Danger, danger - if you are asking these questions, you are probably not prepared to do a FSBO. It's not impossible, but you need to do some serious research and that will take time.
If time is critical, it would be far better for you to consult a professional.

Well, you want to know (a) what is currently for sale in your area, and (b) what comparable properties have sold for.
Depending on where you are located, www.redfin.com allows you to pull up the sales prices of comparable properties and current properties. If you don't have redfin, then you can still get the same information on past sales but with a little bit more digging.

At the very least you need a real estate attorney to create contracts.

Read through the FSBO threads here. Lots of info--too much to explain in a single post.

An appraiser is a professional. I think you've done the right thing. Appraisers, just like real estate agents, can have different opinions about pricing, but they typically take a more analytical approach, which I haven't found most agents to do.

So I would take the time to understand the comps the appraiser chose, ensure they really are good comparable properties, and make sure you understand the adjustments he/she made to come up with your value. When you're comfortable, then use that as the asking price. It's not rocket science, and it won't take an inordinate amount of time if you've got a basic understanding of math.

Once you agree with a buyer on a selling price, hire a lawyer who specializes in real estate to write up the paperwork for the deal. They'll make sure your transaction meets all legal requirements and protects your interests. The buyer's bank will have their own set of paperwork that the buyer will have to complete.

Thanks everyone - the appraisal has four comparisons so I do have a good idea, just wasn't sure about the negotiation aspect - I know what ever I ask I will get an offer of less so was thinking of going 2 or 2.5 percent higher than appraisal price to compensate. I like the real estate lawyer idea will do that - thanks again...

It depends on your area and the property, so it's not always that your offer will be less than your asking price.

I agree that the offer may not be less than your asking price. Depending on the demographic of who is buying your house (the appraisal should tell you if seller contribution is usually given in your area) you may find offers at asking or higher, with requests for you to pay closing costs or not.

Check your county fiscal office to see what you can research online. For example- you may be able to pull up sales in your area for the last 5 years.

Well, and here is another wrinkle.

Appraisals can be done for many purposes, on the same house. and not yield the same numbers.

This may be particularly true since you mention this is your parents' house.

An appraisal done for the purpose of settling an estate may, quite legitimately, somewhat under-value (relative to appraisals done for selling purposes) the house because the intention is to establish the value on a specific date, be that date of death, or of filing of will or some other date, often past.

The key difference is that an appraisal done to establish a selling price range may include the expectation that the owner has the time and intention to not sell today, but is willing to wait for a good offer.

It's key to know why the appraisal was done before you assume that it is a reliable predictor of the future selling price at some point (even relatively near) in the future.

You appraiser should be able to walk you through her or his calculations. That will give you a good jumping off point.

You should also be aware that there are sometimes people who, after a death, come around hoping you don't really know what the property may be worth and are pre-occupied with your loss. When my Mother died, I had people ask me at her funeral what price I wanted for her farm and one made me an offer on the spot!

I've both bought and sold FSBO a few times and it's my experience that both parties think that they should be the full beneficiary of the absence of a real estate commission. In other words, buyers seem to think that the price should lower because you are not burdened by paying the real estate agent, and sellers see FSBO as a way of increasing their net by the same amount, for the same reason.

In truth one, or both, parties will being doing the work of the absent real estate agent, if only by facilitating and expediting the deal, including payment of attorney fees to make sure that all the transfer details are legally correct, by local laws.

If you have some ready offers, you can negotiate with a RE agent for a flat fee (less than the usual commission) to get the deal closed. You can also negotiate with a real estate agent for a reduced commission if a specific person (who you may have already shown the house to) buys the house within a certain period. All other prospective buyers that the agent scared up would, naturally, be at the regular commission. This gives you some of the benefits of pricing and negotiating advice a good real estate agent can bring to the table but recognizes that certain buyers may already be in play prior to your signing up with a particular agent.

L.

Might I suggest you go on a few open houses in your neighborhood and take notes on the condition, asking price and surrounding community. If time allows - monitor the progress of such homes to see if they sell quickly or stay on the market. This is important to know your market as appraisal is irrelevant if the market is not steady/stable for a cash offer.

Also, determine how quickly you want to sell as you can keep it longer for price or do a sell price is this but once you reach your minimum x-10% you will accept first bid.

Finally, understand with FSBO you will have to give a lot of your time for showings, appraisal, etc. Negotiations are also a pain as someone can take advantage of your inexperience (even in an AS-IS transaction).

Thanks everyone - I have three people interested now and if that doesn't work then I'm going to list it with a Realtor, I appreciate all the good advice.

If you have three people seriously interested in the home, then present all three with the chance to submit their "highest and best" offer before a given date and time. You will find out quickly who is a serious player and who is not.

On top of sound advice from last poster - verify you get confirmation of financing or funds.

Rooseveltl has highlighted one of the trickiest things for most first-time FSBO sellers; Getting beyond the normal social constraints about asking people about their money.

Ordinarily you take peoples' words about their finances, But if you're selling a house the contract should spell out how they wil pay for it. You have to be ready to ask to see bank documentation that they have sufficient funds for the down payment, and set dates for applying for mortgages, etc. That's where a fee-based arrangement with your attorney or a realtor will really help out. They will have no compunctions about asking for the financial details that you abolutely need to get squared away with any serious offer. Otherwise you risk getting bogged down in other people's wishful thinking.

L.

Lots to know - I gave them my price and they will let me know . Will do a lawyer for sure if they buy it - thanks again.