If you decide not to list your house with any listing agent and sell on your own as a For Sale by Owner seller, it is important to be fully aware how to proceed with selling your home to get the maximum value for it. You need to do a market analysis to know the current demand for property in your region and fix an asking price for the house. Spiff up the interiors and do required repairs before placing your first FSBO advertisement. Many other vital things you need to keep in mind as a FSBO house seller are described below:

1. Take proper steps in showing the house to buyers. Your goal should be make the prospective buyer see the house as his potential home instead of it being your. Spruce up the yard, front entry, pool. Repair and check windows, doors, lights, fixtures and try to make the house look spacious. At first it may look like having to do a lot of work but it also means that the probability of the house getting a good price increases and the sale completes much quickly.

2. Normally buyer’s pre-approval of getting finance for the purchase is verified by real estate agents before they are shown the house. But this facility is not available to FSBO sellers. They come in contact with many people some are qualified and have the required approval, some are not.

Ask questions – does the prospective buyer get pre-approval for finance of a house in the price range you are offering by any lender, is the buyer going to buy the house now or would be selling his existing house before buying your? Such question will help you to access their buying power.

3. You will have to decide if you can wait for some time for the buyer to sell his existing house before he can purchase yours. In addition ask the buyer to provide with his offer a written proof of lender’s pre approval for the required financing.

4. The contract for the sale should be made properly & you need to decide who will provide the contract form for the buyer’s purchase offer. Anyone, you or the buyer can provide the same. If you decide to supply it, ensure that it covers all real estate laws and issues applicable in your state. Contact a good real estate attorney and take his help in formulating the contract offer.

5. If buyer is required to deposit a fixed earnest money, your contract should clearly mention what would happen if the contract gets canceled because of some reason.

* Which situation will result in you having to return the money back to the buyer, some typical conditions are like, buyer not able to get a financier for the purchase or the cost of repairs to the house seemingly too expensive to him.

* And which other situations will allow you to keep the earnest money, as for example, without any cause or reason the buyer backs out of the contract.

6. As per federal laws you are required to make disclosure on whether your house contains lead based paint if it is a pre 1978 built house. You will then be required to provide details of past tests done on the house for lead paints and give buyer the chance to perform their own lead paint test.

7. Check if your state laws mandate property disclosures to be made to the buyer. Such disclosures relate to house condition and information on the location it is in. Even if state laws do not require such disclosures, you will most probably be required to disclose material facts, which means known problems with your house that the buyer should be aware of. For making the disclosures you should use such disclosure forms available online on most of the state agency websites.

Let us also go through some of the common mandatory disclosures required as per laws -

* Whether the house is located in a flood zone.

* If any fence, pool, shed or road built by you is extending beyond your property’s boundaries.

* Whether the house is in the airport’s flight path area.

* How old the house is and if it’s on earthquake fault region.

The basic thinking from the time you start advertising for your house should be to remain accommodating and flexible when prospective buyers start visiting your house.