Home Selling – FSBO – How to Decide If You Should Agree to Pay Buyer Agent Commissions in an FSBO

Many home sellers who list their homes For Sale by Owner decide they are better off accepting buyers brought to them by real estate agents. These buyer agents usually get a 3% commission for bringing buyers to the FSBO home seller.

The home seller thinks the 3% commission is worth it, and at least they will have saved one-half of the customary 6% Realtor commission. This is not a bad strategy if it means getting your home sold more quickly at a good price.

However there are some complications that can arise with this approach, and the FSBO home seller needs to work these out in advance of signing any agreements with buyer agents.

The main complication that arises and must be planned for is the complexity in determining when a buyers agent is entitled to a commission. Without clear guidelines in the contract the home seller has with the agent, there can be misunderstandings.

The last thing you want when selling your home FSBO is to have a real estate agent tell you that you owe him or her a commission when in fact you believe you do not. This can lead to nasty legal conflicts which you want to avoid at all costs.

The best thing to do is to talk to your real estate lawyer first. You cannot do a FSBO sale without an attorney anyway. The attorney should review and advise on the terms of all contracts with buyers’ agents before signing anything.

The simplest way to approach the problem is to require that a buyer’s agent be present at your home with a prospective buyer in order to receive a commission. You should also require that the buyer’s agent and prospect register with you and record the date and time of the showing.

You will need to keep a record of all home showings by buyers’ agents, including the names of the prospective buyers. If you do this you will avoid any confusion as to when to pay the agent a commission or not.

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Source by Leo J. Vidal

FSBO vs Realtors

When you think of selling your home, you really have two options: list it "for sale by owner" or list it on the Multiple Listing Service with a professional real estate agent. What's the difference? What are the pros and cons of each? Read on to find answers to these questions and more.

The Scoop on Realtors

A real estate agent, or Realtor (if they belong to the Realtor trade association), must go through some extensive training in order to lawfully help you sell your home. They must become licensed with your state and maintain a good standing in order to act on your behalf in a real estate transaction.

Some of the common duties real estate agents will perform for you or help you with are:

  • Set an asking price
  • Point out needed repairs and recommend upgrades
  • Screen buyers
  • Handle paperwork
  • Provide legally required disclosures
  • Advertise and market your property to the buying public
  • Negotiate with buyers

The traditional fee for real estate agents is 6% of the final selling price of the property. That's $ 18,000 on a property worth $ 300,000. Discount real estate brokers have made a splash in the real estate world with the help of the internet. Sellers can commonly find discount brokers who charge 4% of the final sales price. That's still a $ 12,000 fee for a $ 300,000 property.

The Scoop on FSBO (For Sale By Owner)

The reasons many home owners decide to list their home FSBO should be obvious at this point. There's a lot of money to be saved if one can successfully sell their home on their own. Historically, 13-16% of real estate sold annually in America has been sold by the owner, without the help of a real estate agent. However, almost 9 out of 10 sellers who initially list their home by owner wind up hiring an agent. Why?

The varied reasons include:

  • Time. The FSBO did not get offers as fast as needed, and because convinced an agent could help them sell faster.
  • Money. The FSBO did not price the home right and therefore did not get any offers.
  • Knowledge. The FSBO did not know enough about the steps required to complete the sale.

There are other reasons, but those are the big three. Can they be addressed by the average home owner? Sure they can. Almost all knowledge is available to us on the internet these days, and armed with knowledge, more home owners can successfully sell their home on their own.

The Pros and Cons

Before deciding to list your home for sale, consider how much time you have to devote to the task yourself. If you are extremely busy already already, you may want to hire an agent right off the bat. There is definitely a time requirement when it comes to selling by owner. You'll need to handle advertising and marketing, take calls, show your home, entertain offers and make sure you comply with all the local laws to complete the sale.

There are people and resources available to help you like for sale by owner web sites, where you can advertise your home to a nationwide audience, and your local mortgage broker who can pre-qualify buyers that show interest in your home. Other local professionals like title companies and attorneys can help you with legal requirements.

The immediate benefit of hiring an agent is that all these duties become their responsibility, not yours. You can continue on with your life, avoiding many of the headaches that come with the sale of real estate. That is, until it comes time to actually move. But that's another story. However, hiring an agent can be a double-edged sword. If you hire the wrong one you will probably rue the day for years to come. Most brokers require you to sign a listing contract for at least three months, although most want six months to a year. This means that they have the exclusive right to sell your property for that length of time, and you will have a hard time firing them if things do not work out and you want to go with a different broker.

So do some homework before you hire an agent, if that's the route you choose. Ask questions like:

  • How long have you been in the business?
  • How many properties did you sell last year?
  • How many properties have you sold that far this year?
  • Can I call some of your past clients for reference?
  • Do you do this full-time?

The answers to these questions should give you a good idea of ​​where a particular agent stands in relation to any other agent.

The Bottom Line

A comparison can be made between going FSBO versus hiring an agent, to selling your car in the newspaper versus trading-in. The former takes a little more time and effort than the latter, but it can save you a bundle.

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Source by Nate Garin

FSBO vs Realtors

When you think of selling your home, you really have two options: list it "for sale by owner" or list it on the Multiple Listing Service with a professional real estate agent. What's the difference? What are the pros and cons of each? Read on to find answers to these questions and more.

The Scoop on Realtors

A real estate agent, or Realtor (if they belong to the Realtor trade association), must go through some extensive training in order to lawfully help you sell your home. They must become licensed with your state and maintain a good standing in order to act on your behalf in a real estate transaction.

Some of the common duties real estate agents will perform for you or help you with are:

  • Set an asking price
  • Point out needed repairs and recommend upgrades
  • Screen buyers
  • Handle paperwork
  • Provide legally required disclosures
  • Advertise and market your property to the buying public
  • Negotiate with buyers

The traditional fee for real estate agents is 6% of the final selling price of the property. That's $ 18,000 on a property worth $ 300,000. Discount real estate brokers have made a splash in the real estate world with the help of the internet. Sellers can commonly find discount brokers who charge 4% of the final sales price. That's still a $ 12,000 fee for a $ 300,000 property.

The Scoop on FSBO (For Sale By Owner)

The reasons many home owners decide to list their home FSBO should be obvious at this point. There's a lot of money to be saved if one can successfully sell their home on their own. Historically, 13-16% of real estate sold annually in America has been sold by the owner, without the help of a real estate agent. However, almost 9 out of 10 sellers who initially list their home by owner wind up hiring an agent. Why?

The varied reasons include:

  • Time. The FSBO did not get offers as fast as needed, and because convinced an agent could help them sell faster.
  • Money. The FSBO did not price the home right and therefore did not get any offers.
  • Knowledge. The FSBO did not know enough about the steps required to complete the sale.

There are other reasons, but those are the big three. Can they be addressed by the average home owner? Sure they can. Almost all knowledge is available to us on the internet these days, and armed with knowledge, more home owners can successfully sell their home on their own.

The Pros and Cons

Before deciding to list your home for sale, consider how much time you have to devote to the task yourself. If you are extremely busy already already, you may want to hire an agent right off the bat. There is definitely a time requirement when it comes to selling by owner. You'll need to handle advertising and marketing, take calls, show your home, entertain offers and make sure you comply with all the local laws to complete the sale.

There are people and resources available to help you like for sale by owner web sites, where you can advertise your home to a nationwide audience, and your local mortgage broker who can pre-qualify buyers that show interest in your home. Other local professionals like title companies and attorneys can help you with legal requirements.

The immediate benefit of hiring an agent is that all these duties become their responsibility, not yours. You can continue on with your life, avoiding many of the headaches that come with the sale of real estate. That is, until it comes time to actually move. But that's another story. However, hiring an agent can be a double-edged sword. If you hire the wrong one you will probably rue the day for years to come. Most brokers require you to sign a listing contract for at least three months, although most want six months to a year. This means that they have the exclusive right to sell your property for that length of time, and you will have a hard time firing them if things do not work out and you want to go with a different broker.

So do some homework before you hire an agent, if that's the route you choose. Ask questions like:

  • How long have you been in the business?
  • How many properties did you sell last year?
  • How many properties have you sold that far this year?
  • Can I call some of your past clients for reference?
  • Do you do this full-time?

The answers to these questions should give you a good idea of ​​where a particular agent stands in relation to any other agent.

The Bottom Line

A comparison can be made between going FSBO versus hiring an agent, to selling your car in the newspaper versus trading-in. The former takes a little more time and effort than the latter, but it can save you a bundle.

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Source by Nate Garin

Why Use a Buyer's Agent?

When selling a home, most people will engage the services of a real estate agent to help them. But do you need an agent when purchasing a home as well? The answer is a resounding YES, especially if you are a first time buyer. Here are just a few ways that realtor can help you with one of the most important purchases of your life:

1) Realtors know the process – buying a home is more than just finding what you want; an agent will take you step by step through the entire process: from getting pre-approved at your financial institution to getting an inspection, to picking up your keys on closing day. A realtor will be able to anticipate any bumps along the way and smooth the way to a successful closing.

2) Realtors are negotiating power-houses – an important part of their job is to negotiate the best price they can for you and make sure you do not pay a penny more than you should. Just because a seller is asking a certain price, does not mean you have to pay it.

3) Realtors know the contracts – they will go over all the clauses in the contract and explain exactly what you are signing and why. If you do not understand something, a realtor will explain it until you do.

4) Realtors know the neighborhoods – you may find that perfect house, but if it is in a high crime neighborhood, next to a crack house or was the site of a mass murder, your realtor will know.

5) Realtors work in your best interest – When you sign a buyer's agreement with a realtor, they work for you getting you the best price for your dream home.

6) MLS – realtors will be able to tell you as soon as a home comes on the market that is within your specifications. The website that the general public has access to is a few days behind what the realtors have access to. You can receive hot new listings every day before everyone else does. This can give you a significant advantage over other buyers.

7) You do not pay them a cent- realtors are generally paid from the seller, so there is nothing out of pocket for you as the buyer – how cool is that?

8) They are your co-ordinators- once you put an offer on a home, they will act as your relationship with your financial institution, your lawyer, and your home inspector. They will make sure that everyone has what they need in order to complete their part of the transaction. They do not stop working until you are moved in to your new home and are satisfied that everything is as it should be.

Having a real estate agent by your side has many benefits and they will ensure that you have a smooth, safe, pleasant experience when buying your next home. Do not be afraid to hire an agent when buying a home; it is just as important to have a buyer's agent on your side as it is when selling.

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Source by Lisa Udy

Selling Real Estate by Owner

You most likely rented here because you desire to sell your home as a by owner seller. The success rates of by owner sellers of real estate vary greatly. You often hear that only a very small percentage of FSBO (For Sale By Owner) sellers succeeded in selling their real estate.

Well that may be true to a point but it does not have to be the case. The fact is any FSBO seller can have success with the correct knowledge and a game plan. Therefore the seller who takes action andathers knowledge will always get better results in any real estate market. You must also remember that it is just as difficult for real estate brokers in a slow market.

There are many action steps required to sell a home and here is a small list.

– Get a yard sign and put a phone number along with a website address on the sign.

– Set-up a free website and you can find many sources for this online.

– De-clutter and stage your home prior to taking photos.

– Print property information flyers with photos.

– Prepare to hold an open house

– Clean and maintain landscaping.

– Determine who your competition is in your area in order to determine the correct price.

– Consider a marketing budget for advertising locally.

– Contact an attorney to prepare your deed and review contracts.

– The key is to be prepared from beginning to end.

All For Sale By Owner sellers should understand that selling a home is a serious event and requires attention to detail. There is potential for a large savings on the commission typically paid to a real estate firm. Therefore the person deciding to sell by owner needs to treat this decision like a job.

Remember that the World Wide Web can provide an abundance of resources for any seller to use when selling a home. You can use any number of tools and resources but the more the better your chances are for that sale. Just remember there is no such thing as just placing a sign in the yard and getting the desired result. Selling a home by owner requires ACTION, ACTION, and more ACTION. Your actions will lead to exposure and exposure is what sells sells homes.

With 80-85 percent of all buyers and sellers starting their searches online. I expect to see a large number of people looking to sell by owner in our slowing economy and the years ahead.

GOOD LUCK! To all by owner sellers …

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Source by Michael Ranger

Selling Your Home: Top 5 Reasons FSBO's Do not Sell

As a home inspector, I get to see many mistakes by people selling their home without a real estate agent, commonly referred to as FSBO's or For Sale By Owner. If you do your homework and research and have some financial sense, you can probably sell your own home. However, I see many people who fail when going this route.

Here's why:

1. Pricing The Home Too High: Seems everyone thinks they live in a goldmine. The common misconception is that they will price it high so they can come down a little bit during negotiations. This has several problems related to it.

Here's one. Many homebuyers are on a budget. Let's say I'm looking for a home like yours in your neighborhood and most of the homes there that are comparable are in the 135k to 145k ranges. However, you have tile floors and stainless steel sinks along with a few other cosmetic improvements. You think your home is worth at least 147k. Tack on a few thousand more "so you can come off the price during negotiations" and you start your home at 152k

As a homebuyer, the most I can spend is 145k. Although your home is what I'm looking for, you're outside my price range so I will not even bother to look at your house.

That's just one example of how a too high price is going to hurt you. There are many, many more!

2. Letting Emotions Direct Your Actions: Many times this is the reason your home is priced too high. Remember, this is a business transaction. You have a product to sell, you need act accordingly.

3. Failing to Get Your Home Inspected Before Listing: I've seen FSBO's go to great trouble and expense to get their home ready to sell only to find out from the potential Buyers Inspector that there are major structural, plumbing, electrical or mechanical issues with the home.

Depending on the severity of the problems, this probably cost you a Buyer and it means your home will be sitting on the market for a few more weeks or months.

National survey's reveal that homes that have had pre-inspections sold faster with less hassle at closing. FSBO's are no different.

4. Being a Jerk: I see this one more than you'd think. For some reason selling your home by yourself seems to give you a special excuse to be a jerk judging by the way some FSBO's act.

Being unreasonable in your actions will drive away Buyers. No one likes a jerk!

I've seen FSBO's make some of the most stupid request of Buyers like; one guy would only show his home on Sunday afternoon between 4 and 6 pm and you had to RSVP so he had you on his list. He surprised why no one was showing up at this home. I saw another FSBO that would not allow his home to be inspected without him, his attorney and his inspector being present. He also required each item to be bought up to him and his group before telling the Buyer. Needless to say, we did not inspect this home. Note: many state SOP's require that you do not divulge information to anyone other than the Client.

It's a fact of life, being a jerk cost you money. Not only in real life, but also when you go to sell your home!

5. Not Pre-qualifying Your Buyers: Letting any old Moe and Joe lock up your home while they try and get qualified can cost you Buyers if they fail to qualify for a loan. Require that all potential Buyers be pre-qualified!

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Source by Donald Lawson

Selling Your Home – Top 5 Essentials Things You Need to Know

When you decide to dispose your property, it does not happen in an instant. It is wise to make a home selling plan so as to put everything in order. As much as you want to sell it at a maximum price, you can not avoid the fact that you also need to shell out substantial amount of money for enhancing the property. You can not afford to make expensive home selling faults as you go on with your selling process. This will just slow down the possibility of getting rid of it. There are several important things you have to consider if you want to have a smooth sailing property disposal process. Go over these 5 essential points that you have to remember.

Main purpose for selling the property

You have to know your exact reasons for selling the house. You do not just eliminate it because one day it came to your mind. It is not like having a garage sale, if your do not like it anymore then sell it immediately. Contemplate on the things why it made you decide to sell it. In this way, you will be motivated in doing it.

Acquiring a new home

Majority of people who sell their house have one common reason, this is to acquire a new one. Before you make your final decision, make a list of the things you are looking for in a new property. Check the place where you plan to buy, know the community if it is safe and has a friendly environment. You can try to go to open houses and feel all the different houses you go in to. Make a comparison between new homes and older ones. Evaluate every feature and your reasons. Who knows, you might end up dropping the idea of ​​moving out from your old haven.

Contact real estate brokers

You can start to interview real estate agents and ask them about the selling process. Let them explain to you what and how they will market your home. It is also wise to ask them to prepare a comparative market analysis and consult them about these points:

o Repairs and enhancement jobs done before selling
o Making your home ready for sale
o Home remodeling
o Home pricing
o Net imports from selling

Looking for the right lender

Initially, you have to talk to your existing lender and ask if how much you have to pay off. Know the necessary procedures for selling your old house and buying a new one. Then check for financing offers from other lending organizations and credit unions. Evaluate which has the best rates and terms in their proposal. This will help you maximize your budget and the income you can get out of your property disposal.

Dispose before buying a new property

Once your house is on the market, do not be too excited to buy a new one. You might be lured by the high class homes you see on the web. They are arranged and presented as enticing as possible for the clients who check on them. But it is still best to sell your house first before you buy a new one.

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Source by Flynna Sarah Molina

Tips for Mobile Home Sellers

Selling a mobile home often requires less work than a regular home, but the process can still be complicated. In order to get the highest return for your investment it's important to follow a few steps that can make things go more smoothly, and to keep in mind the financing differences between these and traditional homes.

Because mobile homes are worth less than regular homes, many sellers try to recoup as much of their investment as possible by selling without the assistance of a real estate professional, in a process commonly known as "for sale by owner." This method allows the seller to keep all the profits from the sale, instead of spending five per cent or more on a Realtor's commission, but it includes a few risks. For example, without the help of a real estate professional it may be difficult to find financing for your buyer (often a more difficult process than with a regular home), and it may take longer to price the unit correctly. If you do decide to sell FSBO it's best to give yourself about nine months before the home must be sold, so there's still time to work with a real estate agent if necessary. Also remember to advertise the home in local print publications, as well as on the Internet.

Preparing a mobile home for sale is less difficult than a regular home, since these homes are much smaller and easier to maintain. Your main concern when getting ready to sell should be introducing the home as is, so buyers can easily see its condition. Buyers do not invest in mobile homes for the upgrade potential – in general, they want to be able to use the home as quickly as possible, without having to worry about structural problems.

It's important to keep in mind that people buy mobile homes not just because they are cheaper, but because monthly mortgage payments on them also tend to be lower. If you're in a position to help the buyer with financing (if you have full equity in the home, for example) you may be able to attract a higher price by offering a creative financing solution, such as lower monthly payments, or by offering a "seller second" on a percentage of the mortgage, if a buyer can not qualify for the full amount. In these cases, it's often worth it to work with a real estate professional who can draw up a custom contract – you may lose a little extra on commission, but you'll also be making more on the final sale.

Another market to consider for your mobile home is the corporate sector. Many companies buy and re-furbish mobile homes for a wide variety of uses like temporary office space, or in planned developments. You may sell for a little bit less this way, but it may be worth it for the time and effort you save on marketing to individual buyers.

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Source by Nelson Stewart

Sell ​​Your Own Home – DIY Selling Real Estate Without An Agent

If millions of people sell their homes each year through an agent then that might suggest that private selling of real estate is not the way to go. Of course it's not that simple and the promise that a person needs an agent is a false one.

It could be argued that even if an agent is actually required to sell a home, that the agent will at least make the sale easier or more likely. I have to say that there is no evidence to support either that an agent will get you more money or a quicker sale.

There are no industry figures comparing the two methods and even if there were the results would be at best ambiguous. So for better or worse we can only reason through the topic and make an educated guess.

The pro agent people (mostly agents) would argue that only an agent has the marketing clout and inherent skill to achieve the highest possible price in the shortest timeframe. But is that claim accurate or indeed verifiable? A cursory look at the question would tell you that there are to many variables eg, is the agent a good one?
Is he acting in your best interests or his own best interests ie a commission.

All agents freely admit that price is the ultimate determinant of saleability, not the salesman's ability.
Agents when talking amongst them always say that if a house is being marketed and remains unsold it's the price that's the main problem.

If one accepts that price is the problem then one would also have to accept that a lower price (through not paying thousands in agents commission) would help the home to sell faster.

Houses sell homes and the very best agents are the ones that show up. They oil the wheels and sometimes make the process a little easier. Some may in fact make it harder to sell.

At the end of the day it's only pricing and exposure that sells anything … and that goes for houses or hot dogs. Ah I hear you say … but what about the hot dog buyer is hungry? That sure is a factor? Yes it is and so is the taste of the hot dog. But all things being equal if two hot dog stands have similar food and are side by side the cheaper one will get more custom. Likewise if one hot dog maker has a superior tasting product it will not mean a thing unless people hear about its superior hot dogs and that is known as (exposure)

So you see price and marketing exposure are all that really matters and up until recent times the real estate agents did have a huge advantage in that area. But now the playing field is far more level and FSBO's can now get as much or greater exposure than some agents. How can this be? Simple really. The average, For Sale by Owner, person has just one house he needs to promote and he can spend more time and resources on that one product as opposed to the agent who may have a hundred properties that he is trying to do justice to.

Funnily enough it's that very fact that most agents will point to as proof that you need them. They will use the analogy of having a supermarket to attract buyers with, while you have not even got a corner store to promote your one product product ie your house. Now I think that was probably true to some degree years ago but now thanks to the Internet, the private seller can arrange his do it yourself house sale like the big boys. Using a private selling FSBO company and either his own sign or that of the company the average diy seller can get the marketing reach that eluded him in years gone by.

Now that's not to say that selling your own home is easy without an agent but then who would be willing to bet that it is going to be easy with an agent?

Whether it's easier or harder is debatable but what's not debatable is the savings you can make by selling for yourself. The typical seller would save many thousands of dollars in going the diy selling route and those are often tax free thousands as well.

The key in all of this is that if one is going to sell their own home then they must attend to it in a way that gets professional level exposure. The best way to do this is to spend a small amount of the saved money on quality marketing.

We are not talking rocket science here. Simply set your price as accurately as possible and then tell everyone you can about your real estate …. and that means more than just a For sale sign in your front yard.

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Source by Andrew Blachut

Selling By Owner: Price Your Real Estate To Sell

Something held in common by all home sellers is the desire to sell in the least amount of time and for the most amount of money. To achieve that goal you must first price your house appropriately. If you price too high your house will not sell. On the other hand, if you price too low you stand to lose a reasonable amount of money. Therefore it is essential that you determine the fair market value of your home.

There are two general factors to consider when determining the sales price of your home:

    1. Your personal time schedule. If you are under pressure to sell your house quickly it may be wise to price your home slowly below fair market value to attract more potential buyers. If you enjoy the luxury of selling at your own pace then you can price your home closer to the fair market value, giving yourself time to find the right buyer. 2. Current Market Conditions. If there are many homes for sale in your area then you may have to discount the price of your home to help it get more attention. Conversely, if there are few homes for sale in your area then you can expect a sell closer to your asking price.

What is the fair market value of your real estate?

There are a couple of methods by which you can arrive at a fair market value for your property on your own. In an agent-assisted real estate transaction, the agent can help you set an asking price by looking up recent comparable home sales in the local multiple listing service (MLS) database. Most likely, you do not have access to the local MLS system for this information.

For this reason, it may be beneficial to pay for a professional appraisal of your property. Appraisers also have access to recent comparable home sales and use up to three methods of arriving at a fair market value for your home. When a buyer seeks financing to purchase your property, they will need an appraisal to establish value in the eyes of the lender. So it does not hurt to have that value established in the beginning. Showing a buyer a professional appraisal of the property can give the buyer added comfort that your asking price is reasonable.

You can expect to pay $ 300- $ 500 for a professional appraisal. Due to the cost, many home sellers try to establish a fair value on their own. If this is your preferred method, consider the following.

What are similar homes selling for?

Other homes that are for sale in your neighborhood are probably your best resource for determining value. Visit these houses and gather as much information as you can about the homes and then compare those homes with your home. Compare square foot, number of bedrooms, number of bathrooms, lot size, and any unique features. Seeing what similar homes are selling for will give you a good idea of ​​a price range you can expect for your home.

Search the Internet

Most states require that property transfers be published in a local newspaper, so you can easily search the online archives of recent home sales in your area. You can also search real estate websites for homes that are comparable to yours to see what they are listed for, but remember, this does not give you knowledge of what the properties actually sold for.

Immobilienmakler Heidelberg

Makler Heidelberg


Immobilienmakler Heidelberg

Makler Heidelberg


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Source by Nate Garin