Posted by michael schindler on July 22, 2004 at 22:11:28:
I will agree with you. I, as I always state, think people should shop for the best terms. It doesn’t mean they will go to the other person but, they will generally know if they are getting a good, or at least average-competitive deal. They can also take their info to that lender and possibly negotiate better terms.
Is buy owner.com hurting investors? - Posted by Jonathan
Posted by Jonathan on July 20, 2004 at 20:07:10:
Was just wondering if buyowner.com is having an adverse effect on investors, especially one doing subject to deals. I really don’t know much about them other than they charge alot less than a realtor. Thank you
forget byowner.com I would worry more about - Posted by Lynn
Posted by Lynn on July 24, 2004 at 17:21:47:
forsalebyweb.com or nodiscount.com. They’ve combined by owner, agents, and an investor selling system into one for a total cost of less than selling your own 1%.
Two other ones are ipayone.com and onepercentrealtyusa.com but don’t include a selling system.
Byowner websites are actually gold mines for investors. Where else can you find a lot of houses that will not sell because buyers don’t know they exist?
After studying forsalebyweb and nodiscount I am convinced I need to partner with a broker and start my own company. Lynn
Re: Is buy owner.com hurting investors? - Posted by Yinvestor
Posted by Yinvestor on July 21, 2004 at 19:24:20:
I have sold my house useing buyowner.com and it was a complete waste of time.
#1 they charged me 2 and a half points for their mickey mouse advertising. When I asked the person who bought my home, how did they first know the home was for sale - they said " O I drove by and saw the sign."
Thats when I did the famous homer simpson " DOH"
Re: Is buy owner.com hurting investors? - Posted by michael schindler
Posted by michael schindler on July 21, 2004 at 12:08:25:
Yeah, and what do they do really? put out a sign, publish a magazine (that I’ve never seen) and place the house on a website-So you really have to KNOW to go to their website to look at houses and there are so many sites out there, whst would make them stand out to “Joe Buyer”? There’s 1 house my area with a home on there and I can’t help but think “what are they thinking?” I have yet to see the mag in our area-and why, there’s only 1 house listed in the Minneapolis area! They might be stronger in other areas-I’d hope so anyway. If they saturate the newstands with the book and advertise the website, then they may not be a bad choice. The house up here is all by itself, I have to wonder how in the world they plan on it selling besides the sign in the yard-which, in that case, they could’ve done that themselves for $19.95 at Home Depot(of course, I know where it is and, in my opinion, it’s overpriced for the area anyway-maybe a realtor could’ve helped them in that case). Like the website said, you can have the best house but if you don’t have exposure, it won’t sell. If you plan on selling yourself-or even with a realtor, put together a marketing plan and ask the realtor for one as well. Are they worth the price if all they do is list it for you? If I’m paying realtor fee’s, I had better have open houses, advertisements in magazines/newspapers, plenty of brochures in the box, a talking 800#, etc. (just my opinion)
Re: Is buy owner.com hurting investors? - Posted by gerald(tx)
Posted by gerald(tx) on July 20, 2004 at 21:38:01:
In my area, BuyOwner rarely ever gets a sale done. Owners generally find they waste time and create expectations that don’t materialize.
I’ve found that their house has to sit vacant for many months before they finally become motivated. I will make an open offer on a BuyOwner house, but I won’t spend or waste time waiting for the phone to ring.
Re: Is buy owner.com hurting investors? - Posted by Tom-FL
Posted by Tom-FL on July 21, 2004 at 21:37:42:
– whst would make them stand out to “Joe Buyer”? –
Well, I usually see between 5 and 8 BuyOwner TV commercials a day, and I only watch a few hours in the evening. That’s a lot considering I don’t have cable and mostly watch PBS. Sometimes they’re a few minutes apart. Can’t escape them by changing channels either.
The “magazine” doesn’t show up in 7-Eleven. It’s just too big and you have to go to a dedicated book store or news outlet. I have one here and it looks more like a phone directory than a magazine. The face is typing paper size (8.5x11) and it’s a little over 1.5 inches thick, housing 752 pages. Some listings have a page to themselves, but for the most part, you get 2 or 4 listings per page. It costs $4 and is published once a month.
Oh and yes, you do get talking signs.
Here are a few quotes from the web site:
“Buy Owner customers are assigned a licensed real estate consultant through MLS Realty. Your consultant may assist you with pricing, pre-qualifying of buyers, Mortgages, Title insurance, contract preparation and much more. This service is offered at no additional charge to Buy Owner sellers.”
And:
“To promote Buy Owner, we advertise on television, billboards, radio, newspapers and on the internet. Our website is the most popular FSBO (For Sale By Owner) destination on the internet delivering over 90 million hits per month.”
They don’t mention the price though, so I’m sure it’s not cheap. Probably a few hundred dollars at least.
Re: Is buy owner.com hurting investors? - Posted by Ann (FL)
Posted by Ann (FL) on July 24, 2004 at 15:30:39:
Are you in houston? I have been to the website, and there are a couple of homes I am REALLY interested in since I will be moving to houston soon. Some of the ads even say “motivated seller”!!! Alas, my credit is shot, though. any suggestions or advice?
Ann
Re: Is buy owner.com hurting investors? - Posted by michael schindler
Posted by michael schindler on July 21, 2004 at 22:58:04:
Like I said, they aren’t in my area and, for people in the Minneapolis area, it would probably be a waste of money. No mags here either (only 1 house in area listed through them, no need for one). Sounds like they are a legitimate player in your area. Hint, it sounds like they try to use their own other “services” providers and may recieve a kickback from them in doing so-or they may even own them-that’s where a lot of companies are headed i this industry-a one stop shop. Even though they line you up with a mortgage person-and even a title company, still get quotes from different providers. Just because they work with them, doesn’t mean you won’t possibly pay more to use them-chances are, you probably would pay more using them-especially if you don’t do your homework and compare a few different options. Again, just my opinion.
Re: Is buy owner.com hurting investors? - Posted by Tom-FL
Posted by Tom-FL on July 22, 2004 at 18:47:06:
I would certainly concede all that. I’m sure they DO indeed have some sort of “arrangement” with the professionals they recommend. And yes I’m sure they probably are at the top of the market, price wise.
For a retail buyer however, I think it’s not a bad idea. One who only buys a house a few times a lifetime might feel better going with the big name than trying to ferret out a dependable practitioner on their own.
It’s like how some people would rather just take their car to Sears for service knowing they are paying top dollar so they don’t get swindled. Of course, that trust may be misplaced in some circumstances. It was in the news that Sears was indicted a few years back for auto repair practices.