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Greatest Gold-Mine Of Easy "For Sale by Owner" (FSBO) Advice Ever Crammed Into One Site

by Evelyn Grazini

These are some essential considerations that require evaluating before deciding to market your home and saving the fee of selling through an agent.

Most Real Estate agents will advise you against placing your home For Sale By Owner, because it will take much longer to do it without their help.

However, remember when you bought your house. If you're like most home buyers, the Real Estate Agent walked you through the house, had you fill out a few real estate forms, and then you sat in the Escrow office while they did the rest, and the Agent pocketed the 5 to 6 percent commission (or more).

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.

First, determine whether it is a buyers or sellers market. In a buyers market, there are more buyers then homes available, making it easier to sell. In a sellers market, determine if you want to take a chance and pay an extra two to three mortgage payments on your house while you try to sell it, or hire an Agent.

Look at other homes in your neighborhood. How long have they been on the market? If they are not selling, you might want to decide to wait before you move out of your house until a buyer is found - giving you more time to sell, but also less time to move.

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.

Find an Escrow company that you can recommend for the good faith deposit and make contact with a Title Company. Remember, it is the buyers responsibility to hire the Mortgage Broker for their loan, as well as who they want for Escrow and closing, but if they have no clue where to go, your help will be most appreciated, and you will have a better chance of making the sale if you look like you know what you're doing.

Cut advertising costs by identifying and advertising on the days when Real Estate Ads are most prominent in the local paper, and offer an open house during an interval when other agents are conducting them for other homes in the same neighborhood.

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.

As a last resort - You might also consider working with a Buyers Agent. These Agents work for a buyer, and normally split the commission with the Sellers Agent. Since you are sellers agent in this case, you may get some help, and a quicker sale for 2.5 to 3 percent of the selling 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 has written a variety of For Sale By Owner (FSBO) advice to help you sell your home fast! - Find resources, articles and a free report on "What to Repair and What to Remodel to Obtain TOP DOLLAR when you sell! www.fsbotactics.com/asale.htm

Published March 13th, 2008

Filed in Real Estate