GUARANTEED SALE

Last update: April 17, 2008 - 2:15 PM

What: An agent or real estate company will buy your house if it doesn't sell after a certain period. The seller and agent sign a contract stating an agreed-upon price for the home.

Time frame: Programs vary, ranging from 90 to 180 days.

Best for: Clients who need to sell their home fast because they've already found their next home, are building a new home, have to relocate or want to make a noncontingent offer on a home.

Who is eligible: Agents and brokers have different guidelines for the program. Home values generally have to be less than $350,000. Sellers need enough equity in their home to be able to sell it at a discount or else bring money to the closing.

How much will an agent pay? Generally Twin Cities agents will pay 80 to 90 percent of market value, depending on the property, condition and location of the home.

"It can be a good option, but read the fine print," said Ryan O'Neill, a ReMax agent. "The agent may buy your home at a substantial discount."