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Real Property: Selling A Home Yourself


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Selling a home yourself has come to be known as FSBO (pronounced fiz-boh), which is common shorthand for "for sale by owner." If you sell your home yourself, you save on a broker's commission which allows you to price your home below comparable homes on the market, while still receiving the same net dollar amount.

Before attempting to sell your home yourself, think about whether you have the time and expertise to price, market and present your home to potential purchasers without a broker's help. There's a lot of work to do.

If you sell the house yourself, you can price it 6% below comparable homes for sale in your market. However, keep in mind that you may still have to pay a 3% commission to the buyer's broker. (The buyer can help you negotiate his/her broker's commission downward when he or she realizes that the buyer ends up paying the broker).

NOTE: Consider hiring a lawyer to help. The lawyer can help negotiate offers, execute contracts and arrange for the closing.

If you want to sell your home yourself, it is advisable to take the following steps:

Step 1. Set an asking price, and a price that is your bottom line.
Step 2. Prepare.
Step 3. Decide how to market your home.
Step 4. Decide who will negotiate with potential purchasers.
Step 5. Set a date by which if you don't sell your home yourself, you'll engage a broker.
Step 6. List the home on the MLS (Multiple Listing Service).


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