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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
For sale by owner
properties, or FSBO’s as they are commonly refereed, are some of the
best places to look for new clients. If done correctly, they can
provide a steady stream of interested and motivated new home
purchasers. And at very little cost.
As a loan officer, your
goal is to become the mortgage source that the FSBO seller will refer
interested home buyers to, to get pre-qualified. And don’t forget
that the FSBO seller may be looking for a new property as well—and with
that a new loan. If you work the arrangement properly, you can get
loans coming from both ways.
Here are some of the
best places to locate FSBO’s in your area:
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The real estate
classified section of your local newspaper.
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The Want Advertiser
Magazine, and other small local buy/sell classified ad magazines.
To give you a sense, a similar magazine is the Auto Trader, but
there are ones out there that deal specifically with items and
property.
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Drive around the
neighborhoods you know are hot markets.
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Ask real estate
referral partners such as realtors (they look for FSBO’s too, so may
have seen one), appraisers (most FSBO’s will an appraisal report to
justify a price), real estate attorneys (FSBO’s need contract work
done), and others.
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Real estate section
on ebay. A great resource!
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Warnock’s By Owner,
an alerting service for real estate and mortgage professionals that
tracks FSBO’s all over the country. You can visit their site at
http://www.wbyowner.com
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Other FSBO sites to
look at:
http://www.fsbo.com,
http://www.virtualfsbo.com,
http://www.isoldmyhouse.com,
http://www.salebyownerrealty.com,
http://www.fsbonetwork.com,
http://www.fsbo.net.
The most important
thing to remember when dealing with FSBO’s is to identify to the
prospect that you are NOT a real estate agent. You are there to help
them weed out the unqualified prospects and save them time, money, and
aggravation. These are the hot- buttons that will get your foot in the
door, and a sale in your pocket.
In our next
installment, we’ll look at how to best approach a FSBO prospect.
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