| |
| Selling Your Home in a Reluctant Market |
| Millions of so-called "FSBO" web
sites, real estate agents, mortgage companies and others use
every trick in the
book to capture your FSBO business - and then leave you feeling
foolish. Here are some common tricks to watch out for: |
| Real Estate Agent Scams |
They tell FSBO sellers: “the seller always pay the commission!” |
| WRONG!
When selling FSBO you absolutely do not pay any commission.
New real estate laws make it very clear: a buyer’s agent
works for the buyer, is hired by the buyer and pays the agent…the
seller is under no obligation to pay any commission…don’t
be fooled into paying a buyer’s agent commission! |
| Be FSBO and on the MLS: |
| There
is no shortage of discount real estate brokers who would be
more than happy
to list your FSBO
property on the MLS for a fast buck. But be careful! When you,
or anyone, goes on the MLS you must agree to pay a commission
to a buyer’s agent – generally 2.5% to 3.5% of your
sales price. In addition, you must pay the broker to put you
on the MLS. These listing brokers will put their phone number
on the MLS in an effort to attract buyers and then sell them
a different house, not yours! You may be required to pay for
all advertising; most will not advertise your property. Most
have
additional fees if you want them to prepare the paperwork for
you. Also, keep in mind that if a buyer’s agent makes
an offer, they are rarely at full price, most are very low offers.
A buyer’s agent is working for the buyer and trying to
get them the lowest possible price. Plus, a buyer’s agent
will want you to purchase a warranty for their buyer and after
the buyer’s inspections, you can expect the buyer’s
agent to ask you to pay hundreds or even thousands of dollars
for repairs! Finally, these discount MLS listings are not available
for buyers to see on most major internet sites, so do not assume
you are getting any “extra” exposure.
Our FSBO customers sell twice as fast
as properties listed on the MLS because home buyers today
will always shop private
home sales first because they know that every home listed with
an agent has an inflated price to cover their high commissions.
However, some sellers need to relocate or have an unusual or
unique property and need all the exposure possible.
|
| Bait and Switch |
| Unfortunately,
there are many businesses claiming to be For Sale By Owner.
Most are real estate agents or mortgage companies in disguise
trying to get your listing or mortgage companies trying to sell
your prospective buyer a mortgage. Many "discount" brokers
try to trick you into listing with them by offering MLS for
low fees. None of these businesses has your FSBO interest at
heart. They all want to sell you something else. Most low MLS
fee "discount” brokers use your home as "bait" to
attract buyers, so their agents can intercept your buyers and
convince them to sign with them as their buyer's agent. Our
sole mission is to help you buy or sell real estate without
paying a commission ...no hidden objective. |
| Mortgage Company Scams |
Today, it seems like there is a mortgage company on every street
corner. Competition is fierce for mortgage loans. They know
if somebody is looking to buy a home, they'll probably need
a mortgage. So in an effort to get buyers, they have started
several scams directed at FSBO sellers.
|
| Yard Sign Scam |
| Many struggling mortgage companies have started
scams to place a sign in your yard, next to your FSBO yard sign.
Their objective is to use your home as bait, to attract buyers,
so they can sell them a mortgage (and in most cases not a mortgage
for your house). They are simply interjecting a middleman in-between
you and your buyer exactly what you do not want! We strongly
suggest that you NOT allow any mortgage sign in your yard. |
| Internet Advertising Scam |
| In this scam,
these mortgage companies offer "free" advertising of your house on
their web site, if you allow them to place their mortgage sign in your
yard. Don't sit by the phone waiting for their buyers to call
off their web site. Most of their sites are worthless because
buyers do not know they are there! Remember, they did not make
the site to attract buyers, or to help you sell, they made it
to attract sellers to let them put their sign in your yard!
Their objective is to sell mortgages, not your house. FREE is
worth exactly what you pay for it. |
| Pre-Qualified Buyer Scam |
| These mortgage
companies promise to "unleash" hundreds of their so-called pre-approved
and pre-qualified buyers to your house to buy it. The fact is,
they don't send buyers and more importantly, our FSBO customers
have no problem with their buyers not getting financed. They
will try to scare you into believing that all your buyers are
deadbeats and you need them to pre-qualify them - wrong! By
far, most, if not all, of your buyers will be able to purchase
your house without their "assistance". In reality,
they'd like to see your home stay for sale forever so they can
get unlimited buyer leads! Their objective is to sell mortgages,
not your house. |
Unbelievably low FSBO internet prices
|
There are millions of FSBO web sites
on the internet, most are like billboards in the dessert,
that is, nobody knows they
are out there, especially home buyers! Most of these offer FREE,
$10 or $50 or $100 FSBO "listings" - unfortunately,
nobody will respond to your "listing" because nobody
is looking at it. Don't sit by the phone waiting for their buyers
to call off these web sites, you get what you pay for. Some
of the national web sites claim high buyer traffic and listings,
but on average, 75% or more of the homes they are showing have
expired months or even years ago. They leave the expired listings
viewable to make it look like they have a lot of "active" homes
for sale. In reality, the number of active listings is very,
very small. Our web sites are kept current, active and accurate
everyday. Our web sites have thousands of local, ready, pre-qualified
buyers looking to buy, everyday, in the Capital District area.
|
For
Sale By Owner Albany Home > Sell
Your Home > Seller Resources >
Unbelievable Offers
|
