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by CareyBot

The elderly couple planned to sell their small rental home on Washington State's scenic Olympic Peninsula to a young neighbor they had known for years. "We are not going to use a salesperson because it's a pretty straightforward deal," Sally Coombs said. "We've always liked this kid and I think we are charging him enough." Sally's case is typical of a for-sale-by-owner transaction, commonly known as FSBO and pronounced "Fisbo." According to a recent survey by the National Association of Realtors, 32 percent of sellers who sold a home without a real estate agent knew the buyer in advance – meaning about one-third of FSBO deals are not placed on the open market. And, not surprisingly, the survey found the biggest problem areas for FSBOs were setting an accurate sales price, prepping...