Archive for February, 2014

Get Social with FSBO.com!

Thursday, February 27th, 2014

There are lots of different ways to get social with FSBO.com!  Make sure to interact with us and post your property on these sites for added exposure.  The more people that see your property the better!  Here are our most popular pages…

Facebook - https://www.facebook.com/gofsbo

Twitter - https://twitter.com/fsbo_com

Pinterest - http://www.pinterest.com/gofsbo/

Google+ - https://plus.google.com/+Fsbo1

YouTube - https://www.youtube.com/user/FSBOcom

Which social media sites do you use the most?  Have you posted your property on any?  Did you receive any leads?  Let us know what you think!

I like my 10 year old car

Thursday, February 20th, 2014

My current automobile is 10 years old and I have had very little trouble with it. The few times I had any problems, the  manufacturer was very good at taking care of me. I am not ready to trade it in yet, but when I do,  I plan to buy from the same company. If they ever sent me notice that they will no longer service/support my model I would not buy from them ever again.  Same is true with my home appliances. All are now 13 years old. They work fine, the manufacturer supports any service needed.

I can not say the same thing about my computer manufacturer. I have been very happy with Windows XP and Microsoft Office 2003. For over 10 years both have worked fine, with very little trouble. Now, the manufacturer is discontinuing support. See article. It’s the big count down to April, 2014. I guess when you are a $300 billion dollar company Wall Street expects you to keep pumping up the sales and profits. New versions do this. That is why companies keep coming up with them. Yes, I understand security is a big issue. Hackers are creative and you have to continually protect your computer with upgrades. It just seems like a $300 billion dollar company would take care of it’s customers so they come back the next time they are ready to buy. As a business owner, to make a sale, it cost much less to have current customers come back and buy from you then it does to go out and find new customers.

Anyone else still using Windows XP and Microsoft Office 2003? (We should note that most of us at FSBO.com are using much newer versions of Windows and Office.)

What products do you own that are over 10 years old that still work fine even though newer versions of the same thing have come out?

Microsoft

Short Sellers in limbo

Wednesday, February 5th, 2014

On December 31, 2013 the Mortgage Cancellation Tax Relief Act expired. Currently the US Senate S187 and the US House HR 2994 bills to extend the Tax Relief act retroactive have been stalled. I attended a meeting last week with Johnny Isakson, Georgia US Senator that co-sponsored of the Senate Bill, and he said the longer it takes the more unlikely it will pass. Who does this affect?

Since 2007 and ending Dec 31, 2013, any home owner that received ‘debt foregiveness’ through a ‘short sale‘ or ‘mortgage modification‘ or a ‘mortgage refinance‘ did not have to claim the debt reduction as taxable income. Now, without extending the Tax Relief act, they will. As an example:  1. You owed $250,000 on your property and the mortgage company reduced it to $200,000 so you could stay in your home. Today, you would have to add the $50,000 as taxable income, so you would owe the IRS about $14,000.    2. If you owed $225,000 on your home and you sold it as a ’short sale’ for $125,000, you would have to add the $100,000 as taxable income and owe the IRS $28,000.

What this means to the real estate market in 2014. 1. Less inventory because under water properties will not be coming on the market. 2. Less refinancing using the HARP program. Who loses: any profession that makes money off of the closing of a real estate sale or refinance; such as: agents, closing attorneys, appraisers and mortgage brokers. Who wins: Less inventory means prices will go up for those properties coming on the market. In coming months we look for a less inventory and a continued increase in sale prices.

FSBO tax

FSBO negotiations 104

Monday, February 3rd, 2014

Establish the foundation for the negotiations. Is the other party serious, or are they wasting your time. Don’t negotiate if the other party is not serious. How do you know? First, have them prove it. Is the buyer willing to put to a healthy deposit, close fast and willing to shorten up their due diligence period. Is the seller willing to wait until the mortgage company, home inspector and appraiser do their work. You need to find out this information fast. I mean as soon as the buyer looks at the property for the first time. Be blunt. Come right out and ask. By asking the other party you will know if they are serious. If you had an agent, they would be blunt about finding out how serious each party is. Without using an agent, you need to ask the tough questions at the first meeting. Second, who is going to handle drawing up the purchase agreement, hold the deposit, schedule a closing agent. Again, you need to establish this with the first meeting. These are all of the foundation items needed to get the property to closing. Get these items out of the way. Then you can start negotiating the small items. Have you ever read about the negotiations the US has with other countries. Before they sit down at a meeting they establish the location, whether the table will be round, square or rectangular, and they establish the agenda. The negotiations begin before the meeting.

FSBO