Q:

What does "for sale by owner" mean?

A:

Quick Answer

"For sale by owner" with respect to sale of a home means that the property owner does not have an agent or broker handling the sales process. The owner handles all aspects of the real estate transaction that the real estate agent would normally handle.

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Full Answer

Homeowners often choose the "for sale by owner" option to save money. Agents and brokers charge a commission based on a percentage of the sale price. If the homeowner knows enough about the real estate selling process, she can handle the work and save the commission. This means that she keeps more of the profits on the transaction. The drawback is that the owner puts in considerably more work in marketing the home and handling the legal aspects of the sale.

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