Hola! I write to you today from the beautiful land of Costa Rica. I am currently on a week long adventure exploring real estate in Central America in support of FSBO.com´s new launch of International Listings around the world.
Thanks to my new friends at Good Life Properties (www.goodlifetourscr.com) I was able to take an all day tour of the Pacific Coast looking at real estate, local markets, and even a private tour of a new agricultural theme park. Once I return, I will organize my notes, and give you all a full report of my adventure. Of the many things I learned, the most important is that you do not need to be a millionaire to own property in Costa Rica.
If you have ever been to Costa Rica, or own property there, please leave a comment on your experience or a link to your local website showcasing your property here.
In preparation of the FSBO.com National Open House Day coming up on May 17th and 18th, I wanted to ask YOU a few questions to get your feedback on holding Open Houses based on your past experiences.
What are the best times to hold and Open House?
Which is the better day: Sat or Sun?
How do you handle multiple prospects in your house at one time?
Should you be worried about your safety?
What did you do right, what did you do wrong?
As for me, I plan to hold as many open houses as my schedule will allow for. My house will be open on both May 17th and 18th, starting around 9:00AM. I plan to have some light Hors d’oeuvres and refreshments to keep people in the home for as long as possible, a large stack of brochures, and all of the paperwork necessary for those buyers to make an offer which I purchased from FSBO.com’s Real Estate Contracts page. Since the house is vacant, I will bring a comfortable chair and a book to occupy myself while there is no one at the house.
I’ll post pictures for everyone of my National Open House Day experience after the event. For now, I’d like to hear your stories, or plans regarding open Houses you have had recently.
NOTE: If you want FSBO.com to send you a FREE Open House Rider for your property, simply post a comment on my first blog on the National Open House Day.
May Day, May Day, it’s time for National Open House Day!
Spring has sprung, spring cleaning is done-it’s the perfect time to sell your home! In recognition of May as “National Prepare to Buy a Home Month,” FSBO.com has set two dates (May 17 and 18, 2008) for “National Open House Day” to give our customers increased flexibility to participate in this event. I encourage all of our current customers to add either date to their online “Open House Calendar”. We now give buyers the opportunity to search strictly by Open houses in their area, so it is important to post this info ASAP.
As part of the promotion for this event, I want to give each and every one of you a FREE “Open House” sign for your yard or subdivision. Due to the large number of listings we have online, it won’t be possible for me to do that. So, in order to receive your FREE Open House Sign/Arrow, you must first post the May 17th or 18th Date on your Open House Calendar, and then leave a comment on this blog with a link to your listing or with your listing ID#. Once I see that you have the open house dates set, I will ship you a Free Open House sign/arrow.
P.S. I will be holding an Open House on both days for my home that I have been making the videos for. Good Luck!
I am happy to announce the latest version of FSBO.com has now been launched. Among the many new features we have added, the most notable is the addition of our ability to take Rental and international Listings. We now also allow our users to upload an unlimited number of photos to each listing at no extra charge. Please visit www.FSBO.com to check out the new site, and to give me your feedback.
It is currently FREE to add your Vacation Rental, Long Term Rental, and International Listing to FSBO.com. Please add yours today.
NEW FEATURES FOR SELLERS:
UNLIMITED PHOTOS
You may now upload an unlimited amount of photos at no additional cost
FREE VIDEO UPLOAD
You may now upload one video to your listing at no additional cost
Professional Editing and Photo Tours Available in the Video Section
NEW MESSAGE CENTER
Double Duty: You no longer have to log in to check your messages. Messages will be sent directly to your email address, along with a copy of that message saved in your message center for later review.
Report Spam - You can now report scam emails directly to FSBO.com with a click of a link
New Open House Features
Enter Unlimited Open House dates - Add as many Open House dates that you have scheduled (or add them as you go along in the process of selling your home
FSBO.com now gives Buyers the ability to Search by Open Houses in their area so be sure to get yours posted right away
New Hit Counter
Your hit counter will now display both “Total” Visitors, and “Unique” Visitors.
Rental Property
If your property is also available as a rental, you may automatically add it to our New Rental Section at no cost! From your registered user’s area, you can select “Add as Rental” and we’ll automatically copy your property listing information over for you. From there, you can then edit your Rental record to include more specific rental information to your potential new renters!
This third video takes you behind the scene of what every FSBO seller should be doing while they get prepared to sell their home For Sale By Owner. I believe it is important for sellers to be as prepared as possible so that they in no way delay the buying/selling process, or lose a potential sale because they did not know what the next step is, or waste time with a non-qualified buyer. Enjoy the video, and scroll down to see a copy of all of the questions/answers Kal and I spoke about that were not captured on Film.
A big thanks to my good friend Kal Wayman, National Sales Director of Amerisave Mortgage for taking the time to sit with me. If you need a Mortgage or Refinance “You Owe it to Yourself” to visit Kal at www.gotkal.com (Nationwide).
Q & A: Mike Malkasian and Kal Wayman
Mike: Before you read the info below, I wanted to give my opinion on why it is important for you, as a seller, to speak with a Mortgage company first. If the answer to your first question to the buyer, have you already been pre-qualified, is NO, you want to be able to refer them immediately to someone you know and trust before getting into any further negotiations. Give them two people to call, and tell them to get back to you after they have their pre-qualification letter. This will save you a lot of hassle.
Ok, full interview below:
As a seller, why is it important for me to talk to a Mortgage Broker even though I am not the one that will be seeking financing?
As a seller you want to make sure that you are spending your time efficiently. The more people you can get in and out of that home the more likely you are to sell it. The last thing you want to do is to go into intense negotiations with a prospect that may not be qualified. Even worse than wasting your time negotiating with an unqualified prospect, what if you actually signed a contract with that person! You then would be stuck in a position where you can’t accept offers from other possibly more qualified buyers. You may lose an offer because of that and all because of what…. If the initial person you signed a purchase agreement with never closed you have wasted your time and resources and may have even lost a sale. You should always have a reliable mortgage broker ready to qualify any potential buyers. You see this every day now in the current market. If you buy a bank held property it is very common nowadays for the bank to require you to be prequalified by them (not an outside source) before they will sign an agreement. Once you build that relationship with a mortgage broker, he or she should be happy to sift through the potential buyers and tell you who’s qualified and who’s not qualified so you can properly focus your selling efforts.
Should I accept an offer from a buyer that has not been pre-qualified/approved?
No, absolutely not! You should always make sure that a buyer is pre approved before accepting an offer. The last thing you want to do is waste your time and resources and possibly lose a bid from a more qualified buyer.
Once I have an accepted offer from a pre-qualified buyer, do I need to hire my own attorney, or will the mortgage company’s attorney handle everything?
Typically the seller chooses the closing attorney. Sometimes the buyer negotiates to use their closing attorney but not often. If neither the seller nor buyer has a preference, the Mortgage company can help both parties select one.
As a buyer when and why should I contact a Mortgage Professional when searching for my next home?
You should contact a mortgage broker before you even start shopping! The reason for that is simple Mike…. Before you know what type of house to look for, you need to know what kind of house you can afford! If you were on a budget and were planning a date, would you not look at the menu first before scheduling a reservation?!? With all the different loan programs out there nowadays, a lot of people don’t even realize how much home they really can afford! Of course, as a buyer you always want to make sure you don’t overextend yourself and that you will accomplish your correct goals at the end of the mortgage as well.
What information would you require to get me pre-qualified/approved?
In order to get pre approved you need to provide proof of employment, income, and assets. Employment is confirmed by copies of recent pay stubs. Income is confirmed by copies of last 2 years w-2’s or tax returns. Assets are confirmed by copies of last 2 months bank statements (checking, savings, retirement)
What is the benefit of getting pre-approved/approved before making an offer?
Well, as noted before…. First off you know that you can afford the home and that you are not overextending yourself. 2nd and also very important…..It helps strengthen you offer when presenting your bid to a seller. A lot of times, sellers won’t even accept an offer until they see a pre approval letter. If they see one at the very beginning, they will probably take you more seriously and probably be more willing to negotiate on the front end.
Does it cost any money to get pre-qualified/approved?
Typically no. It should not.
Once my offer is accepted, what happens next?
The buyer should then start the loan process. Within 30 days of the estimated closing date the buyer should lock a rate, and fill out the loan paperwork. The mortgage company will then order title and appraisal. The mortgage company will also submit the file to be processed and underwritten before the buyers funds are released to the closing attorney to distribute accordingly to all parties.
What concerns should I have if no Real Estate agents are involved?
You should be concerned with what you are going to do with the extra 3-6% you saved!
So, from your point of view, what is the major difference when you are doing a FSBO deal compared to a traditional one with agents involved, and what can the FSBO parties do to make the process go smoother?
Well, the main difference is you save a lot of money! Yes, you give up the hand holding that an agent provides, but let’s be real here. Times are changing. People use to use stockbrokers to trade their stocks and pay excessive commissions. Now everyone does it themselves online for pennies a share or flat rates. Technology has allowed us to be more efficient with mortgages and securities. Why not use technology in the home buying and selling process. By eliminating agents you are able to save money because 6% of commissions are eliminated from the transaction. That money is then able to be put in the pockets of the most important people involved with the transaction…… the buyer and the seller!
As much as you want to feel like you are still at home while your home is on the market, many experts would agree that it is not a good idea. Take down and pack all personal memorabilia and photos, and store them in the garage, basement, or attic.
Besides eliminating clutter from the home which is more attractive to buyers, it will also take the emotional aspect out of it too. Walking them by the Family Hall of Fame will only make them feel like they are “taking” your home away from you, or “kicking” you out of the home that belongs to you. Buyers want this to be their home, not yours, so do yourself a favor and take it all down.
This will also help ease your pain of selling the home you have lived in and loved for so long. The benefits are on both sides of the fence.
I just wanted to write a quick note about a charity event I am participating in this Saturday for Autism. I am really excited about it because there is a child in the organization I work with (HERO for Children, www.heroforchildren.org) who has autism and, of course, he is very special and very sweet and has really impacted me. He is the main reason I am joining this cause.
The walk is only a mile, and starts at 8AM. Please consider making a small donation on my team’s behalf, or if you are in the Atlanta area, you are welcome to join the team to walk with us. Here is the link to my personal page:
(My Fundraising Goal is $250. Please consider a $5 to $10 donation for this cause)
INFO: Walk Now for Autism to help find a cure for autism. Autism is the second most common developmental disorder in the United States affecting one in every 150 children born today. Despite some promising discoveries, the cause of autism is unknown and a cure does not exist.
ActiveRain is a Bellevue, WA based technology/media company hybrid that operates the largest and most active social network in the real estate space. This site mainly benefits Real Estate industry Professionals, but I just thought I would share it with you. I plan to duplicate my current blog on there to raise more awareness for FSBO.com and its customers.
If you have any experience with Activerain.com, please feel free to share your experiance with us.
Ok, we have a winner. Dahlia of North Pole, AK successfully guessed that it took me 23 takes to shoot the intro portion of my First video. So far the feedback from the 2nd video has been that it was much better, so at least I am improving.
Since Dahlia’s listing is current “Under Contract” she will not be needing the Virtual tour. I have decided to simply reimburse her for her Gold Package Listing ($99.95) for her participation and for winning my first ever contest.
Since I can’t help to promote her listing (because it is Sold), I have asked if she was willing to answer a few questions for me regarding her experience with FSBO.com. I have in no way modified her answers:
1. Did your buyer find you on FSBO.com, if so, by phone or email?
Our buyer is our friend from church, but we were contacted a lot this spring from potential buyers via the fobs website.
2. What other methods of advertising did you use: Other websites, newspaper, word of mouth, etc…?
We used (unsuccessfully) the newspaper on Sundays, and we posted flyers at the air force and army bases, as well as posted our house on ahrn.com (a military housing service) and also on baseforsale.com (a free classified website for the military). Here in North Pole, AK, we are surrounded to the north and south by military, and they were our target market. The other websites and flyers always had our FSBO.com listing, so the other forms of marketing always brought them to our website on FSBO.com
3. How long was your property on FSBO.com before going under contract?
We posted it in July, which, is the tail-end of house-hunting season here in Alaska (winter will be setting in and families usually don’t want to move in freezing, snowy weather) so we were late in doing that, but by February, we had an accepted offer!
4. Briefly describe your experience with FSBO.com, from the sign up process, uploading photos (did you do it yourself), receiving your supplies via UPS, leads received, etc…
It was the best site that we found for the “bang for our buck”. It was very simple to make our site - we started uploading photos and had it going in probably less than an hour! We received our sign and flyers very quickly (thank you UPS!). We were very pleased with the customer service: we posted a photo of our house just to get one on the site, but it wasn’t the “keeper” photo. We had asked for our flyers to not be printed until we got an acceptable photo of our house on the site and because they had already been printed, we received another set of flyers with the correct photo on them! Thank you!! We will definitely use FSBO.com again - we saved so much by NOT using a realtor! Great idea and keep up the excellent work!!
Thanks again for everyone who participated, and as promised, I will be sending all of you a consolation prize via email shortly.
