How to sell a home without a realty agent

Q. We want to move out of the state, but we're not in any hurry, and we want to try selling our home without using a broker. We would appreciate any advice you have for us.

A. Let's assume you've already done the standard preparation for showing your property - cleaned, tidied, washed the windows, researched the current market for help in setting your asking price. You've visited comparable nearby homes that are on the market. You've invited real estate agents over for advice, being frank about the fact that you're trying it on your own first. And you have a lawyer standing by.

A yard sign may be old-fashioned, but it's often effective. Put the words "By Appointment Only" and a phone number on your sign, and in any ads. You don't want to invite in just anyone who knocks on your door. If people do this, ask them to phone for an appointment. And when they call, tell them you'll phone back to confirm. That provides a certain amount of identification for safety's sake.

Watch out for bargain hunters who look for unsophisticated fizbos (aka "FSBOs," or "for sale by owner"). They're less interested in the house than in whether you'll sell with no down payment and hold the mortgage yourself. They may have poor credit with too many other debts or insufficient income for regular mortgage loans.

You should have already estimated the amount of cash and income a buyer would need to qualify for a loan to buy your property. Do not invite in everyone who inquires. Apply the same standards to every caller to make sure you don't violate human rights laws. You have a right to ask about employment and income, and whether they have another house to sell before buying. They may, of course, refuse to answer. If so, then you'll have to play it by ear.

Don't hold out for too much advanced notice. That might eliminate one of the most promising prospects, the transferred employee who is in town for a few hours, needs to find a place today and wants to come right over. Try to say yes. You'll still have a few minutes to turn off the TV, send the kids next door, turn on all the lights and clear the kitchen counters.

While you're showing the house, be cordial, but say as little as possible. If they're going to fall in love with your house, three's a crowd. Always stay in sight, but resist the temptation to chatter away.

If you're asked, "Would you take less?" the answer is "We'll be glad to consider any written offer." If you're asked, "Will you be out by September?" you might reply, "I'm sure we can work out the details." If you're leaving - or selling - any appliances or furniture, don't get hung up on small matters. Say, "We can agree on that after we know the sale of the house is settled."

Understand that no oral agreement for the sale of real estate is legally enforceable. That's true even if a cash deposit has changed hands. Until you have signed an acceptance of a written offer, your home will still be on the market.

With no real estate broker involved, you'll rely more heavily on your lawyer. If you receive a written offer you want to accept, you can always make your signature "subject to the approval in form of my attorney."

And good luck!

Q. Last summer while I was away, I rented my house to some out-of-towners. It went fine, but now I need to know: Do I need to declare that as income on my tax return?

A. If they rented for less than two weeks, you can just ignore the whole thing.

If they were there more than two weeks, though, you must list their rent as income on your tax return. Then you can deduct the expenses of being their landlord - their share of utility bills and property taxes, for example.

Q. You've probably gotten another letter or email on this from my fellow nerds, but the formula for mortgage calculation you included in your column needs one more closing parenthesis at the end to work. Enjoy your column just the same.

A. I should have known better than to trust that letter to the typesetters. Frankly, I included it in the column as a sort of joke. But, yes, I'm hearing from other nerds - sorry, I mean other mathematicians. Thanks for writing. Hope you're having a good new year!

• Contact Edith Lank on www.askedith.com, or 240 Hemingway Drive, Rochester NY 14620.

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