Further Reading

Before deciding whether to attempt to sell your home and keep the commission you would pay a real estate agent, consider these important details.

Consulting a Real Estate agent about placing your home For Sale By Owner will probably result in their advising you against it, and they will tell you that it will take you twice as long to sell the home than if they helped you do it.

Do you remember, though, when you purchased your home? If your experience is similar to that of most purchasers, you were led around the property by a Real Estate Agent who asked you to complete some paperwork, and then you waited in an office while they did the remainder of the work, and then the Agent received the commission (at least 5 to 6 percent, and sometimes even higher).

I'm not saying the Real Estate Agent has an easy job, but do your homework and you will be in a very good position for a FSBO quick sale.

The first step is to decide: is it a buyers or sellers market? The presence of more buyers and fewer sellers result in a buyers market, and houses sell faster. Sellers markets, however, may require the seller to make two or three extra mortgage payments during the time that it takes to locate a buyer, and the faster process of using an Agent might be a more desirable alternative.

Consider other homes for sale in the immediate area. For what length of time have they been listed? If homes are not selling quickly, it may be wiser not to move until after a buyer is found, which gives you longer to locate a buyer, but less time move out of your home.

Next, make preparations. No experience is more frustrating than encountering numerous questions you are not able to answer. Seek an online home evaluation (which usually costs nothing) to provide evidence of your home's value. Contract with a Real Estate Attorney to provide the necessary legal documents and close the transaction. The State Real Estate Commission website lists the forms necessary for the transaction.

Identify an Escrow company that will reliably hold the good faith deposit and consult with a Title Company. Buyers are responsible for locating a Mortgage Broker, Escrow Company, and selecting a closing attorney, but if they are not familiar with these processes, offering your assistance will result in their appreciation, as well as an increased likelihood of closing the sale.

Save money by advertising only on the major Real Estate Ad days, and if there are any open houses going on in your neighborhood, have yours at the same time.

If, despite your bests efforts, potential buyers are not appearing, consider investing money in the services of an economical Real Estate Broker, or a Discounted or Medium Service Broker (these may service contracts primarily through the Internet). Utilizing these resource may assist you advertising in a Multiple Listing Service. The additional charge of uploading a photo of your home is money well spent. Mere words are inadequate to effectively advertise your home.

If none of these suggestions work, the seller may consider developing an agreement with a Buyers Agent. These individuals, who work for home buyers, will most often split their commission with the Sellers Agent. In this situation, because you are the sellers agent, the buyers agent may be helpful in selling the home more quickly for only 2.5 to 3 percent of the sale price.

Again, weigh getting help with having the house on the market for a longer period of time. A 3% commission on a 300,000 house is still $9,000 to a Buyers Agent, but compared to the 6% that Real Estate agents charge, that's an extra $9,000 that stays in your pocket.

Evelyn Grazini is an experienced author who has written extensively about For Sale By Owner (FSBO) advice designed to help owners sell their homes quickly. To locate articles, resources, and a free report on 'What to Repair and What to Remodel to obtain TOP DOLLAR when you sell! www.fsbotactics.com/asale.htm