It's a question thousand of homeowners ask themselves every year. If you're one of them, you have some difficult decisions awaiting you. Because selling your home can be a long and complex process. So it's important to think about all the potential implications - both positive and negative - before choosing to go it alone.

To help you make the decision that's right for you, below is a list of some of the duties and responsibilities you would face as an independent home seller.

Pricing Your Home

Your first responsibility as an independent home seller is assigning your home an accurate value, meaning the highest price a ready, willing and able buyer will pay.

As part of that decision, you need to consider comparable properties in your area, current market conditions, as well as the cost of financing and its availability.

Remember that your listing should be in line with comparable properties and market trends - you don't want your home to linger on the market or sell for a lower price than you might have otherwise received.

You should also remember that "For Sale by Owner" homes typically attract bargain hunters who may expect you to lower your price since they, too, are looking to save money on REALTOR commission.

Marketing Your Home

Independent home sellers must also market their properties to the public. That means:
Putting up signage that is consistence with local ordinances
Developing and paying for display and classified ads in your local newspapers
Holding open houses
Working to ensure your home gets good word-of-mouth exposure among your friends, neighbors and community organizations.

Showing Your Home

As an independent home seller, you would be responsible for all showings of your home.
With that in minds, always encourage prospects to make an appointment, and discourage drop-ins.
Work to screen the "buyers" from the "lookers" - curiosity-seekers are common at "For Sale by Owner" homes.
You should also pre-qualify potential buyers to ensure they can afford to buy your home.
When the time comes to negotiate, you'll need to be prepared and informed.
Try to resolve any doubts your buyers might have, work to keep their interest high and make a final agreement as quickly and efficiently as possible.
Once an offer is made, agree on the price and terms, respond to objections and try to be responsive and flexible to legitimate concerns.

Drawing Up the Contract

Every independent home seller should have an attorney or another qualified individual to preside over all agreements.
That individual will draw up the contract and manage the sale proceedings and closing. He or she might also help you set the closing date and time.
You should be sure to include a list of items you want written into the contract, including any personal property that is to remain with the home (like the refrigerator, microwave oven, dishwasher, etc.), or items excluded in the sale.
Also remember that as the seller, you are obligated by law to disclose any material defects in your property to the purchaser.

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The Dilemma Of Selling Your Home Yourself.

Saving the commission is the primary reason a seller opts to sell their home themselves. If going "for sale by owner" is an option you've been considering, consider this:

On average "for sale by owner" home sales net less than if the owners had listed with a professional sales representative.

Approximately 1 in 20 "for sale by owner" homes actually sell.

Over 90% end up listing with a professional sales representative within 90 days.

Over 85% of buyers use a real estate sales representative to buy a home.
 

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If you chose to sell your home yourself, the following steps will help you sell your own home or convince you to seek the assistance of a Prudential Real Estate professional such as myself. Step 1. Carefully research information regarding the price and terms of sales in today's real estate market. Investigate recent sale prices of properties similar to yours in your immediate area. Know lot size and current tax information. You'll also need existing loan information and your state's property disclosure laws. Then establish a realistic price for your property based on that information. Step 2. Meet with local lenders and determine financing alternatives for your prospective buyers. Step 3. Conduct your own mini walk-through inspection. Make notes of all items that need repair or improvement. Your check list might include: Fresh, clean paint throughout Clean windows and window coverings throughout Well-manicured lawn and yard Plumbing and all appliances in working order All sealants (window, tub, shower, sink, etc.) in good condition Roof and gutters in good condition; no repair needed Step 4. Make all necessary repairs and improvements before you begin to advertise your property. Step 5. Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, churches, etc. Step 6. Establish a marketing budget. Step 7. Determine which newspapers will best advertise your property. Call them for rates and deadlines. Step 8. Prepare a professional, attention-getting advertisement that will attract the right buyers to your property. Place your ad in the newspaper(s). Step 9. Prepare a plan to reach local buyers plus those out-of-town buyers who account for a major portion of today's home purchasers. Step 10. Purchase an eye-catching and weatherproof yard sign; install it in the front of your property. Step 11. Purchase special "open house" signs and install them in paths that lead from main roads or thoroughfares, through the neighborhood, and to the property. Put these signs out each time you hold an open house (and be sure to take them down after each open house). Step 12. Prepare a "feature/benefit fact sheet" outlining specific features of your home and the corresponding benefits to prospective purchasers. Step 13. Schedule and conduct open house "weekdays" as well as open weekends. Step 14. Learn how to separate the "lookers" from qualified buyers. Ask for names and phone numbers, and be sure to follow up with telephone calls. Step 15. Be prepared to negotiate with the buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale. Step 16. Obtain all forms necessary for the legal sale of real property such as: Deposit Receipt & Offer to Purchase Buyer's Cost Sheet Seller's Disclosure Form (In our increasingly litigious society, it is imperative that all known defects be disclosed to the buyer(s).) Step 17. Determine the type(s) of financing that you are willing to consider such as: FHA VA Seller Carryback First Loan Conventional Loan With Seller Carryback Second Loan "Wrap Around" Loan Step 18. Negotiate with the buyer(s) all final terms of the sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations. Have an attorney review contracts if appropriate. Step 19. Plan a final walk-through with the buyer(s) before the settlement process is complete in order to resolve any dispute. Have a witness present. Step 20. While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so that they close simultaneously. In this way, you and the buyer are able to move at the same time. Many people are very comfortable in the role of "For Sale By Owner." You may find that you are one of those people.