The FSBO process: tips and hints

A real estate agent typically charges a fee for services of up to 6% of the sales price of a home. No matter what the value of your home may be, this is a significant amount of money. And since it IS a lot of money, it is most likely the reason you’ve turned to FSBO and a do-it-yourself home sale.

In order for you, a homeowner, to sell your home without a Real Estate Broker/Agent, the following items are generally required:

- a written contract between the seller and purchaser;

- certain disclosures in writing made by you to the purchaser (as required by law);

- payment from the purchaser to you of the agreed upon purchase price;

- the removal of your mortgages or liens on the property when the purchase price is paid at closing;

- a proper deed being filed in the appropriate county governmental office showing that the property has been transferred from you to the purchaser.

Ready your home for sale

Both curb appeal (the appearance of the outside of your home) and the interior appeal to purchasers is very important. Take time to give the house a fresh, neat look - use your common sense to determine what is important to potential purchasers. First impressions are important, so make sure potential purchasers do not pass by your home due to an unsightly appearance inside or out.

Determine value of your home

Estimating what your home is worth can be handled in several ways:

1) employ an appraiser (look in your yellow pages to get cost estimates of these services or find an appraiser on Fizber.com);

2) compare sales of similar houses in your area - this information is available at the county tax office or on Fizber.com;

3) review real estate listings and advertisements for sales of similar homes and determining an appropriate value (search fizber.com for that).

You should establish a realistic and fair market value so that you can attract the largest pool of potential legitimate purchasers. Overprice your home and you lose potential purchasers. Undervalue your home and you lose money. Realize that you are in a position to be able to negotiate the price - therefore, slightly inflate the asking price of your home so that you have room to move should a potential purchaser make a counter-offer.

Advertise your home and show the same to potential purchasers

Let the public know that your home is for sale. Place an attractive and professional looking "For Sale" sign in your yard; place an advertisement in the local newspaper’s classified advertisement section; make information about your home available to potential purchasers (you can have a large plastic envelope attached to your "For Sale" sign in which information sheets about your home - square footage, amenities, price, etc. - is made available). Be sure to list your home on Fizber for maximum online exposure. Be creative, but professional. The idea is to get qualified purchasers who can afford your home to notice that the house is for sale!