For Sale By Owner

So you want to sell your home. You don’t know what to do.

You search the internet. You ask friends and relatives advice on how to go about doing this. You have a series of questions.

1. What price should I ask for the home?
2. How and where should I advertise it?
3. How much should I spend on advertising?
4. How long should I leave it on the market before I lower the price or should I list it with a realtor?
5. How do I negotiate with a buyer?
6. Who writes the contract?
7. Are the buyers even able to buy my home?

This is just a short list of the questions you may have. After some research you decide to try and sell it yourself. You become a ‘for sale by owner’ home. FSBO for short.

Did you think of asking your mortgage loan officer for help?

Mortgage loan officers are not realtors and more than likely will not be able to answer all your questions about selling your home but they sure can be a good ally. They are in the business of home mortgage financing. They know a whole host of service providers related to the real estate business. Their sphere of influence and knowledge includes realtors, buyers, sellers, real estate contracts, settlement companies, real estate attorneys, appraisers, home inspectors along with other service providers that you may need during the ‘for sale by owner’ real estate process.

If you are selling your home it is likely that you will need a mortgage for your new place. Give your mortgage loan officer a call to get pre-approved. When we meet for your pre-approval you can discuss the ways in which you may need help with selling your home.

The most important service they can provide to you is to do a pre-approval on any potential buyers of your home. This will insure the buyer can purchase your home. This step will save you a lot of time, money and potential heartache down the road.

Some mortgage loan officers can also provide you with marketing flyers FREE of charge. These flyers will be colorful, descriptive and professional. You provide them with great pictures of your home. They will include those pictures along with your contact information, monthly payment examples and the amounts needed for down payment and closing costs. If you need a value on your home they can refer you to home valuation websites. They can also refer you to a real estate appraiser who can give you an exact market value of your home for a fee. Most can show you how to obtain a real estate sales agreement and how to fill it out. They can also refer you to a real estate attorney to do the contract if that would make you feel more comfortable. You may want to have your home inspected to provide a potential buyer with a clean home inspection. They can refer you to a home inspector for that service.

Remember, when you are a ‘for sale by owner’ seller, use all the resources at your disposal. This includes your mortgage loan officer. They can be a great asset in your corner when selling your home on your own.

Peter grew up at 1502 Burrstone Rd. in Utica, NY, with his French-German and Irish-German parents and went to Utica Schools. Peter was at the younger end of seven brothers and sisters. As a teenager, Peter spent a lot of time working for his two brothers-in-law, who were also business owners and entrepreneurs.

In fact, one of his brothers-in-law was one of the very first pioneers in the health food industry. Remember, too, that this was a time when health food stores and vendors were not yet a part of the mainstream of American life and business. This was an extremely cutting-edge idea, and in some ways, is exactly why Peter Corn became successful in the industry. He hit it at nearly the right time when it was new enough that there weren’t many competitors, but not so early that it would take a decade for people to be ready for it. This was Peter’s first exposure to entrepreneurship.

After working in the new health food industry with his brother-in-law in the 70s, Peter finally spun off his own business, Peter’s Cornucopia in 1985, in the Village of New Hartford in the building now occupied by Georgio’s restaurant. In about 1,000 square feet, on a shoestring budget from a small loan, a little bit of savings and a whole lot of hope, Peter launched his fledgling business.

Peter explained that a lot of his success is due to great locations, industry knowledge, growing in baby steps, a passion for this industry and the look and feel of his stores. Many times a business will spend many years building a business before any profit is made. Peter’s new business only spent about two years in this mode, but even then they were breaking even and slowly building a following.

Also, as an indication of growing in baby steps, as well as buying inventory on-demand, he kept overhead as low as possible. Peter is the kind of person who is positive, but also realistic. He plans for the worst while hoping for the best.

When asked what else helped him become a successful entrepreneur he explained that it is an even mix between the presentation combined with a great product. Peter said, “(The) look and feel (of a business) mean a lot, but it is also about the community and how you support the community that drives the business forward.”

Peter continues to support local businesses when he finds one that fits in with his theme, industry and corporate mission. Two of these local businesses are Whirled Peas, by Denise Sachs-Michalanie of New Hartford, and Sammy and Annie Foods, by Christopher Giruzzi of Barneveld. Both of these businesses will be in a future CyberVillage SpotLight. Others include Toma’s, Owen’s Farm, Chesterfields, Juanita’s Soul Classics, Heidelberg and Daniele’s Foods.

Peter explains his evolution was slow and deliberate, but he always built upon momentum. He didn’t try to rush it. He grew the business in existing office space until it was ready to burst at the seams. Only then would he justify the cost to expand into a new space. This kept momentum moving forward while overhead stayed as low as possible. Peter moved from the first location after about six years, just down the road to 52 Genesee Street, also in New Hartford village. Then it grew to 1,800 square feet, but Peter’s Cornucopia was still moving forward and profitable.

A few years later, they expanded to the entire ground floor of about 2,500 square feet. They could then offer a standup juice bar.

In 2004, once again bursting from the seams, it was time to move again. With an office and stock room in a basement, and parking in the Village becoming an issue, Peter moved into the New Hartford Shopping Center. Now with 10,300 square feet of prime real estate, Peter has his own office, a real stock area, the health food store, a juice bar and very nice café with a WI-FI hotspot. One important note is that the juice bar uses all real fruit and organic juices. This is also one of those small details that Peter believes helped him grow the business. Quality ingredients are very important to his regular customers. The general population is not aware of the fact that many juice bars use sweeteners and syrups rather than just fruit.

Peter spent a lot of time using local friends/consultants, such as Carl Cuccaro to ensure that the look and feel of the new Peter’s Cornucopia in the New Hartford Shopping Center maintained his quality, cozy and natural ambiance. The way Peter described the look he did not desire was grocery store-like with checkout counters. The store resembles popular bookstores with a cozy atmosphere and a center area/desk where friendly people check you out.

We asked Peter what the future holds for his industry and the economy in general. Peter plans to remain in his family-business environment and does not see himself retiring. He is very happy with his existing location, but if there were to be an expansion in the future, it would likely be in a larger city while keeping his headquarters in Utica, NY. Peter feels he has accomplished what he set out to do, with one big, successful store in a great location.

Peter’s view of the economy is that we either bottomed out or we’re close to it. Peter admits it still might take a while before confidence returns, but he is confident it will. Peter isn’t sure that bailing out failed large businesses, while ignoring small businesses, poised for growth, is the best strategy.

No matter which President you voted for, Republican or Democrat, he believes we went in the wrong direction, but we will still recover as a nation — we always do. Peter explained, “Despite the claims that the increased government spending will quicken the economic recovery, I don’t buy it. It will take longer with the government involved but we will recover.

Purchasing a car is a dream for almost all of us, since the very beginning of our adult lives. Sadly, we may not have the finances to buy one, or simply want to buy and drive one of the numerous old cars for sale available online before we shell out money for a new one.

Buying a second hand car help us avoid the hefty taxes, and also save us the trouble of getting all the paperwork done. However, before you take the plunge, it is always advisable to ask a few questions to the owner, so that you can have some certainty regarding the condition of the vehicle.

What is the make and the model of the car?

This simple question will help you, judge:

How old is the car?

Whether its spare parts are still readily available?

What are the inbuilt features?

What must be the ideal price?

What is the reason behind the sale?

Of course, every owner has different reasons for selling their prized possession. They could be selling it because they want to bring in a new car, or simply because they are in need of some quick cash. Then again, there are some owners who simply want to make the sale because something is wrong with the vehicle, which they do not want to handle. While the first two reasons are completely legitimate, if the owner wants to sell the car simply to get rid of it and gives you a vague reason, you should probably run in the other direction.

Has the vehicle endured any accidents?

Asking this question will prompt the owner to disclose any history of accidents and/or major damages that the car has suffered through. If so, it doesn’t necessarily mean that the deal isn’t good enough. All you simply need to do is to ask for the papers regarding the damage and the invoices of the repairs. If the owner readily avails them, you can choose to go forward, if not, you should give it a second thought.

How many kilometres has the car been driven for?

If you’re looking forward to buy used cars online this is one question you must not hesitate to ask. Not only is the number of kilometres an indicator of the vehicle’s value, but also give you a clear picture regarding its condition. The more the number of kilometres, the higher are the chances of the car to be worn-out. The answer to this question will also help you negotiate the quoted price of the car.

Now that you know the details you ought to have under your sleeve before making the purchase decision, we’re sure that you’ll be able to close a deal that is much more beneficial for you.

So, happy shopping!

Owner-manager conflict can result in loss of productivity, cause waste, and even make the firm go out of business. There are at least five sources of conflict that can arise between owners and managers

• Choice of Effort. Additional effort by managers generally increases the value of the firm, but since the managers expend the effort, additional effort reduces their utility.
• Perquisite Taking. It is in the interest of owners to pay sufficient salaries and bonuses to attract and retain competent mangers. However, owners do not want to overpay managers. In contrast, managers are likely to want not only higher salaries but also perquisites such as exclusive club memberships, lavish office furniture, luxurious automobiles, stimulating day care for children, and expensive French confections. Managers can be overpaid while the lower employees are underpaid thus resulting in a conflict between all involved which can cause loss of productivity and eventually even the result of the closing of the business.
• Differential risk exposure. Managers typically have substantial levels of human capital and personal wealth invested in the firm. This large investment can make managers appear excessively risk-averse from the standpoint of the owners, who (at least in a large public corporation) typically invest only a small fraction of their wealth in any one firm. Hence, managers might forgo projects that they anticipate would be profitable simply because they do not want to bear the risk that the project might fail and lead to a reduction in their compensation. Managers will look after their own interests even if it means a loss to the owners or shareholders.
• Differential horizons. Managers’ claims on the corporation generally are limited by their tenure with the firm. Therefore, managers have limited incentives to care about the cash flows that extend beyond their tenure. Owners, on the other hand, are interested in the value of the entire future stream of cash flows, since it determines the price at which they can sell their claims in the company. Again owners want their profits while managers only want to work and make enough to keep their pockets full.
• Over investment. Managers can be reluctant to reduce the size of the firm, even if it has exhausted available profitable investment projects; they prefer to empire-build. Also, managers often are understandably reluctant to lay off colleagues and friends in divisions that are no longer profitable. Managers who fire their colleagues bear personal costs (disutility), whereas shareholders receive most of the benefits. Some managers become friends with their employees and their families therefore causing problems when they have to lay them off or let them go due to the business slowing down. The managers would rather the owners or shareholders lose profits than to letting their friends lose their jobs.

One example would be a company that drilled water wells. The owners had built up the business to be an honest and reputable business but after they retired and hired a manager to run the business for them the manager had different ideas of how to run the business. They weren’t as honest as the owners were and treated employees dishonestly by cheating them out of their pay. This caused much conflict between the owners and the manager as the company was losing customers but the manager continued to pay himself big wages.

Another example is a used car lot in Dade City that the original owners sold cars in an honest and reputable way building the business up and when he hired a manager to take over the business the manager started selling cars that were breaking down within weeks after the customers drove them off the lot. The manager would not help the customers with the fixing the cars like the owner did if he sold a car that caused his customers problems. The manager was making the sales and showing profits to the owner therefore making bigger profits for himself but at the same time he was ruining the reputation of the car lot. There was conflict with the owner and manager since the owner wanted the business ran one way and the manager ran it a different way.