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In NJ we have IDX ( Internet Data Exchange) this allows your listing to be autopopulated to all the other websites and websites of individual agents, including associates of other Brokers. I do not believe you will get this with a limited service broker. Without IDX you are missing a MAJOR marketing component. These limited service (FSBO) brokers do not work on commission, they charge a flat fee, therefore they have no interest if your home sells or not. Basically, a rip off. JMO
Gotta call BS on this one.
IDX is readily available and pretty cheap, with no bandwidth restrictions and no commission or fee criteria asked.
One problem with discussing other folks' business models is the likelihood of spreading misinformation.
Thanks for all the replies. I do intend to work with the seller agents because that's the only way to ensure more buyers. My main concern is which flat fee listing website to choose from. Most offer the same services and the package prices are comparable.
with fsbo's you have no idea whether the potential buyers are even pre-approved for the right price range. It could be anyone.
Do buyers feel offended if I ask for pre-approval loan letter? I wouldn't if I were a buyer. Will asking for pre-approval letters reduce potential buyers especially with the current economy situation?
I dont know what the fee would be, but for $100 or $200 it might be worth a shot. You NEVER know who's out there looking. That goes for anything you sell. WHen you go to sell your car the first thing you do is not put it on ebay for $100 in fees and no reserve. You start with craigslist and a $3 'for sale' sign at the hardware store. I'd do the same with a house.
If you dont see any serious buyers in the first month go find a realtor.
Tell them to submit proof of funds with offer. Most Realtors would be better off today, if they had 50 Bucks for every "letter of pre-qualification" that couldn't close. Here is a trick I learned from the banks: Make EMD "non-refundable." Let them do their inspections first.
I used a site that is 100% free, and even gives you free signage and web hosting. The mods deleted it. He must have had a bad day at the Corrections Officer Job Fair.
Non-refundable earnest money won't fly in the PNW. Just don't go there. Maiden of the 11% of folks that fold FSBO last year, 85% were sold via a buyer agent. In all likelihood a real estate agent will bring you your buyer. They will use the NWMLS forms and preapprove the buyer for you. You should get a preapproval letter with any offer.
And yes, MikeJ is right on the BS meter. Limited representation listings are done as Exclusive Agency listings out here and they feed into IDX systems. We don't discriminate against different business models out here.
Do buyers feel offended if I ask for pre-approval loan letter? I wouldn't if I were a buyer. Will asking for pre-approval letters reduce potential buyers especially with the current economy situation?
Not all pre-approval letters are created equal. Everyone of them contains multiple contingencies which allows the lender to back out. If you are going the FSBO route, hire a good attorney to look out for your best interests.
Here is a trick I learned from the banks: Make EMD "non-refundable." Let them do their inspections first.
Horrible advise to someone who wants to get sold and closed. Such a strategy would eliminate the overwhelming number of folk within the ready, willing and able buyer pool.
Buyers who are in a position to pay cash and make non contingent offers do so because they expect to pay less, often times, substantially less than current market value, when buying foreclosed property.
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