"He who is his own agent has a fool for a client" is an old adage that Dennis Byron of Byron and Associates in Los Gatos has lived by for his entire career in real estate.

"I always use someone else to handle my transactions. That way I have two advantages. One, I am not emotionally involved in the transaction with the other party, and two, I can consider any counter or changes and not be put on the spot to respond immediately. In negotiations you always want to be in command, and if you don't have an intermediary, you can't have that degree of separation that you need," Byron said.

Thanks to the Internet, clients are now able to get onto their computers every day to look at prospective properties, but Byron believes a Realtor has a better command of the market.

"A Realtor lives the market; he's in the fray every day, not just at night or weekends. His information is more complete than the average client sees on the web. He is more knowledgeable about comparables and what to look for in a property," Byron said. "He knows the pitfalls. Generally, he has seen the same problems and solutions before. He doesn't need to figure out what to do; he knows what to do."

Another old adage, "Time is money," comes into play for Byron because he believes Realtors save time for clients by directing them toward what they are really looking for or leading them from things they don't want. Transactions can also be long, labor-intensive ordeals that require a "meeting of the minds" in order to close.

"Realtors make it look easy because for them it is easy, since they have been through it before. They know who to hire to get the inspections and work done and who to go to when there is a problem. They can direct you to the best financing, which usually isn't an online service. They work with the best title people and know who has the knowledge to handle your particular transaction," Byron said.

When it comes to the legal side, real estate attorney Kent Westerberg thinks the risk of handling a transaction without a Realtor is much greater.

"I personally think it is a disaster waiting to happen for a seller to sell by themselves without the assistance of a Realtor. The only reason sellers sell without a Realtor is to save at least 3 percent on commissions, but they don't look at the big picture," Westerberg said. "If not handled properly, they probably won't get the top dollar for their house when they sell, and they could end up being sued when they fail to timely provide inspections or reports."

Most sellers think it is easy to sell a house and all that needs to be done is negotiate a price, sign a contract and move out. But Westerberg points out that the standard form contracts used in California are lengthy and complicated.

"For example, I will bet most sellers don't understand how the active contingency removal process works. While most sellers might be able to get hold of the forms and use them, that doesn't mean they know how things should proceed under the contract," he said.

The law also requires mandatory disclosures by the seller concerning the condition of the property. A Realtor will ensure that the seller not only makes that disclosure but also that the seller makes the appropriate disclosures. The standard form contracts also call for various inspections at the option of the parties. Typically, termite and home inspections are performed, and not all sellers are aware of this. Also, some properties may require additional inspections where there may be concerns about boundary lines or soil stability because the property is on a slope.

"Realtors bring everything to the table. They ensure that the top dollar is negotiated for the seller. They ensure that the seller is adequately protected with appropriate contingencies and time periods for removal of contingencies. They make sure the buyer timely performs, gets loan approval and removes contingencies," Westerberg said. "When problems arise, and they do, they make sure they are properly resolved to ensure the transaction closes."

It may be that people are heeding that advice, as a recent homebuyer and seller survey conducted by the National Association of Realtors shows the FSBO is on a decline that has reached a record low.

"In reality, the term FSBO is a misnomer when used to broadly describe homes sold directly by owners. Since two out of five of these transactions are between related parties, and those properties are not placed on the open market, we believe that 'unrepresented sellers' would be a much more accurate term to describe this segment," said Thomas M. Stevens, president of the National Association of Realtors.

Whatever you call it, handling a real estate transaction without a professional can be risky business.