While it may be a difficult time for sellers in this current market, it is undeniably a great time for buyers. But in many cases, buyers are sellers as well, and often rely on selling their existing home in order to buy a new one. As it just so happens, what a buyer may end up losing on the selling side, could very well be made up for on the buying side. Regardless of what you may have heard, people are successfully selling their homes every day!

Every buyer's initial dilemma is: "Do I sell my home myself--FSBO (For- Sale-by-Owner)? - or - Do I contract a Real Estate agent?" As with any coin, there are always two sides--both with their own pluses and minuses. The driving force for homeowners to attempt to sell their homes without an agent is to save the realtor commission and, ultimately, net more money from the sale. But finding the right price for your home makes all the difference, and is often the most daunting task. Overpricing is very easy to do (emotional attachment to your home; kids, grandkids were raised there; how much your neighbor's home sold for, etc.). How can you know if your asking price is realistic and in line with the current market? A licensed residential appraiser can access the selling prices of homes that have already sold in your area, while a listing agent can provide the prices of homes that are currently selling in your market. Depending on these professional findings, be prepared to adjust your expectations.

That said, one major risk that many FSBO sellers take is selling too low! Typically, FSBO buyers will try to negotiate an even lower price with the seller, knowing that there is no realtor commission to be paid--they're looking for a good bargain! Unless you're asking well below market value for specific reasons (health, timing considerations), this can end in a waste of everyone's time. The irony in this scenario is that, according to The National Association of Realtors® (NAR), the median sale price of FSBO homes is almost 16 percent less than the median sale price for realtor-contracted homes. One factor that may contribute to this discrepancy is that approximately 17 percent of FSBO sellers sold to a relative, friend or neighbor, whereas only 9 percent sold to a buyer who contacted the seller directly.

So, how does the FSBO seller get the most out of their "listing." Local exposure is a good place to start: ads, signs and open houses. Advertising and exposing your property to multiple buyers (not just to family members and friends) can bring you multiple offers, which can help you sell for the best possible price, rather than to the first potential buyer who expresses serious interest. Strangely enough--as per NAR statistics--the number of sellers choosing to "go it alone" is approximately 15 percent, with an overwhelming 70 percent eventually listing with a real estate agent. One reason so many FSBO sellers turn to real estate agents is the need for a professional with the proper experience working to move the deal along and to settle any problems that may arise. One common problem is the prospective buyers who aren't properly qualified for financing before they enter into a purchase contract. Prequalification and pre-approval can be done quickly if you know who to call... a good real estate agent will make sure that you don't accept an offer from a buyer who isn't qualified.

You should also have your attorney available to review all written documents that pass between you and the buyer, or any other agreements you may reach. It is the attorney's responsibility to draw up the purchase and sales agreement. But before anything moves to the closing phase, an attorney can also make sure you will not be held liable for anything unexpected after the sale.

And, don't forget the mandatory property disclosures. You should not assume that disclosures and compliance obligations are only for homes listed with real estate agents, because most FSBO sellers must furnish them, too. These Federal and local disclosures typically outline the condition of the property, as well as specific details about its location, such as:

• The age of the home and its components and if any problems exist with the components
• Lead paint disclosures and testing results (for homes built prior to 1978)
• Noise pollution (if the home is in an airport flight path)
• Hazardous materials (such as Radon)
• Ground pollution
• Flood zone requirements
• And other issues, dependent upon your specific location

Finally, the closing arrives--the meeting at which property ownership and a whole lot of money is transferred between seller and buyer. Much is at stake. Problems at the closing table could bulldoze an entire deal. In order to prevent surprises, arrive prepared and informed. It can be difficult for sellers to negotiate face-to-face with a buyer regarding deed transfer and mortgage particulars. Perhaps the terms of the deal at closing will not be what you thought you had been promised. At this juncture, the negotiating assistance of a knowledgeable professional can help.

This much is clear: whether you choose to sell your home on your own, or contract a professional realtor, do your research! Know which option will work best for you and your family. Don't just "flip a coin" before you sign on the dotted line