Looking for advice on selling for sale by owner. This is a $600,000.00 SF. It is beautiful and the market here is hot. This home will sell itself. I hate to give up 6% to a realtor. I don’t have any experience as a seller.

That's 6% commission, 2% closing fees and transfer taxes. Any deal with a cash influx of 29% or more will trigger Federal Long Terms Capital Income Tax, State Tax and Recapture on your depreciated deductions. And if you make over $200,000 profit, you will need to pay 2.9% Affordable Care Tax too.

I have done Several For Sale by Owner. I structure my deals that I will carry back the first mortgage with a 20% down payment. OR, I will give them a Second Mortgage loan so they will be able to obtain a good first mortgage at a good rate. Today that's under 3% on a loan.

I advertise FSBO, "Owner will carry the financing"!

I also put "easy qualification"!

I stage the property and include pictures on line.

I do a 30 year amortized mortgage, with a Pre Payment Penalty of 6 months un-earned interest -- if paid off within the first 10 years.

This allows me to spread taxes over a long period since this is now an installment sale.

Because this is a FSBO, I easily get market price. And since I'll carry back the mortgage, I'll get over market offers.

Find out what forms are required for your state. NC requires a home disclosure and few other forms for the seller to disclose to the buyer. List your your home on forsalebyowner. Find one of those companies that will list your home on the MLS for a flat fee (I think they charge $500).

When someone finds your house, they will most likely have a buyer's agent. Get the buyer's agent to do all the work, that's their job. They will want you to sign a contract saying you are going to pay them. Their pay is negotiable. If you can't come to terms, then have your real estate lawyer do all the work. You are going to pay them anyways to do all the deed work.

The most likely scenario is somebody coming with their buyer's agent. The RE agent will be helpful in getting the job done but is going to want to get paid and unfortunately the seller usually pays the cost. In this market, maybe the buyer is willing to pay all that. You'll have to see.

Around here the escrow company makes sure the paperwork is all done legally. Maybe you could hire a lawyer to see to the paperwork? If you don't have experience, someone will be along very shortly hoping to take advantage of you and you have to be able to recognize what they are trying to pull.

Are you sure you have the price right?

If you want to try doing for sale by owner, give it a try for a couple of weeks and if you don't get it sold, then hire an agent.

Myself, I will not carry paper. If their credit is good enough for me, it is good enough for the bank to give them a mortgage to cash me out.

Is this an owner occupied house or a rental, because that makes a couple hundred dollars difference in your tax bill.

If it is a rental are you doing a 1031?

Is is an inheritance?

Some relatives have sold properties without a realtor. In California, it was necessary to obtain a couple of geohazard reports or similar inspection. Please just check as noted for your local area's laws.

The last one that was done was sold within a few hours. An ad was placed on craigslist.

If you don't have any experience in selling a house you may use this sale to learn the process - most FSBO end up with an agent.

Consider this as a starter - Find out what the house is worth - Do some serious homework on Comps - Then get an appraisal - Then get 3 experienced agents - >10 years experience - do a comparative market analysis not a drive by.

Between your work - the appraisal - the 3 CMAs you should have a very good idea on the list price.

Interview the 3 agents providing the CMAs and how that agent will list and sell your house.

Then Decide if FSBO is your path.

How confident are you in your ability to price it correctly? If you know your micro-area better than a realtor, you'll come out ahead. If you underprice it, you may sell it for less than you could.