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Seller Options Part 2: For Sale By Owner – Bringing Your Seller Back To Reality
Joe: Hey, it’s Joe. This is part two in the eight-part series on seller options. This first option is continue to sell it for sale by owner. Now, the way that we found a lot of our leads if we’re using the Automarketer is for sale by owner. They’re trying to sell their property and, but we know that the doesn’t really work. 85% to 95% of for sale by owners don’t succeed. So, just the fact that these sellers are selling for sale by owner shows you that they don’t really have a clue about what they’re doing. So they need another option.
Joe: But they need to understand what they’re doing and whether or not it works. So you need to ask them, you know, what are you going to do if you don’t get it sold for sale by owner? And then do you know what kind of success that people have with for sale by owners? And this is the dialog that you can use. And I’m just going to read this because I want it to be very clear and I want it to be concise, and I don’t want to have keep stumbling over myself to try to give it to you. So I’m just going to read this from my seller option list. And by the way, these seller options that I’m giving you here are options that are written in the Automarketer. If you go to the seller questionnaire in the Automarketer, and click on a button, these seller options will pop up and you can actually read to these people as you’re talking to them on the phone, or take segments that you’re going to read to them.
Joe: But I think the most important thing is that you listen to this audio that I’m giving you right now, this video that I’m giving you right now, over and over again to be able to get these words in you head so that they come out of your mouth easily. I would even suggest that you would want to record them yourself and listen to them on a loop over and over again in you head, when you go to bed, when you go work out, when you’re driving in the car. Whenever you possibly can listen to these seller options so that they come out as second nature, so that you don’t have to think about them. It’s like learning how to play jazz.
Joe: You know, if you learn, when you learn to play jazz, you play scales up and down, up and down, scales, over and over again. Then you learn riffs over and over again. And only then are you able to do jazz. Only then are you able to improvise. Only then will you sound competent if you’ve learned how to do this. So that’s what I want you to do here.
Joe: All right, so you can continue to sell for sale by owner. Even though historically 85% of all for sale by owners do not sell there’s still a possibility it’ll work. As the seller, you have to decide how long you’ll continue to try this method. Do you wait one month, two months, six months or more? The pros to this, the advantages, are that you don’t have to pay a realtor fee and the associated expenses. You can sell it for cash and are through with the property once and for all and you’ll no longer have to have your name on the loan. This is sort of the golden ticket for most folks and the reason they’re going to try for sale by owner.
Joe: Now, the down side, the disadvantages are that it may never sell with this method. You have to run ads, take calls, show the house yourself, you have to qualify buyers. You need a good lender and title company to help. You also should have a good attorney who can walk you through the transaction. The other problems you encounter when you sell for cash, is that most buyers will need to get a new loan. They’ll do an inspection, ask you to fix issues with the house that you may not think are a big deal. An appraisal will also be done. And they can be a challenge because the lender no longer gets to pick their appraiser. They come from an approved appraiser pool.
Joe: If the appraisal doesn’t come in for at least the purchase price, the buyer will not be able to get a loan for the amount that you sold it and will ask you to lower your price. It typically takes 45 to 60 days for a highly qualified buyer to close a mortgage loan with a bank these days, so there’s also that delay.
Joe: Now, the analysis is this can be a good way to sell if you’re one of the 5% to 15% who actually succeed at it. So look at your situation and decide how much time you have to spend on this attempt. But have a back up plan ready.
Joe: Now this is the dialog that you would use with a seller who’s want to for sale by owner. And once they understand whether, that a for sale by owner isn’t really a great option, then they’re going to want to look at some of the other options. Now, if I could show you how to sell this property and make more money doing it and do it in a lot shorter time, would you like to hear that? And that’s when we’re going to get into these next options. So, next video will be, you can list the property with a real estate agent. That’s another option that they’ve got that’s a real option and we’ll show them the pros and cons of doing it that way.
Joe: All right. Thanks now.