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KellyVanguardNM
494 Posts |
 Posted - 05/04/2008 : 07:37:03 AM
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Hey All,
I came up with an marketing idea that I wanted some more experienced people to review and offer up an opinion. This is specific to working with FSBO people.
I know I have to pay my portion of brochures, or any other marketing materials that I provide for the sellers including, signs, open house items, etc.
I would like to arrange a "Caravan" of prospective buyers to spend the day visiting all of the FSBO's I am working with. All of the FSBO's are excited about this and really want to do this and have no issue paying for advertisement, balloons refreshments. So my question is can I run an ad in the paper for this and co-brand the Ad with my mortgage company and ask people to call me to register for this event? I will be paying my share of the ad as well.
Also, I want to put my sign on the FSBO property saying "You can Buy This Property" with my number on it. From what I have read, I can answer specific questions on the property without being a Realtor correct? or Not correct? Somewhat like a "call capture" sign.
Any ideas or input would be appreciated because I really want to make sure I do everything correct and in accordance with RESPA.
Thanks as always,
Kelly |
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Tsnyder
7853 Posts |
Posted - 05/04/2008 : 09:01:10 AM
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I don't really see anything I think is a RESPA
violation however, what you're describing is very
much the kind of activities a licened real eastate
agent would do.
You should check with your state's real estate licensing
authorities to make sure you aren't violating any licensing
laws. I couldn't do what you describe in my state.
Tsnyder
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KellyVanguardNM
494 Posts |
Posted - 05/04/2008 : 10:18:29 AM
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Thanks Tom! I will do that. I am really just the coordinator if the caravan; i.e. making the make, and scheduling the partipants.quote:
Originally posted by Tsnyder
I don't really see anything I think is a RESPA
violation however, what you're describing is very
much the kind of activities a licened real eastate
agent would do.
You should check with your state's real estate licensing
authorities to make sure you aren't violating any licensing
laws. I couldn't do what you describe in my state.
Tsnyder
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csmith51
295 Posts |
Posted - 05/05/2008 : 09:30:01 AM
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| Let us know how it turns out. I was wondering about the RESPA violations also. |
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KellyVanguardNM
494 Posts |
Posted - 05/06/2008 : 12:09:07 PM
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| We are going to bring a licensed RE agent on baord to cover any RESPA issues... double checked with Realtors here as well. Everyone says A-OK. |
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johnnyboy38109
2515 Posts |
Posted - 05/30/2008 : 6:39:14 PM
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You cant answer questions about the property, other than what pertains to the financing of it.
I would not put "you can buy this property"..........even though they can with cash, your intent is to have them get a mtg thru you to do so, and that language comes too close to being a pre-approval statement and you have no basis for making that statement.
I'd say "0 down to qualified borrowers" something like that.
And I'd be very leery of taking ANY RESPA-related counsel from any realtor. Hell, most mortgage people dont even know what the acronym stands for.
Just be careful and defer and realtor-sounding questions. |
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d_damiano
517 Posts |
Posted - 05/31/2008 : 12:54:21 AM
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Kelly of course you can!
No Respa violations there at all.
You do want to be careful that the openhouse flyers have the price and descriptions of the home, that way you are not quoting or offering to negotiate a price just informing people of what it says on the brochure.
I do have 1 more suggestion, get a bunch of the FSBO's to offer a Free Down Payment, and seller paid closing costs, even if it's only 3% from Grant America, or Ameridream or some other DPA you will get more people on the tour
Your promotion could be For Sale By Owner Homes that are available with a free down payment and the closing costs paid so you can move in with no money down(that will generate some traffic)
The FSBO's can go to http://www.TheDownPaymentGuy.com web site and post their properties for free. They can then hit print and have unlimited free open house flyers (if you join) they all have your name and financing information on them too.
They get a Free Single property web site, and discounts on yard signs to promote the property.
I think it's a cool idea and if promoted correctly should be succesful.
Best of luck with a new innovative concept, I would love to hear your results. |
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KellyVanguardNM
494 Posts |
Posted - 06/02/2008 : 08:10:09 AM
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THanks so much. Very helpful post. I am going to talk to all of the Owners about the DP assistance. quote:
Originally posted by d_damiano
Kelly of course you can!
No Respa violations there at all.
You do want to be careful that the openhouse flyers have the price and descriptions of the home, that way you are not quoting or offering to negotiate a price just informing people of what it says on the brochure.
I do have 1 more suggestion, get a bunch of the FSBO's to offer a Free Down Payment, and seller paid closing costs, even if it's only 3% from Grant America, or Ameridream or some other DPA you will get more people on the tour
Your promotion could be For Sale By Owner Homes that are available with a free down payment and the closing costs paid so you can move in with no money down(that will generate some traffic)
The FSBO's can go to http://www.TheDownPaymentGuy.com web site and post their properties for free. They can then hit print and have unlimited free open house flyers (if you join) they all have your name and financing information on them too.
They get a Free Single property web site, and discounts on yard signs to promote the property.
I think it's a cool idea and if promoted correctly should be succesful.
Best of luck with a new innovative concept, I would love to hear your results.
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Mortgage Lens
333 Posts |
Posted - 06/02/2008 : 09:02:31 AM
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Seems to me that the advice you've been given is accurate. Just be careful as others have said that you do not cross over into performing the duties of a real estate licensee.
I would avoid answering any direct questions about the homes other than financing questions if it were me doing this.
I think that the down payment assistance plan mentioned above is an excellent way for you to prospect for new customers.
We happen to have a really cool rent vs buy module that really makes a strong case to buy, especially at todays prices and with no down payment.
Regards,
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KellyVanguardNM
494 Posts |
Posted - 06/02/2008 : 09:09:33 AM
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I am very unfamiliar with any Downpayment assistance programs. Where would I find this information?quote:
Originally posted by Mortgage Lens
Seems to me that the advice you've been given is accurate. Just be careful as others have said that you do not cross over into performing the duties of a real estate licensee.
I would avoid answering any direct questions about the homes other than financing questions if it were me doing this.
I think that the down payment assistance plan mentioned above is an excellent way for you to prospect for new customers.
We happen to have a really cool rent vs buy module that really makes a strong case to buy, especially at todays prices and with no down payment.
Regards,
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jtm7332
462 Posts |
Posted - 06/03/2008 : 09:24:06 AM
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| www.getdownpayment.com |
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