[5-DayForum] How Long Do You Give Buyer to Back Out?

[Bill Effros]

Todd,

The best bid is the one you like the best.  You may have more confidence 
in the 3rd highest, and you may elect to pursue it.  Cash may be worth 
more to you than a higher amount with contingencies.  Tom recently took 
less than he could get for speed and certainty.

If you run 5-Day Sales properly you will wind up with a bunch of people 
willing to pay essentially the same price.  They then must compete with 
each other for the right to buy your home on some basis other than 
price.  They have all reached the highest price they are willing to pay 
at the current time.

This is simpler than you are accustomed to.  You just talk to people.  
Don't switch into "broker" mode.

You tell them all just what you told me -- "I want to know as soon as 
possible so I can move on."  They understand.  They really do.  No one 
benefits from stringing you along.  As soon as a buyer realizes the deal 
isn't going to go through--for whatever reason--that buyer will take 
himself or herself off the hook.

No threats, either implicit or explicit, are required.  You can forget 
about contracts, lawyers, an adversarial relationship of any kind.  
These deals go through.  The buyers are as anxious to close as you.  
Work with them, and pick the buyer you like the best.  If, for any 
reason, the deal falls through you simply run another 5-Day Sale 
immediately.  Start at the magic number 50% of what you got the first 
time.  Many of the exact same buyers will show up.  Tell them exactly 
what happened.  You will sell the home again at almost exactly the same 
price.

Speed, not contracts are the key.  Close it fast.  Erect no hurdles -- 
just take the money and run.  Almost all properly run 5-Day Sales close 
at the high bid amount.  As you can see from this list, people are 
closing their deals very quickly.

Bill Effros



Todd Smith wrote:
> Bill:
>  
> How long do you usually give your Buyers for the contingencies in the 
> purchase contract.
>  
> I'm trying to keep this period to a minimum.  I'd like to see a 
> pre-approval (not just a pre-qualification) in 9 business days.  For 
> example, if we go into contract on Monday this week, I'd like them to 
> have the pre-approval letter in my hand by Friday next week.
>  
> Also what time frame do you like to give them for inspection period 
> and/or their attorney to review the documents.
>  
> Basically, if they're going to back out, I want to know as soon as 
> possible so I can move on.
>  
> Thanks in advance. 
> ------------------------------------------------------------------------
>
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