholders, employees and agents (collectively, “Releasees”) are not responsible for injury or damage to contestants’ or any other person’s computer related to or resulting from participating in this Contest or downloading materials or use of the Contest website. Releasees are not responsible for lost, interrupted or unavailable satellite, network, server, Internet Service Provider, Contest website or other connections availability, accessibility or traffic congestion, or miscommunications, or failed computer, network, telephone, satellite, or cable hardware, software or lines, or technical failure, or jumbled, scrambled, delayed, or misdirected transmissions, or computer hardware or software malfunctions, failures or difficulties, or other errors of any kind whether human, mechanical, electronic or network, or the incorrect or inaccurate capture of entry or other information or the failure to capture, or loss of, any such information. Releasees are not responsible for any incorrect or inaccurate information, whether caused by website users, or by any equipment or programming associated with or utilized in this Contest and assume no responsibility for any error, omission, interruption, deletion, defect or delay in operation or transmission, communications line failure, theft or destruction or unauthorized access to, or tampering with or hacking of website. Neither the failure of Sponsor to insist upon or enforce strict performance of any provision of these Official Rules or the failure, delay or omission by Sponsor in exercising any right with respect to any term of these Official Rules, will be construed as a waiver or relinquishment to any extent of Sponsor’s right to assert or rely upon any such provision or right in that or any other instance.
11. Publicity Release: By entering this Contest, contestants agree, where legal, to allow use of their name, voice, photograph, likeness, and any information provided on entry form in any medium of communication, including but not limited to print, Internet, radio and/or television and for any purpose, including advertising, promotional or other purposes, by Sponsor and their licensees and affiliates, without additional compensation. Winners agree to be interviewed by ForSaleByOwner.com and for the story of the estimated and appraised value of their Homes to be included in narratives published by the Sponsor in all media, including print and digital. Winners agree to furnish Sponsor with photographs of their Homes for publication. Winners agree to cooperate with appraisers designated by Sponsor for a complete appraisal and for details contained in that appraisal to be included in the published narrative, without any additional compensation.
12. Winners List. For a complete list of winners send a self-addressed, stamped envelope to: Is Your Price Right Contest, ForSaleByOwner.com, 435 N. Michigan Ave., Chicago, IL 60611.
ForSaleByOwner.com is the nation’s leading “by owner” real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.
By selling directly, homeowners can control costs and fees, recouping their home equity. The company offers several different plans at varying prices for a wide range of advertising, listing services, related information and tools. A homeowner selling a $300,000 home through a real estate agent would be charged a 6% commission and pay approximately $18,000, plus additional fees.
Q. How many listings do you have?
A. At any given time, ForSaleByOwner.com has about 32,000 customers nationally.
Q. How many people actually sell by owner?
A: At any given time, about 15% to 20% of residential real estate sales are handled without a broker. That proportion remains fairly consistent, during boom and bust real estate markets. Please note that the National Association of Realtors counts as agent-assisted sales all forms of agent assistance, including flat-fee listings. Consequently, any ‘by owner’ sale that involves an MLS or Realtor.com flat-fee listing is claimed by the NAR as an brokered sale – even though the buyer and seller have handled the sale directly and consider the sale “by owner.”
Q: Can ForSaleByOwner.com customers get access to the MLS and Realtor.com?
A: We strongly encourage our customers to position themselves online to “get found ” by the 93% of house hunters who start their searches on the Internet. Realtor.com is the largest consumer listing website. As well, many brokers allow the public to search listings in their local Multiple Listing Service (MLS) through their sites. And, of course, buyers’ agents rely on the MLS to find good matches for their clients.
- ForSaleByOwner.com offers several channels for sellers’ listings to “get found” online
- Listing at ForSaleByOwner.com, the country's largest and most comprehensive by-owner service provider
- Flat-fee listing on MLS and/or Realtor.com
- Syndication to popular online listing services, including Yahoo! Homes and Tribune Co. newspaper sites
- Quick and easy fill-in-the-blanks template for creating a Craigslist posting
- Access to ForSaleByOwner.com Facebook page
Q: Why do people take on the considerable task of selling and buying directly when agents claim they can do it for them?
A: Key “by owner” advantages for home sellers include:
- Sellers can recoup more of their hard-won equity instead of seeing it siphoned off by an agent’s commission at closing
- Sellers have have more pricing flexibility when they don’t have to factor in an agent’s commission
- Sellers can control fees more closely when they purchase real estate transaction services “a la carte’”
- Without an intermediary, sellers can understand what is most important to the buyers and get creative on their deals (ie.., rent to buy, partial seller financing, etc.)
- Sellers represent their own best interests instead of relying on the dubious qualifications of an agent to understand and represent their needs and desires
Key “by owner” advantages for home buyers include:
- Buyers get a more realistic price without penalizing the seller -- it’s a more open, honest deal
- Buyers can negotiate deals that better fit their financing needs – important when credit standards are stringent and lenders inflexible
- Buyers represent their own best interests instead of relying on the dubious qualifications of an agent to understand and represent their needs and desires
- Lower price = lower carrying costs and lower basis for property taxes (when the selling price includes the commission, the property tax is calculated accordingly. The agents’ commission represents an unfair premium that ‘bakes in’ higher costs for the buyers through property tax assessments, insurance costs, etc.)
Q: Who runs ForSaleByOwner.com?
A: ForSaleByOwner.com was launched in 1999 and acquired in 2006 by Tribune Interactive. It is a self-contained business unit within Tribune, and as such, collaborates with other Tribune media outlets and business channels on cross-promotion, content sharing, and operational efficiencies.
Eddie Tyner was appointed General Manager of ForSaleByOwner.com in November 2009. He has over a decade of experience as a classified and advertising sales manager at the Washington Post and various Tribune media channels.
Director of Marketing
ForSaleByOwner.com, Tribune Digital Marketplaces