Posts Tagged “FSBO 2.0″ Home Selling System
Both Houses OK Tax Credit Extension
I’m delighted to pass along some great news if you are trying to sell your own house! Especially if you think your home might appeal to first time buyers. And remember what I’ve taught you in “The Truth About FSBO” – contact a mortgage broker who will put together some FSBO marketing materials for you on loan programs and tax incentives available.
Daily Real Estate News | November 5, 2009 | Both Houses OK Tax Credit Extension, Expansion
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000.
The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.
“REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”
Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
Source: The Associated Press (11/5/2009)
FSBO Misinformation is Everywhere!
Posted by Deane in Administration on November 2, 2009
I read an article today of FSBO tips written by an owner of a “for sale by owner” site with a terrible piece of advice! He recommended that home sellers get what he called an appraisal from Zillow or Homegain.
First of all, the info you get from these sites is NO WHERE NEAR an “appraisal”. That would be like saying your McD’s burger was “created by a chef”! Appraisers spend a lot of time and money to learn their trade. Also, my experience has been that these sites are usually 10 – 40% off! I’ve compared the values on these sites to houses I have either just sold or just had appraised so I feel very confident in making that statement.
Pricing your house right is critical to getting a sale. So, please, please don’t skimp here! Pay a few $$’s and either buy a home valuation report at a reputable site such as ForSaleByOwner.com, or have a professional appraisal done.
“Sell Your Own Home” Frequently Asked Questions
Posted by Deane in Miscellaneous on October 29, 2009
As an experienced real estate investor who teaches homeowners how to sell their house “for sale by owner” or FSBO, I find many people tend to have the same questions.
Here are answers to some of the most frequently asked questions about selling your home yourself:
Q: How do I know if I’ve “got what it takes” to sell my own house?
A: If you can answer “yes” to these questions, you are an excellent candidate to sell your own home:
- Do you have basic computer skills? Can you surf the net, shop, and fill out basic forms online? If you do, then you will have no trouble doing your FSBO marketing, such as placing your flat fee MLS listing.
- Can you devote 4-5 hours on you initial FSBO marketing? (Remember, you will a lot of time not having to research and find an agent, and then meet with them to fill out their paperwork.)
- Are you open to seeking additional education? Most seller’s “don’t know what they don’t know” and this is where they can fall into trouble.
Q: It seems that I’ll need to do a lot of computer and internet stuff. I’m no “techie”. Can the average person can handle it?
A: Since you have gotten as far as reading this article online, I’d say absolutely! If I can do this, you can do this! I am not a tech person AT ALL. (Compared to the guys in my family, my computer skills are downright primitive!) The most difficult technical thing you’ll do for your FSBO marketing is download digital photos of your house. If you don’t know how, I’m sure you know someone that can show you. Do you know anyone under the age of 25? They’ll know how!
Q: Does selling your home yourself take a lot of extra time? Especially the marketing?
A: It depends! The marketing can if you have to put together a good marketing plan from scratch, then research and test to find the best internet-based tools and services. But once you have these things, I’d plan on an initial 4 hours to get all your marketing set up and 2 – 3 hours per week to talk to buyers and show your house.
Actually, having an agent takes a lot of time! Just trying to pick a good one, meeting and signing the listing agreement, and continually being in touch with your agent takes as much time as doing all your marketing yourself!
Q: Will my FSBO marketing cost me very much?
A: ABSOLUTELY NOT! If you went “all out” with your FSBO marketing, getting custom FSBO signs, a flat fee MLS listing, and place a FSBO listing on a the most popular “for sale by owner” site, you’d spend around $800. But I’ve sold houses spending under $100! There are at least a dozen excellent places to advertise for free online. The number one place for effective free advertising is Craigslist.
Q: I worry about having the right “for sale by owner” forms and documents. Isn’t there a lot of paperwork and documents I have to handle?
A: Again, not really! A standard “for sale by owner” contract is a relatively uncomplicated document. The standard realtor sales contract is much longer because much of it is to protect them, not you. You can get a sales contract, addendum, and any disclosures required in your state from a title company or purchase a FSBO documents package online.
Q: Will selling my own house make it more difficult to sell than if I used a realtor?
A: Definitely not, if you price it right, get it ready right, and market it right.
Q: I really want to sell my own house. But I’m scared. Where to begin? I’m afraid of the details I don’t know.
A: The fact that you realize you don’t know all there is to know is a wonderful thing! Really. I see too many homeowners jump into selling their house, think they know it all, and don’t have a clue what they are doing. You can get into some serious trouble that way.
You are right, “the devil is in the details”. That is particularly true in real estate. There are a lot of details you n
eed to know about. Some mistakes could cost you a lot of time and money, or even a lawsuit. So don’t just jump into selling your home yourself without first doing a little research.
Why not save yourself a lot of time, trouble, and worry when you sell your own home? Find out more. Sign up for “knock your socks off” FSBO tips at The Truth About FSBO today!
Keeping Your Cool When Selling Your Own House
Posted by Deane in Miscellaneous on October 28, 2009
I understand that keeping your cool when selling your house isn’t easy.
Here are some ideas to help you from getting stressed out when selling your house.
1. Don’t worry if you don’t do all the ideas in “The Truth About FSBO”. I’ve given you lots of information and lots of ideas. Actually, I have NEVER had to use all the FSBO marketing ideas to sell a house. I pick and choose from the list of ideas that have worked for me. So don’t kick yourself or make yourself crazy trying to do it all. Do what makes sense to you with the time and resources you have available.
2. Don’t worry if you don’t do everything “perfectly”. There is no such thing, anyway. Do your best, and rely on help when you need it – ask questions on The Truth About FSBO Community online or ask your title attorney or mortgage broker. Take advice from people that are involved in the selling process professionally.
3. That being said, don’t take advice from people that don’t know what they’re talking about. There are always naysayers. I’m sure you’ve already had people say you’re crazy! People who have never sold a house themselves will be happy to give you their advice.
On one level people think they are going to “protect” you from making a terrible mistake. On another level, I believe people get jealous when someone leaves behind the “normal” way of doing things and takes off to do something 
different. Something perhaps they wish they had the guts to do themselves!
The Top Ten Things Your Realtor Doesn’t Want You To Know
Posted by Deane in Miscellaneous on October 28, 2009
As an outspoken proponent of the “for sale by owner” movement, I write about this topic extensively, but I read an article written by a realtor I wanted to share with you. Among his top 10, he includes how little time realtors spend getti
ng their license (as little as 10 days) and how much the hourly rate can be for a listing agent – thousands of dollars an hour. But don’t take my word for it. Here is the link to read the rest of the ten things your realtor doesn’t want you to know. You may be surprised. And glad that you chose to sell your own house!
A Surprising FSBO Selling Statistic You Need to Know
Ironically, I read this surprising
statistic in two different places in the last week, plus my sister-in-law confirmed it with her real life experience this weekend!
So synchronicity is at work here to make sure I get this important message to you.
So here we go: “One out of three for sale by owner sellers sell their house to someone they already know!”
I guess that shouldn’t shock me, but it does. Just think of all the people listing their house with agents, spending tens of thousands of dollars on commissions when perhaps all they need to do was tell everyone they know! Yikes.
And think of all the people selling FSBO marketing their houses and skipping this critical avenue for finding buyers!
And nowadays, telling everyone you know is just an email away.
I was at a family gathering and my sister-in-law told me she had sold 3 of her houses “for sale by owner” to someone she knew and it went swimmingly. She said the 4th house they listed with an agent. She can’t remember exactly why, but she said it was a big, fat pain.
That made me think about my personal residences. I realize that I bought my current home from a family member and the house before that from a neighbor. For some reason, I hadn’t fully realized the significance of this!
So one of the best home selling tips I can give you is to be sure to put the proper energy into your neighborhood marketing. If you own The Truth About FSBO, make sure to use all the “grass roots” FSBO marketing ideas there to effectively market to your friends, family, and neighbors!
FSBO Sellers Greatest Dread? It’s the Paperwork!
Posted by Deane in Administration on October 21, 2009
On the top of the list of things that “or sale by owner” sellers dread, it’s the paperwork. There really isn’t that much involved for the seller, the burden in this department goes to the buyer who is getting a loan.
But what documents that do need to be provided are extremely important and have to be filled out correctly. You might get a contract from a title company or real estate attorney you will use. I provide a sample contract in “The Truth About FSBO”.
Or you can buy a FSBO documents packet online. I’d suggest Standard Legal . You can purchase a “for sale by owner” contract plus all disclosures specific to your state – for only $15! They are known for having the most up-to-date, legally accurate, and easiest-to-use contracts in the industry.
They will also prepare all your documents for the sale of your house for only $69. No more wondering if you put the right information on the correct line! 
They will also help you find a local attorney for free.
So don’t let home selling contracts be your downfall! Check out Standard Legal for all your “for sale by owner” forms today!
Selling FSBO Strong in Wisconsin
According to Raynor James of FSBOAmerica.org, “One of the best FSBO markets in the United States is Wiscon
sin. Going FSBO in Wisconsin is nearly as popular as using a realtor. The FSBO market is strong throughout Wisconsin, but particularly mention has to be made of Madison. The FSBO Madison market is so popular, it is hard to imagine a real estate agent surviving.”
If anyone has experience with selling “for sale by owner phenomenon” in Wisconsin, I would love to hear your opinion on why it is thriving so well there!
P.S. FSBOAmerica.org is currently offering 1 month’s free listing on their site. You might want to take advantage of it.
Be Careful What Your FSBO MLS Listing Says!
When creating your flat fee MLS listing, it’s better to under deliver than exaggerate a claim. For example, if you put on a new roof 2 years ago, you can’t list that as a new roof! It has to be less than one year old for anything to be called “new”. If your house has room in the basement that you use as a fourth bedroom, don’t call it a 4th bedroom, un
less it has a window and a closet. No closet? Call it a study or an office.
You can get into legal trouble if you make claims that aren’t true.
Read this important article on FrontDoor.com for more ways to stay out of trouble when creating your FSBO MLS listing!
Hire Some Helping Hands When Selling Your House
Posted by Deane in Miscellaneous on October 7, 2009
We are all busy all the time, but few times are we busier than when we are selling a house and moving!
Why not consider hiring some help? At Care.com, you can find help and “care” of all kinds! You can find housekeepers, movers, errand runners, pet sitters, babysitters, and senior care by zip code. There will be a photo, a short bio, reviews and fees on each service provider. When you find someone you like, Care.com will provide you with a free background check and references! (Now if only online dating services did the same…)
So why not make life easier on yourself during this busy time! Get your house cleaned. Find someone to watch your pets or kids on moving day. Hire someone to help you clear out stuff or pack.
If you are moving out of the area, you can prearrange to get help on the other end for when you get to your new home, too!
I hope this helps you because “I care” . I want to make selling your own house as easy as possible for you!
