The Tribune

By MIKE LIGHTBOURN MANY of us are fascinated with the concept of "do-it-yourself", so it's no surprise that homeowners sometimes consider a DIY approach to selling. It's even the subject of popular television shows. Court TV is popular, too, but most people wouldn't act as their own legal counsel after watching a few episodes! The label "For Sale By Owner" is a bit misleading. That's because in fact, ALL homes are for sale by owner, since the homeowner holds the title. In most cases, BREA professionals are employed to facilitate the sale, but do much more than just "sell" the home. They represent the vendor (seller) and market the property. Once you go beyond selling, it becomes apparent that For Sale By Owner really translates to Unrepresented Vendor. It sounds fun to sell something, but it's not fun to be unrepresented in a competitive industry. Think about it: most purchasers seek the services of an agent to save time and to have their property properly marketed. The vendor is at a definite disadvantage if not armed with the same representation. Unrepresented vendors will find that the three most difficult aspects of going it alone are: * Pricing correctly, * Preparing the home effectively * Understanding all the implications involved in a sale - who pays what, how to structure a sale to save money, and similar matters. Unrepresented vendors face possible liability issues and lower sales prices than their represented counterparts. There's a lot more involved in For Sale By Owner than just the "Sale." Mike Lightbourn is president of Coldwell Banker Lightbourn Realty