5 FSBO Flat Fee MLS Questions Answered

5 FSBO Flat Fee MLS Questions Answered 

Author: Rich Broker

If you are a first time user of a flat fee MLS, you certainly have questions in mind. You want to make sure that they are answered in order for you to know how the process works. Here are five of the questions you share with other first time users of the service.

Question # 1 – What are the steps to get listed in this type of MLS?



It all starts with purchasing a package then you will be contacted by the broker on how the paperwork should be done. Once you have completed the paperwork, you should send it back to the broker. You may also submit your photos for uploading to the site of realtors and in the MLS website itself.



Question # 2 – What are the main benefits obtained from a flat fee MLS?



Listing your FSBO property through this method will give you more exposure in the real estate market. It can also save you tons of money because you need not pay for commissions (although at some points you are required to pay 2% to 3% buyer agent's fee). You also save time marketing your property.



Question # 3 – Can changes be made on properties already listed via flat fee MLS?



If you think you need to change some information on your listed property, you may do so at any time.



Question # 4 – What else can be included in the package?



In order to increase your exposure, you are allowed to upload photos in the MLS site. In addition to this however, you may order a kit that contains internet listings and a yard kit. You also get to have your for sale by owner home listed for six months. All of these are offered for a price of $129 to $299.



Question # 5 – Where will the FSBO property be listed?



Your ad will actually be placed on almost all real property websites. Expect that there are around 36,000 realtors working for you. The flat fee MLS may also contain the national search engine marketing feature where your properties will reach any part of the country.



These are just some of the questions that you may want answered by the flat fee MLS provider. Once you choose one, make sure that you raise all your concerns prior to hitting the "buy" button from the company. You must know all requisites as well before getting listed.



Rich Broker

Article Source: http://www.a1articles.com/article_1355189_33.html

Cities with Top Foreclosure rates

According to Realty Trac, Las Vegas had the most foreclosures in 2009, which is five times the national average.  One of every eight Vegas households (12%) received notices of loan default, auction, or repossession in 2009.

While Nevada ranked number one - Missouri is ranked at number 30.  St. Louis foreclosure rates have been right along with the rest of the nation, with about 1,700 foreclosures in St. Louis city alone per month.

Most people don't realize that there is a redemption period in some states, that allow the person who lost their home to get it back after it has already been foreclosed on. Here is the rule for Missouri:

1. A notice of sale must be mailed the borrower, at his last known address, at least twenty (20) days prior to the scheduled day of sale. The notice of sale must also be published in a newspaper within the county.
2. The sale is conducted by the trustee at public auction for cash to the highest bidder. Anyone may bid, including the lender. If the lender is the winning bidder, the borrower has one year (12 months) to redeem the property.

  Kansas, for example, also allows the homeowner one year to get the property back, but does not have the "lender" clause.

A person wanting to bid on a foreclosed property needs to study carefully all the laws involved.

I NEED an Apple Ipad

I really NEED an Apple Ipad.

Just seeing it on the tv yesterday - and now I really want it - wouldn't it be great for realtors? Me in particular :)

9.7 display - 10 hr run time - portable

While showing houses you could easily run comps, look at other properties, pull up a sales contract and from what I understand you could sign contracts right on the screen. 

I had been dreaming about a Kindle - to read books - but this would be so much better - have you seen the way it looks like the page is turning when you turn the page?

How long before Windows has a version?

The email capabilities sound great too - and isn't the little keyboard so cute.

Anyone else out there like me.... watering at the mouth?

Maybe Apple will see this and donate one to me to review..........

The Short Sale Process

 What is a Short Sale?

A short sale is an arrangement between the current owner of a home and the bank to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.


Different banks have different policies. The best case scenario is to get a bank that actually writes off the deficiency. All that happens here is that the seller has some minor derogatory credit reporting, but doesn't actually owe the bank any more money.

Some banks will do a promissory note for the deficiency. The owner will still owe this after the home is sold. NEVER EVER ASSUME THAT A DEBT THAT YOU OWE A LENDER IS GONE UNLESS YOU HAVE THE DETAILS OF THE RELEASE OF THAT DEBT IN WRITING

 Most banks will not agree to a short sale in writing until you have a formal offer - you will have to submit an application, hardship letter, financial statements, tax returns, pay stubs, the purchase agreement from the buyer, a HUD statement from the pending transaction, payoff letters from all lenders involved, and several other things depending on the lender.  Each bank is different in what they require.

A short sale is not a quick fix - it is a long drawn out process.

Always check with someone who has a lot of experience with short sales if you are selling your buying a home involved in a short sale

Martin Luther King, Jr. quote inspires excellance

I love this quote “If a man is called to be a street sweeper, he should sweep streets even as Michelangelo painted or Beethoven composed music or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, ‘Here lived a great street sweeper who did his job well.’” – Martin Luther King, Jr.  

This is my motto for doing any job - alot of people ask me how you can make money when you charge $195 for a flat fee MLS listing - the simple answer is "I do fine"  - the longer version is "I do more than is required, therefore I do fine".

Instead of having the attitude how little can I do - I like the attitude - "How well can I do and what more can I do".

Working with the title company when your sell or buy your home.

Working with the title company can be a really good experience or a really bad one.  I have been waiting for commission checks on homes we sold and I called the title company.   The one property they couriered the check yesterday - I was here all day yesterday and no check - I found out that they left it outside my old office - didn't bother to call and say "No one is there, should we leave it?"  The second property they closed on and did not issue us a check at all ..... and they will look into the third one.  Time to change title companies?

I also have another title company that is the worst when it comes to sending me the HUDS (the final closing statement) - I need these HUDS to mark the property as sold on the MLS.  The local MLS gives you 5 days to change status before they can start assessing fines.  I am just keeping my fingers crossed that they don't track me down because I have several properties from this one title company that is 2 months late!

I am happy to say that most of the transactions are smooth ones - but when they mess up it is sometimes a doozy - I have had clients walk out at closing because of the shoddy work of a title company.

Do you really own your home to get the 1st time homebuyer Tax Credit?

You might be surpised to learn that you might not - I received a call from a person today having trouble getting the first time homebuyer tax credit.  She got a trailer from a company that owns a Land Lease Community.  She was told that she was buying the trailer and leasing the land.

But as she read her paperwork to me, it became more and more obvious that she was leasing the trailer for 13 years at 14% interest, paying homeowner's insurance, taxes on the trailer and all maintenance.  At the end of the 13 years she could then purchase the trailer for $1. - but until then the deed is in the company name and she does not qualify for the first time homebuyer tax credit.  She does not in fact own the home!

All the paperwork has misleading jargon like "mortgage","mortgage interest", "mortgage principal" and loan.  When all the time it is a glorified lease purchase - but with the poor renter paying all the expenses.

A Land Lease Community is a  housing development in which homeowners lease the land under their homes from a landowner who often provides community infrastructure and amenities as well. The most common such communities are the modern equivalent of the mobile home park, in which owners of Manufactured Homes lease their Sites. Surveys indicate that more than one-third of manufactured homes are located in land lease communities.