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Mortgage Broker - FSBO Program

A Mortgage Broker and his fsbo program can put your home selling experience on the right track. So you say, "I'm not Buying a home and I don't need a mortgage".

A Mortgage Broker's For Sale by Owner Program will help you free of charge with the three most important issues you will face:

  • How to advertise effectively to get as many buyers as you can to view your home

  • What types of mortgage loans does your home qualify for

  • Will the buyer qualify for a loan (how much time will you loose finding out?)

You may have other concerns or questions your broker will be able to help you with as well.

Advertising:

You need a broker's help here more than anywhere. You can advertise the typical: 4br, 2 bth, like new, nice neighborhood. $160,000. You will get calls I'm sure but you will double or triple those calls if you put in financing options: seller to pay closing cost, zero down, seller will pay closing cost and down payment, or $2000 will get you into this house, FHA financing available. WOW, what does all this mean to me, the seller? That is where your broker comes in. It depends on your equity, what types of mortgage loans your home qualifies for, how soon you want to sell, and what your bottom-line ($) requirement is out the door.

Your Mortgage Broker will show you all your options:

  • What mortgage loans your home qualifies for and which are best to advertise

  • How much your closing cost will be

  • What the Buyers closing costs and down payment will be should you choose to use it to negotiate with and put in your advertising

  • Where the best places are to advertise

Does the buyer qualify?

You can waste a lot of time in a contract with a buyer that sincerely wants to buy your home but can't qualify because of credit issues or not enough income. Again, this is where your Mortgage Broker comes in. If you have a sign in log with their name and phone number, your broker can call them and pre qualify them over the phone. It only takes about thirty minutes for a loan officer to determine if the buyer can qualify for a mortgage loan. You do not want to get into a contract with a party that cannot buy your home.

During the conversation the loan officer will also get important feed back information concerning your home as to what they liked or didn't like. This is valuable information for you if there are areas you need to work on. Most people that view your home will not be candid or forth coming with you but they will with a third party.

Why would a Mortgage Broker do all this?

Well, this is truly a win, win situation for you and the Broker. There maybe 50 people that look at your house but ONLY ONE will buy it. Obviously the broker would like to do the financing, but there is no guarantee. The buyer may already have his financing set up somewhere else. Remember that there were 49 other potential buyers that looked at your home and they all need financing too. Your Mortgage Broker is willing to provide you with this service hoping (because there is no guarantee) that he will be able to find qualified buyers that he can work with. There is no contract you must sign to get this service and no obligation to either party.

There are many Mortgage Brokers that have FSBO programs that include a Sign for your home, full color Flyers, and a FSBO manual that contains lots of helpful information and guest sign in sheets. At no cost to you! Most of the brokers that advertise on this Web Site have similar programs. If you call a broker and they don't have a program, refer them to this site. I know they will provide you with this service if they understand it. They can email me if they need assistance.

Why use a mortgage broker and not a bank?

A bank typically only has a few programs and they are not willing to work with anyone that has anything less than a perfect portfolio. A full service mortgage broker has all loan products available on the market, which means there is less chance that your buyer will be turned down. Brokers have 40 to 60 different lenders and can usually get better terms and rates than a bank.

You can offer the USDA Direct Loan and provide a Pre-Qualification Application to everyone that views your home.

The USDA Direct Loan offers a 100 Percent loan with no money down. This is a government subsidized loan and requires no money down. It is focused at low to very low income buyers and the home must be located in a rural area. Click hear to learn about the USDA Direct Housing Loan underwriting guidelines


 

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