Tribune to Buy ForSaleByOwner.com

Tribune Co., the owner of the Chicago Tribune and others, has purchased ForSaleByOwner.com to expand its online classified advertising business.

With reported traffic of 1.6 million average unique visitors each month in 2005, ForSaleByOwner.com is among the most highly-visited real estate sites. "We are very bullish on the online real estate business," said Tom Finke, vice president of development for Tribune Interactive. "Private parties have been an important part of our marketplace."

Revenue for Tribune's interactive segment jumped 23% in April, and this purchase is expected to help expand that segment further.

The challenge with websites such as ForSaleByOwner.com is that the information is often outdated and inaccurate, since it must be manually updated by the sellers. This adds to the ever-increasing over-abundance of bad data online related to the real estate market. Buyers are often frustrated when they find what appears to be their dream home online at a price they can afford, only to discover that the home was actually sold months or even years prior.

Buyers should always consider seeking the assistance of a licensed real estate agent, even when looking at For Sale By Owner (FSBO) homes. The buyer's agent generally works free of charge to the buyer, and will work to protect the buyer's interests throughout the homebuying process.