I'm sure you've run the numbers--and I have nothing against FSBOs--but you may not come out any better, in your situation, as a FSBO.
First: You'll probably want to offer 3% (or something in that range) to a buyer's agent, if the person who buys has an agent. You don't have to do that, but it somewhat "levels the playing field." And most buyers do have representation. As a result, you'll only be saving 3% by not using an agent, not 6%. That's still real money--$12,000 in your case--but still only half of what you think you might save.
Then you'll have some marketing costs--getting the property listed on some websites, brochures, maybe direct mail, and more. Some money for signs, maybe a few hundred dollars to get it listed in the MLS (you need to do that), possibly newspaper ads, and so on. That's another few thousand dollars. Then some money for your lawyer.
All in all, you may not be saving very much.
On the other hand, it's great that you had 3 offers. You didn't say over what time period, or how low they were, but that does suggest that you're probably in the right ballpark, price-wise. Still, as they say, you don't want to be chasing the market. Ask your Realtor for a new CMA.
One possibility: If you're planning on buying another property, it's possible you can negotiate a reduced commission with your Realtor, if you use the Realtor for both transactions. (And remember: commissions are always negotiable.) So, if you could shave 1% off the sellling commission, and maybe 1/2% off the purchasing commission, you might find, from a purely dollars-and-cents standpoint, that you'd be better off using a Realtor.
Still, if you want to try selling it yourself, give it a shot. Again, rockinblu gave some good pointers. The thing you don't want to happen is to lose time, especially if: (1) you have a deadline by which you have to sell, or (2) the market is continuing to decline, and the house will be worth less in a month or two than it is today.
Hope that helps.
I was going to go with a flat fee company , but a major national Broker chain wanted my business and listed for 1%, and I will pay additonal 3% to buyers agent.
And as previously mentioned, be aware of procuring cause situations---those where someone from your previous listing agent having shown the house to prospective buyer FIRST.
If you cannot afford to use a Realtor I would recommend that you re-think your plans.
The problem of market shift is affecting many people so in most markets there are homes that are "having" to be sold, forcing down prices.
One option you have is to negotiate with your lender(s) and agree to repay the amount of the short fall in a promissory note. They may not agree, but it is better for them to try to help you. If you absolutely have to move, then I think listing it with a Realtor is the only way you are going to maximize the price. As a matter of fact, if you do opt to negotiate with a lender, then will insist that you hire a professional to do the job for that very reason. If they ARE going to approve a promissory note for the difference, they know that a Realtor is the ONLY person that can preserve their stake in your home.
A month has gone by since your post.
Have you had any success with FSBO?
How are you advertising the property?
If you would like some tips on free marketing or promoting your property then please feel free to contact me.
Carolina One Real Estate
Carolina One Real Estate and Mortgage
Sorry to hear of your situation.
Just so you know that you "tried selling" tells me that that you had a pricing issue. Market shift happens and as sympathetic as I me want to be, shift is beyond anyone's control.
I suggest you look into:
a) renting it out
b) negotiating a loan modifcation with the lender
c) trying a short sale.
My point is this: If the market value has declined, youmight be wasting time and energy trying to sell on your own when the BEST strategy would be for you to be looking at these other options. if you do not pursue the now, by the time you do, it may be too late.