In a tight market it makes all the more sense because alot of homeowners don't have enough equity in their home to sell it through a real estate agent and still have some cash left in their pocket.

You want to start by calling a real estate agent or two to get a market analysis. The real estate agent will provide this for free. This will give you a good idea of what homes similar to yours are selling for. You will also be able to find out average marketing time. With this figure in mind, lower it by 1%-2% to set your asking price because you are selling it yourself. Let's face it, most prospective buyers are turning to FSBO so that they can save some money too. You can also check out the value online at a website such that checks home values but sometimes they are not always as accurate so your best bet is to at least start with the real estate agent.

Once you have a selling price in mind you will need to do a little research on the internet to find a good for sale by owner website where you can list your property. Some will charge you a fee although alot are free or at low cost. Some mortgage website also provides a free listing. You want to get as much exposure for your for sale by owner listing as you can.

There are even some websites that will let you list it with the MLS listing service for a fee of about $149-$499.

It is also a good idea at this time to find a mortgage broker in your area that you can work with to make sure that the prospective buyer is qualified to get a new mortgage. Refer any prospective buyers that are not already preapproved to the mortgage broker that you've chosen. You don't want your deal to fall through at the last minute because they weren't approved upfront.

You can also put an ad in the local newspaper although these are pretty expensive too and add up very quickly.

Be sure and let everyone you come into contact with know that you are trying to sell your home especially your neighbors because sometimes they may know someone that likes your neighborhood.

Put up a for sale by owner sign in your yard if you are able to as some homeowner associations do not allow them. Try to get a nice one so that it doesn't look cheap.

You will also want to find out about a title company. Usually your mortgage broker can suggest one that he/she has already worked with. This will also put the prospective buyer at ease at their deposit will be held in escrow. This will also assure that the title is clear and can be transferred without problems.

Selling your home For Sale by Owner can be rewarding both financially and after a time or two you will fell like a pro!

About the author:

Sandra Sheely is President of First Financial Mortgage, Inc. in Sunrise, FL. She has been in the Real Estate Industry for 12 years with experience in the mortgage industry and title industry. She has a couple of Mortgage websites.