All homes are sold by the owner but when the owner does not use a real estate agent we call it a for sale by owner. There are some real estate companies that have names that kind of imply that the property is being sold without an agent but usually there is a listing real estate agent who offers limited services to the seller for a fee . . . which is like offering full service for a fee but the fee is probably smaller for less.
There are property owners who decide to sell their real estate without the help of a real estate agent or company. Often the reason for the do it yourself approach is because the seller want to save some money . . as in the money he would spend on an agents commission.
When buyers see a seller who isn’t using an agent they assume they are going to save some money on the home because the seller doesn’t have to pay commissions, so the buyer goes in and plans on really taking advantage of the situation. I would like to add that hilarity ensues, but I am not sure that is always the case.
Both buyers and sellers should do a little research before setting prices or making offers. It never hurts for buyers to go in with a low offer. Often buyers have this vision that if they offer X then the sellers will counter at X, and they will get the house for X. It doesn’t always work out that way. People can be so darn unpredictable.
Sellers usually don’t have any trouble saying no to a low offer but if they get more than one offer of about the same amount they should realize that there are market forces that determine the value of their home without asking for the owners input.
We are starting to see more for sale by owner situations because it really is a sellers market in some areas. Sellers who have an internet marketing strategy coupled with excellent photographs and who make their home accessible to buyers and who have it priced right should do very well in this market.