Tips for FSBO
1. You can search the local Tax Assessors website to see what has sold in your neighborhood. This will help you determine a good list price. Do consider that the market has slowed about 40% from 2008 so you'll need to adjust your price accordingly.
2. Make sure your house is in tip-top condition. With so many homes on the market, if you don't give buyers a reason to remember your house, they probably won't. Make sure you eliminate the clutter and keep the house ready to show at a moments notice.
3. Check out all the websites for posting ads for your house. The more exposure you can get, the better chance you'll have of getting potential buyers to see it.
4. Be willing to pay a real estate commission if an agent calls. There are lots of houses for agents to show so make sure you make it worthwhile for them if they have a buyer that might be interested. Typically, you can expect to pay less than full commission if it is a one-time showing.
5. Try to get as much exposure as possible with local REALTORS. Typically, a buyer will connect with a REALTOR to see the most homes in the shortest possible time. You can send fliers to local real estate offices and might get someones attention. Other ways agents find out about FSBO's is through newspaper ads and signs in areas where they are showing homes.
6. When you get an offer, if it's not through a real estate agent, you may consider hiring a real estate attorney to write the contract so everyone is protected. If the buyer has one ready, have a real estate attorney review it for your protection.
7. The buyer will probably want to have a home inspection done prior to final acceptance. This is another negotiation period when the buyer can ask you to make repairs. If you don't consider this prior to accepting an offer with an "inspection period", you could end up with less money than you thought.
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