FSBO: Tips for Selling Your Home Yourself

It is usually not difficult to sell your own home, provided that you have the know-how, patience, time, and negotiating skills. If you lack any of those, you might be better off hiring an agent. However, should you decide to go it alone, consider these tips:

Educate yourself. Read books on negotiation, staging your house for sale, and legal issues.

Consider an online service. Many online companies offer help to "FSBO" (For Sale By Owner) sellers. They typically charge a fee to list your home and help you with marketing and legal issues.

Price your home carefully. Don't over-price it in hopes that someone will fall in love with it, or under-price it in hopes of a fast deal. Either hire a reputable appraiser, or do your own research on homes that were recently sold in your neighborhood. Come up with a realistic number that leaves a bit of room for negotiation.

Have a marketing plan. A sign in your yard and a classified ad in your local paper usually won't suffice. Advertise online and in FSBO magazines or organize parties and "open houses." In short, do what a professional agent would do.

Set hours for showing your home. Make it clear that you'll show your home only at certain times of day. Otherwise, you may have people knocking on your door at random.

Be patient. FSBO sellers usually don't have the connections and other resources that professional agents have, so it might take some time for the word to get around.

Work with prequalified buyers only! Be firm about making sure all buyers pre-qualify themselves with a reputable lender and then verify what they tell you. They should be pre-qualified; not just pre-approved.

Don't sell in winter if you can help it. Most people look for a new home in the spring or early summer.

To see ratings on real estate brokers among home buyers and home sellers, click here:

http://www.jdpower.com/Homes/ratings/home-buyer-ratings/

http://www.jdpower.com/Homes/ratings/home-seller-ratings/