landy.ai

Frequently Asked Questions

Introduction to Landy

What is Landy?

Landy is an innovative web platform that leverages artificial intelligence to streamline the homebuying process, helping buyers in the US and Canada easily purchase properties without a real estate agent, saving up to 3% on buyer's agent commissions.

How does Landy work?

Simply visit Landy.ai, search for your ideal property, and Landy's AI helps you craft a customized offer, chats with you to tailor it to your specific situation, and delivers it to the seller. Landy supports unlimited counteroffers, highlighting details on what's changed and guiding both sides in negotiation until an agreement is reached. Signed purchase agreements are then referred to local real estate attorneys for final review and deal closing.

Where is Landy available?

Landy works in all states, territories, and provinces in the United States and Canada.

Is Landy a brokerage?

While we have licensed real estate agents on our Transaction Success Team, they do not represent Landy customers as a brokerage would. Landy empowers buyers to lead the offer process themselves, thereby eliminating traditional buyer agent commissions.

Can I really buy a house without an agent?

Some people are surprised to learn that buying a home without a traditional buyer's agent is an option. With Landy, this alternative becomes easy enough to be realistic for many homebuyers, as we give you the necessary tools, guidance, and support to make an offer on the platform, engage in negotiations, and successfully close on a property with a local attorney, resulting in substantial savings on commissions.

Using Landy

Can I search for homes directly on Landy?

Landy has a searchable inventory of on-market homes near our home turf in Nashville, Tennessee. Landy may expand its search capabilities in the future.

What property types does Landy work for?

Landy is designed for the purchase of residential properties, such as houses and land. It is not currently optimized for commercial properties due to their unique transaction requirements.

How can I tour properties without an agent?

You can attend open houses or contact the listing agent directly for a private showing. Be clear that you are working with Landy for the offer process, which makes your offer more appealing to sellers.

What should I tell listing agents at showings and open houses who ask if I’m working with an agent?

Inform them that you are using Landy, a new platform that enables you to handle the buying process directly. Although you have support from Landy's Transaction Success Team, which includes licensed agents, they will not be officially representing you in the transaction, ensuring that no buyer’s agent commissions are due.

As a buyer, why should I care about saving commissions? Doesn't the seller pay them?

While it’s a common misconception that the seller is responsible for agent commissions due to the requirement of many real estate listing services to stipulate paying both a seller and buyer agent at closing, the reality is that the buyer ultimately funds these commissions through the funds they bring to the closing table. More commissions mean a lower net to the seller and make offers with commissions less favorable, all else being equal. Recent legal actions, including a notable Missouri court ruling against the National Association of Realtors (NAR) highlight the industry's need for reform from the status quo. Landy’s offering of a streamlined platform that empowers buyers with an alternative to these fees is at the forefront of this change, promoting a more consumer-friendly real estate market.

How suitable is Landy for first-time homebuyers?

Landy really shines for experienced homebuyers, delivering a streamlined process they'll find much more efficient than what they're used to. However, its intuitive interface is great for first-time buyers as well. The platform demystifies the offer process, offering clear instructions and the option for customized help from the Transaction Success Team, making it accessible and user-friendly for a broad range of buyers.

The home I want to buy isn’t searchable on Landy. What should I do?

If the property you're interested in is not listed on Landy, simply forward the listing from another website to offers@landy.ai. We'll help you proceed with making an offer through the platform.

Pricing and Fees

How much does it cost to use Landy?

Landy charges a $49 USD offer delivery fee when each offer is sent, and a $149 USD software license fee at closing. For those opting for the Premium package, the offer delivery fee is $99 USD, making the total cost range from $198 USD to $248 USD for a single property purchase.

Are attorney fees included in the fee at closing?

No, attorney fees are not included in the closing fee to Landy. These fees typically vary by region and are usually a few hundred dollars, but still far below fees charged by a typical real estate buyer’s agent.

How is the closing fee charged?

The closing fee is charged to your credit or debit card when the closing date arrives for an accepted offer. If your offer is not accepted, there is no fee due at closing and if your closing falls through, please let us know.

How is Landy so well priced?

Landy leverages AI technology to streamline the homebuying process, reducing overhead and passing those savings onto you. Our efficient platform minimizes the need for human involvement, allowing us to offer our services at a fraction of the cost without compromising on quality or support.

How can Landy save $15k in commissions on a $500k home?

When purchasing a home with a real estate agent, buyers pay agent commissions through the purchase price, which is higher than what a seller would otherwise accept for the property to receive the same net proceeds after commissions are paid. Although it varies by region, a typical real estate commission in North America is 6%, split 3% and 3% between buyer's and seller's agents. This means each agent receives 3% of the home's sale price, amounting to $15,000 each for a $500,000 home, which is close to the average sale price for a home in North America in 2024. Landy's platform eliminates the need for a buyer's agent, which means the buyer's portion of the commission can be negotiated into a reduced sale price. By not having to factor a buyer's agent commission into the purchase price, Landy users can save $15,000 on a $500,000 home. In more expensive markets and with more expensive homes, savings can be even more substantial!

How can Landy save a year of mortgage payments?

By eliminating the buyer's agent commission, Landy reduces the overall cost of purchasing a home, resulting in savings that equate to about a year of mortgage payments. For a home priced at $500,000, the mortgage loan size after a 20% down payment would be $400,000. However, without the buyer's agent commission, thanks to Landy, the mortgage size can be decreased to $388,000 (80% mortgage on a $485,000 purchase price), while still maintaining the same net proceeds to the seller. Assuming a 30-year loan term and a 7% interest rate, the monthly payment would decrease from $2,661 to $2,581. Over the life of the loan, this translates to total savings of $28,741, or the equivalent of 11.1 months of mortgage payments ($28,741 / $2,581). If the buyer's agent commission is not able to be capitalized into the mortgage, the difference in monthly payment would be $100, or the equivalent of 13.9 months of mortgage payments. If the buyer's agent commission eats into the buyer's available funds for downpayment such that private mortgage insurance (PMI) becomes a necessity, the savings with Landy can equate to as much as four years of mortgage payments depending on applicable PMI rates, which typically range between 0.5% and 1.5% annually of the total amount mortgaged.

Offers and Negotiations

What if the seller doesn’t want to use Landy for some reason?

If a seller is hesitant to use Landy or prefers a different method for receiving offers, Landy's team can assist. If they send back an offer using another platform or format, such as a PDF, Landy can digitize it and integrate it into the Landy platform for continued negotiation and processing.

Can I use Landy to make offers on properties "sight unseen"?

Yes, you can make offers on properties without seeing them first through Landy. However, we strongly recommend visiting the property or having someone you trust do so on your behalf to ensure it meets your expectations.

Does Landy work with all types of financing?

Yes, Landy is designed to accommodate all types of financing situations, including all-cash purchases, mortgages, and seller financing.

How does Landy send offers?

Landy’s technology looks up and verifies property attributes including the seller and their agent's contact information in real time, sending offers both via email and as mailed hardcopy backups.

What if the seller doesn’t respond to my offer?

Landy makes every effort to ensure your offer is reviewed, including follow-ups. If there's no response, Landy's Transaction Success Team is available to assist further.

How do counteroffers work? Is there a fee for counteroffers?

Counteroffers are a standard part of the negotiation process on Landy, with no additional fee. Landy facilitates an unlimited number of counteroffers until an agreement is reached. All counteroffers are sent via email.

Can I change an offer once it has been sent through Landy?

Once an offer is sent it cannot be changed. You can however, rescind the offer and create a new one.

Closing and Commissions

Can I use my own attorney, or do I have to use the one recommended by Landy?

You are welcome to use your own attorney. Landy's goal is to facilitate the closing process smoothly, whether with a recommended attorney or one of your choosing. Attorney fees are not included in the closing fee to Landy.

What if the seller has signed an MLS agreement to pay a buyer’s agent commission?

A seller's agent has a fiduciary duty to present all offers to the seller. Landy offers include specific provisions that clarify how commissions are to be handled, superseding prior arrangements. This approach ensures that any amounts otherwise intended for a buyer's agent commission can be redirected for the benefit of the seller, making your offer through Landy more compelling.

How should I respond to listing agents who insist on representing me as a buyer in a dual agency?

Inform them that you are using Landy for the purchasing process, which enables you to proceed without dual agency. It's important to know your rights; in some states, dual agency is illegal due to the potential for conflicts of interest. In addition, since Landy sends all offers to the seller and seller’s agent simultaneously, it reduces the potential for agents to delay presenting offers to the seller that they have a fiduciary duty to present.

The seller’s agent says someone is due a buyer’s agent commission. Can I give Landy a commission?

We're flattered by the offer, but Landy does not accept commissions where no commissions are due. In this case, our Transaction Success Team will work with you to rewrite things so the purchase price is reduced. Our mission is to reduce the costs associated with buying a home, aligning with our belief that buyers should have a more affordable and efficient way to purchase homes. Your success and savings are our greatest reward!

Real Estate Agents

What does Landy think of real estate agents?

Landy acknowledges the value agents bring, especially for sellers and buyers with specific needs and those skeptical of technology. Landy offers an alternative for buyers who are confident in what they want, providing a more direct and cost-efficient path to homeownership.

What do real estate agents think of Landy?

Many real estate agents appreciate Landy as it opens up more opportunities to meet buyer demand in the market. They recognize that Landy serves a segment of the market that prefers a more direct and autonomous approach to home buying.

Does Landy cover seller agent commissions?

Yes, Landy’s standard offer process upholds the payment of any seller agent commissions due, respecting the established norms of real estate transactions. Our process aligns with the seller's existing contractual commitments, guaranteeing that seller agents are compensated as agreed.

As a real estate agent, can I use Landy to serve more clients and still earn a commission?

Yes, real estate agents can use Landy to efficiently manage offers for their clients. We ask that agents working with us offer their clients a discounted commission rate, considering the advantages Landy provides in terms of taking the bulk of the work off your plate. While our normal fees still apply, this collaboration can help you serve more clients effectively. Please email the Transaction Success team with your transaction’s details so that we can ensure the offer includes commission language appropriate for your situation.

Premium Package

How does the premium review process work?

With Landy's premium package, your offer is reviewed by the Transaction Success Team, which consists of licensed real estate agents, before it is delivered to the seller. They help answer your questions and ensure everything in your offer is accurate and optimized for success within 24 hours or less. If time is of the essence, you may wish to opt for the standard package, which delivers your offer immediately after you sign and click send. If you prefer another set of eyes on the offer, opt for premium. Either way, you're making a great choice!

Why do you have a premium package?

The premium package provides additional peace of mind with a professional review of your offer. It's designed for buyers who desire an extra layer of assurance in their offer's competitiveness and compliance.

Compliance and Legal

What does it mean that Landy is not a real estate broker or agent?

Landy operates as a technology platform providing AI-driven services to facilitate real estate transactions. This distinction means that while we assist in the process of buying or selling real estate, we do not represent clients as a broker or agent would. Our services are designed to complement your transaction efforts, offering a streamlined, efficient alternative to traditional brokerage services without providing legal or financial advice.

Where can I find more information about Landy's Terms of Service?

For comprehensive details about our Terms of Service, including your rights, obligations, and the governing laws, please visit our Terms of Service page at https://landy.ai/terms-of-service/. We encourage all users to review these terms carefully to ensure a thorough understanding of the legal agreement between you and Landy when utilizing our platform and services.

Support and the Transaction Success Team

What kind of support does Landy offer if I run into issues during the offer process?

Landy provides comprehensive support through its Transaction Success Team, which is available via email and phone. This team includes licensed real estate agents and technology experts ready to assist with any part of the offer process, from crafting your offer to negotiation and closing.

What should I do if I encounter a technical issue on Landy?

If you experience any technical difficulties while using Landy, please contact the Transaction Success Team for assistance via email at offers@landy.ai, phone at (615) 219-9199, and live chat (available once you've made an offer in the app).

Specific Property and Deal Types

Does Landy work for condos?

Absolutely. Landy is designed to work with various residential property types, including condos.

Does Landy work for new construction?

Yes, Landy is equipped to handle offers for new construction homes. We work with homebuilders to facilitate offers on existing inventory. Pre-construction sales might require additional steps, so we encourage reaching out to us for more detailed support in these cases.

Does Landy work for off-market properties?

Yes, Landy can facilitate offers for off-market properties. Although these transactions can be more challenging, we ensure your offer is delivered effectively, including sending a hardcopy as standard practice. We recommend engaging directly with the property owner first to confirm their interest in selling.

What if I want to send more than one offer?

We recognize that many people submit offers on more than one home before they buy, so Landy is designed to accommodate multiple offers per buyer seamlessly. If you plan to send a large number of offers, please contact us about bulk pricing options to ensure you get the best value.

Security and Privacy

How does Landy ensure the security and privacy of my personal information?

Landy uses industry-standard security measures to protect your personal information and transaction details.The platform is committed to maintaining privacy and confidentiality, adhering to strict data protection policies and regulations.

Do I send money through Landy?

No, Landy charges fees to your credit or debit card for offer delivery and at closing. All other financial transactions, such as earnest money deposits or the final purchase amount, follow traditional real estate transaction processes outside of Landy. We use Stripe for payment processing and do not store any payment information.

Community and Feedback

How can I provide feedback or suggestions to improve Landy?

Landy highly values user feedback and suggestions for improvement. Send us an email! The Landy team frequently reviews all feedback to continually enhance the platform.

Accessibility

Does Landy support French or Spanish?

Plans are in place to add support for French and Spanish to make Landy accessible to more users in the future. Currently, while Landy works for properties in Canada and Puerto Rico, it is not officially marketed in these locations due to language support limitations.

Is Landy accessible to users with disabilities?

Landy aims to be accessible to all users, including those with disabilities. The platform is designed according to web accessibility guidelines to ensure a wide range of users can navigate and use Landy effectively. If you encounter any accessibility barriers, please contact the support team for assistance.

Can I meet with Landy in person?

Landy operates primarily as an online-only platform in order to streamline the homebuying process from anywhere at any time, without the need for in-person meetings. Our Transaction Success Team is readily available through email, phone at (615) 219-9199, and live chat (once you've made an offer in the app) to offer assistance, guidance, and answer any questions you may have. This approach allows us to provide efficient, accessible services to a broader range of homebuyers nationwide. If you’re in Nashville and want to grab a coffee or a basket of hot chicken with us, let us know and we’ll see if we can work you into our schedule!

Future Expansions and Updates

Can Landy help me get prequalified for a mortgage?

Landy plans to introduce mortgage prequalification services in the future to further streamline your home buying journey. In the meantime, contact us for our recommendations of best in class mortgage lenders serving your market.

Is Landy planning to expand its services to include rental properties in the future?

While Landy is currently focused on residential property purchases, the possibility of expanding to include rental properties is under consideration. Any updates to the platform's services will be communicated to users and reflected on the website.

Will Landy introduce more tools or features to assist with the home selling process?

Currently we are exclusively focused on improving the buyer experience. Stay tuned for updates on new functionalities.

Collaboration

Does Landy have a referral or affiliate program?

While there's no program in place yet, Landy is open to collaboration with satisfied customers and influencers in the real estate or personal finance sectors. Interested parties are encouraged to reach out!

How can real estate professionals collaborate with Landy?

Real estate agents, brokers, and other professionals interested in collaborating with Landy are encouraged to reach out! Landy is open to partnerships that align with its mission to streamline and economize the home buying process.

Media and press inquiries?

Landy welcomes media and press inquiries, eager to share insights on the evolving North American real estate market and how Landy is innovating within it. Send us an email with Press in the subject.

Other

How is a Landy offer better than filling out a DIY offer template myself?

Landy’s AI-powered platform crafts offers that are not only customized to the property and your unique buyer situation, but are also highly professional and thorough. This level of detail and personalization, coupled with the commitment shown through the offer delivery fee, signals seriousness to sellers, making your offer stand out. In contrast, DIY template offers often appear generic and indicate a lack of sophistication, entailing additional work for listing agents. By streamlining the process and respecting the listing agent’s role in securing their commission, Landy removes barriers to acceptance, significantly boosting your offer's attractiveness to sellers and their representatives.

Can I get a buyer agent rebate?

Since Landy operates without traditional buyer's agent commissions, the concept of a rebate doesn't apply. Landy's model already incorporates significant savings by eliminating these commissions.

Founding

Where did Landy start?

Landy was conceived in Tennessee, by native Tennesseans. It is a product of One World, LLC.

Who are the founders?

Landy was co-founded by Bryce Galen, a seasoned technology entrepreneur, along with a team of advisors, engineers, and real estate professionals.