FSBO is a term used to describe property that is 'For Sale By Owner'.
In this scenario, the owner chooses not to use a real estate agent.

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Tips for Homesellers

Useful homeselling tips for people selling a home

Be objective. Consider the sale prices of similar homes that have sold in the neighborhood. It wouldn’t hurt to have your home professionally appraised so when a potential buyer asks about the price, you can use it as a reference. This typically costs a few hundred dollars.

Look around. Do some walls need an extra coat of paint? Does the fence need repair? Small, but noticeable, flaws make big impressions on potential buyers. Does everything work? If the garage door isn’t coming down properly, a buyer’s inspector is likely to find it. It’s best to fix defects involving plumbing and electricity beforehand. Also, plant some flowers near the entrance. And keep the lawn maintained and clear of toys.

Find an experienced real estate attorney who can help you through the process. Visit this person before you put your home on the market. He or she can give invaluable advice as well as make sure you have the right forms available and filled out properly. Among these will be a Disclosure Form (informing buyers of possible defects in the home, such as flooding, hail damage, etc.) and an Offer to Purchase Form. A real estate attorney will also help you negotiate and close the deal.

When you get an offer make sure you know if the buyer is pre-approved by a lender and for what amount. If they’re not, they could be wasting time that’s precious to you. Also, as tempting as it is, refrain from saying anything at the time of the offer. Give yourself a day or two to look over any offers and consult your real estate attorney.