For Sale By Owner

Selling your own real estate

FSBO. Cruise around real estate ads for any length of time, and you will see these letters. They mean: For Sale By Owner.

If you are planning to sell your own home, using an agent is not always needed. Selling your own home is a viable option, providing you have some knowledge about doing it. It will keep more money in your pocket, but also requires more involvement.

Knowing true market value

Perhaps the most important thing to do when selling your own home is to find out the proper and accurate market value for your home. In a buyer's market, it is imperative to get the most that you can for your home, and the key is knowing its proper market value.

Certain things can affect your home's market value, and you should be prepared to present potential buyers with this information when selling your own home:

Age and square footage of the home

If the structure is on a flood plain or fault line

Existing problems with the structure or any of its components

If the house is near or along an airport flight path

Is there lead paint anywhere inside the house

Curb appeal

Next, as you prepare to sell your home, some honest assessment of its curb appeal should be taken. Your house will sell sooner if your can make look as enticing as possible. Get painting and landscaping done, if needed, and make sure the yard is in tip-top shape.

Showing your home

When offering a For Sale By Owner home, you will also want to know some basic guidelines on fair housing laws, showing your home, and pre-qualifying buyers. To educate yourself on fair housing laws, work with an attorney that has real estate expertise. Pre-qualifying buyers can be tricky, but with some tact, you can avoid putting off buyers. Be prepared to ask if they are pre-approved by a lender, and if they are ready to buy now, or if they need to sell their home first.

As you show your home, be flexible. Potential buyers may not be able to give you 24 hours notice. A late-notice appointment can give you just they buyer you need. Keep personal questions and comments to a minimum, as you may offend the buyer. It's also a good idea to keep pets under control as you show your house.

These are a few things to keep in mind as you prepare to sell your own home.

More information on selling your own home