What every "For Sale By Owner"
Should Know

Competing for buyers

As a for sale by owner, you compete with local real estate agents for buyers. Buyers use agents because agents charge them nothing for their service. Real estate agents will drive buyers around for months showing them houses for free! Agents also have the Realtor MLS (Multiple Listing Service) providing countless homes to show. Buyers like to see lots of houses.
For sale by owners must know the difference between a "prospect" and lookers.

Disclosure Laws

some states require sellers to have a written disclosure statement available to buyers. The EPA also requires a lead paint disclosure for all home built 1978 or before.
disclosure forms help to eliminate controversy and lawsuit.

Set the asking price

More for sale by owners would succeed in selling if they understood attracting buyers and subsequently selling a home is more about setting the right asking price and not about finding a buyer willing to pay the asking price. Thinking you can influence a buyer to overpay for your home through some magical marketing technique or sales pitch is unrealistic.
Knowing the current market value of your home is THE most important item needed to sell your home. Begin the selling process without knowing your home's true market value and you will languish without buyers for long periods of time.
Call a couple of brokers and ask for their opinion of the value of your home. keep in mind most brokers will tell you what you want to hear hoping you will call them when you give up & finally decide to list with a Realtor.
Keep in mind that an appraisal on your home done for a "refinance" may not necessarily indicate the true market value of your home. In order for the lender to justify lending you money on the refinance of the home, they may need to show an inflated price.
You should get 1 to 3 showings per week. Failure to get at least 1 showing a week or if you get many calls but no showings then you need to reduce the price. The failure of FSBO's to recognize the market has rejected their price brings frustration.

Negotiating:

It is usually best to avoid negotiating verbally with the buyer. You should request that a buyer out the offer in writing. When speaking with a buyer and the conversations turns to price, ask the buyer to put it in writing.
Keep this in mind, buyers know you are not paying a broker commission and believe you should pass that savings on to them. Many buyers will automatically deduct what a broker commission would be off the price of your home and then try to negotiate a even lower price.

Work with brokers.

There is no good reason not to work with agents. Agents may charge a fee, but their offer less the commission could be better than you would ever get on your own.
It is important to note Realtors do not avoid or blacklist you home just because you are a FSBO. Realtors may not be showing your home because they have no idea it is for sale. Secondly, it is not [practical to obtain information homes "for sale by owner" when the Realtor MLS (Multiple Listing System) is full of details on plenty of homes for sale. Most importantly homes listed in the MLS pay a commission. After all agents earn their living by selling homes. This is why mailing a brochure of your home to local real estate offices is a waste of time, even if you promise to pay a commission.