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In Texas recently, major real estate companies have begun to play hardball. The Federal Trade Commission charged a local realtors board with not playing fair with their competition, so clearly, major real estate companies see these cheaper alternatives as a threat. Not to be outdone, there are similar realtor boards in other states, such as Utah, Michigan and Colorado that have done the same thing. They are expecting a review by the FTC sooner rather than later.

The big difference between the way that things have always been done (through a realtor) and the way things are done now is all about availability of information. Many online sites that offer discount house or property listings don’t assist you outright in trying to figure out what points are or try to figure how much your closing costs are going to be, but they do provide the groundwork for how to figure all that out for yourself. They have primers detailing dirty tricks the bank might pull. They have FAQs about the basics of dealing in real estate. Essentially, they have all the information that a real estate agent is going to tell you on their sites so they don’t have to charge you extra.

The ongoing battle between online and “legitimate” full-service realtors is something that is going to be around for a long time. As long as there are self-motivated people who believe that they can do it themselves, online realtors will continue to thrive. The big question to ask yourself is how much do you know about the real estate business and how much responsibility are you willing to take on.

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Let me give you some reasons why:

1.) When people are in default on their mortgage they have stopped making payments to the bank. So when you are negotiating with the seller or the bank, right up until the point when you buy, no-one is making the payments. They are losing money everyday and this gives you an advantage right of the bat. Lenders are under pressure to liquidate bad loans rather than take the property back

2.) Sellers in pre-foreclosure are some of the most motivated sellers you will find. Their world has been turned upside-down, they are about to lose their house, and their motivation is such that they just want out of the house and the bank off their back. They are likely to take a low ball offer.

3.) Buying a house in pre-foreclosure enables you to create unusually large equity increase. Recent economic uncertainty has caused a lot of foreclosures, and rising rates will cause more in coming years. By requesting the lender a discount of what is owed on their payoff, large equity can be created on houses that are totally “maxed out” with loans. This cannot be done on loans that are not in default and since you are buying the property at a lower price, your down payment and closing costs will be much less reducing your investment considerably.

Make no mistake about it; there are many ways to make real estate investing, but when you look at how easy pre-foreclosure makes it to buy houses cheap, it makes more sense.

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You will want to include the following information in your ad: Date and time of the sale, your address, and special items you have for sale that will draw customers. Be sure to mention items that are in demand (Like toys; collectibles; furniture). Make sure that you have signs strategically place in your community. Place them in high-traffic intersections within a few miles of your home. Use bright Yellow or Lime green paper colors with big lettering, they work well.

Price your Items

Mark every one of your items. You will avoid a lot of questions and haggling this way. Groups of similar items such as books or Cds are an exemption; it might be easier to just mark them $1 each rather each one of them. You might be able to get more in some items and less on others. Obviously new items will bring more (especially if the price tag is still on it!). When pricing, use quarter-dollar increments. Making change will be a lot easier.

A Note on Clothing

I have found that people are willing to spend good money on quality kids’ clothing at garage sales, but not adult clothing. If you have a lot of adult clothing that is in good condition and still in style, consider taking it to a consignment store instead.

Create the Atmosphere

Have a pleasant easy-listening music playing in the background; shoppers will linger longer. If your sale is in a hot day, you may want to have a large tub filled with ice and pop for sale. Have proper lightning; be sure it is not too dark in your garage.

Finishing Up

Be sure you remove your signs promptly. You do not want people knocking on your door after the sale is over. Then enjoy the best part…. Counting the money!

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