Reluctant to pay a real estate agent? Be prepared to do some work yourself

“The biggest mistake for-sale-by-owners make is pricing their home too high,” Nichole said in an e-mail interview. If the home subsequently ends up sitting too long on the market and the asking price is lower, a potential buyer might speculate that something is wrong with the property, she said. Use Web sites such as Zillow.com and HouseValues.com to get a starting idea of what a house is worth, said Colby Sambrotto, chief operating officer of ForSaleByOwner.com. A look at a listings site, such as Realtor.com, will reveal what sellers are asking for in the neighborhood, he added. If the home is unique and difficult to compare to others, consider having it appraised, Nichole said.

$The Pre-Foreclosure Property Investor\'s Kit : How to Make Money Buying Distressed Real Estate -- Before the Public Auction$