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2 Things Every FSBO Needs Article

NYC Coop Sales Price Now Public Information
It's an old axiom that, despite increasing numbers of condos, coops still account for around 80% of NYC's apartment inventory. Yet, until recently, the sales figures were shrowded in mystery. No more. A recently passed law allows access to these figures through use of the City's ACRIS system. While the link may not be up for long, you can find a pdf guide to how the system works at NYC.gov/html/dof/html/jump/acris.shtm.
Noah's Ark 2006
In the year 2006, the Lord came unto Noah, who was now living in the United States, and said, "Once again, the earth has become wicked and over-populated, and I see the end of all flesh before me. Build another Ark and save 2 of every living thing along with a Few good humans." He gave Noah the blueprints, saying, "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights." Six months later, the Lord looked down and...
Commercial Rent Prices Up - Square Footage Down?
A recent article in Business Week suggests that the open space model of the dot com era may, actually be a paradigm to enable businesses to reduce one of their largest expenses, namely, commercial office rent. Yet, the position of the author is hardly universally shared, eliciting a number of rejections and criticisms in the posted comments following the article. From my own experience, there is no doubt that, technologically, more and more things can be done in more and more places....
Bubble Metrics
I came across a very interesting website, that of the Center for Economic Policy Research, an organization that's done alot of looking into the housing bubble issue and that has alot of articles that you'll find interesting and informative. What's really noteworthy, though, is a unique bubble calculator that seeks to measure whether you'd be better off renting or buying by plugging in the price, mortgage terms, location and projected hold time into the fields, which then takes into...
Expected Report of Year Over Year 2nd Qtr Condo Price Declines
Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basis for the second quarter. As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices. Some, according to the article, feel the City's overall healthy economy will prevent this recurrence in the case of...
Worried about Interest Rates? Tell that to the Rent Guidelines Board
In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activists, yet still managed to outrage them, while disappointing landlords in the process. Read about the meeting and the increases at <a...
Problems When the 1031 Tail Wags the Dog
Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence. <a href="http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on" >http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on</a>
Everybody into the Pool!
When it comes to Terrorism Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks. A lobbying group called the Real Estate Roundtable, <a href="http://www.rer.org/," >http://www.rer.org/,</a> recently proposed modeling a future system after that...
Taxes and Commercial Real Estate Activity in NY
Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle. This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...
Another View on the Bubble-No Bubble Coin Toss
Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA. According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately. For more, check out the article ( subscription required) at <a href="http://www.inman.com/hstory.aspx?ID=53488" >http://www.inman.com/hstory.aspx?ID=53488</a>

Below, you'll find extensive information on leading 2 things every FSBO needs articles and products to help you on your way to success.

12 Things Every Fsbo Needs And Every Mortgage Professional Can Provide
12 Things Every FSBO Needs And Every Mortgage Professional Can Provide

Targeting the For Sale by Owner (FSBO) market is without a doubt, one of the easiest avenues to mortgage success available today. Most mortgage people fail to tap the FSBO market because of a lack of knowledge and a lack of marketing tools.

Interestingly, these same reasons also determine the success or failure of your FSBOs. Yes that's right...the more information (knowledge) and the more marketing direction (plan) a FSBO has available to them...the more successful they will be.

The key to your marketing success with FSBOs is that you are the provider of the valuable and necessary information and resources for them to sell their house. Without this information, they are doomed and relegated to a statistic where some 65% of all FSBOs will get discouraged and eventually list with a Real Estate Professional and over 15% will never sell their house at all.

Here are the twelve (12) things every FSBO needs and only you can provide:

1. A Plan. Without a plan your sellers haphazardly try anything they can think of to get some buyers...any buyers. Your FSBO needs details on what to do and what not to do...and when to do it.

2. The Cold Hard Facts. Your FSBO has to understand some basic truths: Their house will not sell quickly; Not everyone will love their house; Real Estate Professionals will call, and call, and call some more; They will need to give up some free time to make this whole thing work; Their entire family will be stressed; And, they will need a Mortgage Professional to make it work.

3. Tips To Get Their House Ready. FSBOs need to be reminded constantly with reminders and checklists that they need to put their best foot forward and their house must be in good shape. By doing this...they will generate a sale for the highest price in the shortest time.

4. Getting a Mortgage Payoff. Your FSBO needs a little direction and a sample of a "Mortgage Payoff Letter." Here's where your services will shine.

5. Calculating the Net. Not so difficult if you know what the seller's closing costs will be and the estimated selling price. Surely an easy chore for a Mortgage Person.

6. Setting the Right Price. The time spent pricing their house correctly is probably the least contemplated aspect of the FSBOs selling process...yet, it the most important. A price "too low" can result in a loss of thousands of dollars...a price "too high" will cause the house to remain on the market and

"go stale" and quite possibly...never sell. Your solution for setting the correct price will only contribute to your stature and credibility as a Mortgage Professional.

7. Finding Prospects To Buy Their House. Your FSBO needs a lesson or two in marketing their house. They need to create awareness in the marketplace as quickly and as efficiently as possible. They need to do some advertising and be 100% involved in all aspects of marketing their house. It's your job to guide them along the road to success.

8. Can They Sweeten The Deal? Most FSBOs miss this one entirely. With your help, your FSBO may be able to offer favorable terms to attract more buyers. Indicating "Special Terms" in an ad can get the phone ringing off the hook. Many times, favorable terms can be structured in a way that costs the seller, little or no money.

9. Safety Considerations. Unfortunately today, your FSBO needs to cover against the possibilities of some criminal incident. You can help establish "showing ground rules" and published advice when dealing with phone inquiries and prospective buyers.

10. Negotiating the Sale. Providing your FSBO some guidelines and detailed advice and then "qualifying" the buyer prior to signing the contract can go along way to successfully closing the sale for the FSBO.

11. Steps to the Closing. Remember, all of this is new stuff to your FSBO and lots of things can derail the sale of their house. Even though you can't do some of these things yourself...you can point your FSBO to people that can help, such as a Title Company or Real Estate Attorney.

12. Encouragement. FSBOs need to be reminded of their goal and the money they will be saving by selling their house as a FSBO. Remind them to be patient...be committed...be positive...follow the plan...and, they will succeed.

There you have it...12 things you can provide your FSBO to help them sell their house. Be creative...add and/or delete additional FSBO information...make it pretty and bind it...call on FSBOs and help them sell their house...you'll be known as a FSBO expert and have established a great niche...but more importantly, you'll have countless mortgage leads to show for your efforts.


About the author: Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/