FAQ's

DEFINITIONS

4 Core Elements + 1

The patent pending 4 core elements of the iGOfsbo system are 1) the Seller’s PassBook, 2) the Seller’s Timeline 3) the Seller’s Parameter, and 4) the Proprietary Offer Protocol (POP) process and the +1 is MyOpenHouseANYTIME.com.

The iGOfsbo system marries technology and efficiency to ensure consumers receive the very best in price, value and service.

APPRAISAL
The process of determining the market value of real property. All appraisal reports must conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and to the principles of appraisal practice, code of ethics, and discipline-specific standards adopted by the American Society of Appraisers. The one who conducts an appraisal is called an Appraiser.

CLUE REPORT
The acronym stands for Comprehensive Loss Underwriter's Exchange. The report provides five (5) years of data regarding claims, the amount paid, location of the loss, cause of the loss and other related information.

COMMISSION
An amount paid to real estate Brokers for services rendered; typically a percentage of the selling price of the property; typically 5% or 6%.

CONSUMER
The consumer is identified as either a home Seller or home Buyer.

CONSUMER CENTRIC
Business practice that always puts the consumer first. Communication, technology and service is the mainstay and is all designed to support the consumer.

DASHBOARD
The Dashboard is important because it is the personalized Control Panel for the registered Buyer or Seller (User). At any time and from anywhere on the website a registered USER can always return to their Dashboard to access all the tools and easily navigate their way around the website.

FAIR MARKET VALUE (FMV)
It is the value that will justify the lender’s investment and a Buyer’s interest in a home. The best approach employed in determining the FMV is to contract the professional opinion of a licensed Appraiser.

FIXED FEE
iGOfsbo charges a simple fixed fee. This pricing method is unlike all other services that claim to offer a flat fee but then places a listing on MLS which encourages a commission which ultimately costs the Seller and Buyer much more money.

From the onset the Seller is made aware of the total cost to transact a real estate sale using the iGOfsbo patent pending 4 Core Elements +1. The iGOfsbo system is more predictable, transparent and efficient.

FRACTION VARIATION
A component of the Seller’s Parameter. This feature allows the Seller to pre-determine an acceptable fractional difference or lower ACCEPTANCE price. All Buyers’ offers within the Fraction Variation are RECOGNIZED and must be reviewed by the Seller. Also called Minimum Price.

FSBO
Acronym meaning “For Sale By Owner”. It is the process of selling real estate without representation by a commissioned real estate Broker. Essentially the homeowner represents themselves and with the assistance of an iGOfsbo Licensee maintains control and avoids paying a commission.

iGOfsbo
A SaaS (Software as a Service) deployed sales management and marketing/media software system created to match home Sellers and home Buyers. The patent pending system is designed around “4 Core Elements + 1”. It is balanced and efficient, and fosters transparency, honesty and security.

iGOfsbo LICENSEE
The individual or company that is the authorized licensed Liaison working with Sellers and Buyers to make Matches that Happen and agrees to the Terms of Use of the JABIN Software’s iGOfsbo system. All Licensees’ will operate as an independent business, autonomous from JABIN Software, LLC. Licensees are Real Estate Entrepreneurs (R.E.E.) or Real Estate Professionals (R.E.P.):
                      R.E.E.- supports software only; good for individuals that have not acquired a state real estate license.
                      R.E.P. - supports software and real estate transaction. Abides by Law of Agency.

iGOfsbo PASSBOOK
Designed to address all the questions a Buyer may have regarding a perspective property. All the strengths and weaknesses of the home are revealed to assist the Buyer to determine the right house and the fair price to offer. The iGOfsbo PassBook is proprietary of the iGOfsbo system.

JABIN SOFTWARE, LLC.
Company responsible for developing and deploying the iGOfsbo and MyOpenHouseANYTIME (MOHA) system. It is a leading edge sales and marketing/media proprietary software company for real property.

LICENSEE
See iGOfsbo Licensee.

LISTING LEVEL
The basis of the Licensee's fixed fee to be charged to the home Seller always benchmarked to the FMV.

MINIMUM PRICE
See Fraction Variation.

MULTIPLE LISTING SERVICE (MLS)
A restricted network information site only for real estate Brokers and their agents. It is an association of real estate Brokers that agree to share listings and commissions with one another. Consequently, MLS is not available to the pure FSBO Seller that is unwilling to pay a Broker commission.

MYOPENHOUSEANYTIME.COM
Like  iGOfsbo it is software designed by JABIN Software. MyOpenHouseANYTIME.com coupled with the iGOfsbo system gives the Seller and Buyer confidence, control and security. It allows a Buyer to virtually tour a home listing (at anytime) from the comfort of the Buyer's living room or office. MyOpenHouseANYTIME.com is your 24 hour OPEN HOUSE real estate partner.

OPEN HOUSE (OH)
A method of showing a home for sale. Traditionally an open house (OH) is hosted on a designated day and time, for example on Sunday from 11am-2pm. More recently home owners are producing virtual videos and posting it to sites like MyOpenHouseAnytime.com. This approach is more time efficient and secure, allowing the Seller to control who tours their home by requiring serious Buyers to make an appointment for an on-site viewing.

PROPRIETARY OFFER PROTOCOL (POP process)
Software developed for the iGOfsbo system granting Serious Buyers the ability to make secure, private offers via the internet for homes listed on the Licensee’s website.

POP #
A private reference number assigned to a Serious Buyer, it protects the Buyer’s identity when making an offer online.

POP PRICE
The sales price “Offer” entered by the Buyer using the POP process.

QUICK RESPONSE (QR) CODE

A 2 dimensional digital image that permits a User to store and share information. It’s now commonplace for many Tablet and Smartphone owners to download an application (App) that will quickly scan and read any QR barcode.

RESIDENTIAL PROPERTY
All property used for single family or multi-family housing.

REAL ESTATE AGENT
A salesperson that conducts business on behalf of a real estate brokerage firm. The agent is either an independent contractor or employee of the Broker. The traditional model prohibits agents from accepting listings and compensation without the approval of a Broker.

REAL ESTATE BROKER
The licensed individual that typically is in charge of the brokerage office. Only Brokers can enter into contractual agreements with buyers and sellers using the traditional model.

SaaS
Software as a Service is centrally hosted on the "cloud" and delivered "on demand" via the Internet.

SELLER’S PARAMETER
A sales price, based on the FMV, that sets the price boundary or minimum offer the home Seller will accept using the iGOfsbo system. This approach is uniquely different and is most advantageous for both the Buyer and Seller.

SELLER’S TIMELINE
A branded highlight of the iGOfsbo system. The Timeline is posted to the listing on the Licensee’s website and is updated regularly. It benchmarks the PREPARATION Period, the MARKETING Period and POP (Proprietary Offer Protocol or Offer Acceptance Period). It creates heightened awareness and Buyer excitement. 

SERIOUS BUYER
A Buyer that is pre-approved for a mortgage and has received a documented POP # from an iGOfsbo Licensee.

SERIOUS SELLER
A registered Seller of the iGOfsbo system. This type of Seller values the marketing advantage of employing iGOfsbo’s Proprietary Offer Protocol (POP) and evolutionary platform as a cost effective approach to convey real estate.

 

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