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I don't have any experience doing this, but a couple that has a popular blog just sold their house by owner and posted quite a bit about the process. The blog is young house love.
i was also going to recommend younghouselove.com! they sold their house in december.
I just stared reading YHL a few weeks ago! LOVE IT. I didn't know they did that. Ok, I will read up on their process since they are so thorough with everything. Thanks for the info!
I was going to second YHL. In fact, Sherry has been known to pop on Weddingbee somtimes!
Here is the link to their specific post about this.
http://www.younghouselove.com/2010/11/how-we-sold-our-house-by-owner/
We are selling with a realtor because we're in bofu egypt, but we've been looking on www.forsalebyowner.com for a new house and it seems super informative. If we were centrally located to anything we would have tried it. =)
There can be a downside to selling by owner
You dont know how to really price the property (due to inexperience or emotional attachement) causing it to not sell because its too high, or too low because you dont know how to negotiate well (or you started too low)
A lot of brokers have deals with the places you would advertise and it can cost you a lot more money than it costs them (Ie newspapers, internet sites, printed signs) and you may advertise less meaning you get less exposure
As a buyer they tend to not trust a FSBO property as they do one with a broker so they are willing to pay less.
Not saying these apply to you or everone, just some things to consider.
@lefeymw: Fortunately, I don't think we could really botch the asking price. I have always watched homes in the neighborhood sell and what price they settled on from the county assessment site. Plus, we are talking about a few thousand dollar range - not like 10 or 20k overpriced/underpriced difference. Meaning, I might start out asking for 115k but would be happy to settle with 110k. But I do get what you mean! It is pretty overwhelming to think about it all.
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I was wondering if anyone has sold their home by themselves? I have mentioned before that we are in the beginning stages of wanting to sell our current townhome and buy a bigger single family home. This whole process is very nerve wracking! But, we figure if we can try to sell it ourselves, we can save some money and receive more profit from the sale rather than paying commissions to (both) agents.
A lot of my previous neighbors have gone about selling this way and even the couple I bought my house from did it. My house isn't very expensive (low $100k) so I figure to give it a try to see what we could do.
Does anyone have any advice or could share their experience with this?