Video is becoming more and more popular these days. According to a recent article in the Atlanta Business Chronicles, 77 percent of the total U.S. Internet audience viewed online video in October 2008. Adding a video to your online real estate listing is quick and easy. Most digital cameras these days are capable of taking a short video. FSBO.com can accept most video file formats, and there is no additional charge to add a video to your listing.
For additional statistics on why it is so important to add a video to your Internet Listing, please view the following article online: http://atlanta.bizjournals.com/atlanta/stories/2008/12/08/daily40.html?ana=e_duThe FSBO.com Photo department is more than willing to help you get your video posted online. If you have any questions, please do not hesitate to email us at photos@fsbo.com.
FSBO.com just wanted to clear up any confusion that there may be about a recent press release from yesterday claiming YOU can list a property on Realtor.com without an agent.One of the most popular questions www.FSBO.com receives is “Can I list my property on Realtor.com without using an agent and listing in the MLS?”.The answer has always been, and still is “NO”!
There is absolutely no way to list your property on Realtor.com without first having it listed in the MLS.There is absolutely no way to list your property in the MLS without using a licensed Realtor.The only thing you can control is the actual amount that you pay to have your property listed on the MLS and Realtor.com.
FSBO.com and similar companies have services that allow you to do this for a flat fee as opposed to a commission.Any company claiming to be the only, or first to offer this type of service has been mistaken.
The US real estate market is seeing an influx of new buyers coming from overseas to purchase property. Because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30%, the National Association of Realtors estimates. Based on the information I heard recently at the Inman News Real Estate connect in San Francisco, these foreign buyers are buying in larger metro cities for investment purposes only.
For the past few years the online real estate community has been targeted heavily by scams, most of which are from people posing as buyers from overseas. As a For sale By Owner, not represented by an agent, I just wanted to make you all aware that some of the overseas messages you receive from your FSBO.com listing could be legit. Please use your best judgment when dealing with these type of inquiries as you would not want to miss an opportunity to sell because you immediately discard someone as a scammer.
So, do YOU see America as being “For Sale” as the rest of the world does? It appears our largest brewing company Anheuser-Busch is…..
The bill recently passed by the Senate and Congress will provide mortgage relief to some 400,000 struggling homeowners. It will allow them to get more affordable mortgages backed by the Federal Housing Administration (FHA). The FHA could insure $300 billion in such mortgages. Banks would first have to agree to take a large loss on the existing loans in exchange for avoiding an often-costly foreclosure.
The bill should help those who are threatened by foreclosure, and allow them to keep their home by proving they can afford a new loan. The bill will also offer a $7,500 tax credit to first time homebuyers. This incentive could help get more first time buyers to get out there looking and making offers.
There have been a few articles written recently debating the accuracy of certain company’s foreclosure data. Mainly regarding the prices associated with foreclosure and pre-foreclosure listings. FSBO.com has been partnered with Foreclosure.com for more than 5 years, and could not be happier with the reliable data that they provide our customers and the speed at which they respond to any customer service issues we send their way. Please take a minute to read each of the two articles below
Both articles received blog comments from industry professionals, Realtor’s, and CEO’s of similar Foreclosure websites. I am curious to hear what actual consumers think about all of this. Do you feel tricked, or mislead by sites such as the ones mentioned in the articles?
I am happy to say that Video Number 4 is now ready. In this video I show you the steps I took to prepare the outside of the home. They say that curb appeal is the most important part to preparing your home for sale. If the buyers do not like what they see from the outside, they will most likely not waste their time looking at the inside. Below the Video Player are details on each project that I completed, as well as an update on the new idea I had that is mentioned in the last part of the video. Enjoy…
Projects: Pressure Wash House and Vinyl Siding: Due to current water restrictions in Georgia, I was not allowed by law to do this myself. I was forced to hire a professional. Total cost was $120.00 to clean and pressure wash the entire outside of the house, driveway, and back patio. Had these water restrictions not been in place I could have done this myself for free, since I have access to a pressure washer, and it would have taken me about 3 hours.
Mulch Front Yard and Tree Bed: I bought 8 bags of red mulch at Home Depot for $3.33 each. Even though the mulch that was there was fine, new mulch just has a richer color to it, and looks much better.
Trim Bushes: Most experts will tell you that your bushes and trees should never touch the house. This was a simple and free job that did not take very long, but make a huge difference in the curb appeal of the home.
Pine Straw and Lawn Mowing: For this I did hire a professional. This did two things for me, saved me a lot of time, and allows me to advertise that the house is professionally landscaped. Before they laid the pine straw, they sprayed special chemicals that I would not have any access to that will prevent weeds from growing back up through the straw in a week or two. Second, they got a much better price on the 25 bales of pine straw that they used for the job. The cost, and time it would have taken me to lay 25 bales would have been a much bigger burden than paying the $250.00 it cost me.
Window Washing Pretty straight forward and free, but must be done.
So, that is all for my landscaping and curb appeal tips. It’s now time to get to the marketing. My home has been on the market for 11 days now, and as promised in the video, I have not shaved / trimmed my beard since then. (Disclaimer: Mike reserves the right to shave his beard at anytime he deems necessary, but will try his best to get the home sold before that happens)
I just wanted to wish everyone who is participating in the FSBO.com National Open House Day good luck. Please feel free to post on this blog about your experiences over the weekend. I will be sure to report on how I have done.
Also, for any buyers reading this, it is not too late to go to FSBO.com, and search for open Houses in your area this weekend. You are encouraged to go meet with these owners face to face, instead of just calling or emailing.
This is a reminder to anyone participating in our National Open House Day next weekend that time is running out to receive a FREE Open House Sign. All you have to do is leave a comment on this blog, or my previous blog about National Open House day with your FSBO.com ID# and the time and date of your Open House, and we will send you a free open house sign/arrow to help you drive traffic to your home.
As a bonus, we will now be sending TWO FREE Open House signs to anyone who comments from now until Monday night at Midnight!!!
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!
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.
