For Sale By Owner (FSBO) - Step-by-Step Guidance Needed

[Mark J.]

Hi-- Well, after a seven-month slog through my first duplex renovation, I'll be putting it up for sale (in the Tampa, FL area). It's turned out beautiful. Fortunately, the market is strong here for duplexes and so, given the many "firsts" I've experienced in this project, I thought I'd try another "first" and do a FSBO.

I have a number of Q's and could also use some step-by-step assistance if you'd be so kind as to share your knowledge and experience. (please excuse the stank of newbie-ness in the following Q's!).

1) What is the step-by-step process for successfully completing a FSBO?

2) In the FL area, do you have any recommendations for MLS-listing services? What's the average price to list? They all seem to offer about the same services but the rates vary.

3) I plan to market, show, and handle offers. Once I receive an acceptable offer, what then? I imagine I'll complete a sales contract (I'll be using a standard form the FL real estate association produces) and get signatures.

4) Once I have  the signed contract, then what? I've contacted one real estate attorney. He wants a $1K retainer and charges $270 per hour. What is his role? Do I have him review the contract (although it's a standard form)? Does he handle the signing of the sales contract? What's a reasonable cost for the entire transaction?

5) Would finding a real estate agent who would agree to be a "transactional agent" be of any value? What's a typical percentage / fee for that service? What do they actually do as a transactional agent that I couldn't do?

6) I have a title company I used when I purchased my primary residence and they were very good, so I plan to use them. At what stage do I contact them and involve them in the process.

7) What don't I know enough even to ask or expect? Potential pitfalls? What to avoid? What to make sure I do?

Many THANK YOU's in advance!

Mark...

[Mark J.]

I did successfully sell via FSBO. The key takeaway for me was that the title company does 90% of the work. I negotiated directly with the buyer, signed the sales contract, faxed it over to the title company and they took it to the finish line. Easy.

I also had an excellent marketing plan put together. 

I saved thousands in the sale and actually wound-up selling the duplex for another Bigger Pockets investor in my area.

It was a good experience and I'll definitely be selling future properties FSBO.