[5-DayForum] Dissapointed in Minneapolis

[Heidi Brandt]

Sorry it did not go as expected. Can you rent your house until next year? We
have rented homes that we were unable to sell at moment then sell later. As
long as you have a year lease, most lending companies will approve you for
another mortgage. 

 

Heidi

 

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From:
5-dayforum-bounces+hbrandt7=comcast.net at mailman.howtosellyourhomein5days.com
[mailto:5-dayforum-bounces+hbrandt7=comcast.net at mailman.howtosellyourhomein5
days.com] On Behalf Of Andrew Nelson
Sent: Monday, August 13, 2007 7:28 AM
To: 5-dayforum at mailman.howtosellyourhomein5days.com
Subject: [5-DayForum] Dissapointed in Minneapolis

 

Hey all, 

Well, here's my checklist...maybe someone can let me know where we went
wrong?

We had close to 30 responces as of Friday night through craigslist, the two
major newspapers, and through the intranet at my wife's work.  Check.  

Fielded an additional 30 calls and emails throughout the sale during the
weekend.  Check.

My wife and her sister served as greeters and introduced people to the home,
while giving them the information sheets and explaining what they were.
Check.

Recieved RAVE reviews about the home, people absolutely loved it.  Created a
"buzz".  Check.

Had close to 75 people through the house on a fairly consistent basis...very
few opportunities for down time.  Check.

I served as closer and made very sure everyone knew we would be selling to
the high bidder.  When asked about why we were selling so low, I told them
we weren't selling low, we were starting low, and that we felt the house was
worth twice that amount.  I explained the bidding process and how the round
robbin would work.  I had the book with me and open to the buyer's section
and allowed everyone the opportunity to read through that section and ask
questions.  We ended up with 10 bids on the initial bidding sheets, with the
top bid being $175K.  Check.

Everything up to this point indicated to me that we had the three "real
buyers" in our house and that they had left bids to be involved in the round
robbin.  I started calling...three of the people did not answer their
phones.  I double checked numbers and called again...I think I woke one of
them up and another called back immediately...neither were interested in
proceeding with the round robbin and I left a message for the third.
Another three dropped out, because $175K was too high for them.  An
important thing to note here is that the $175K bid was the SECOND bid on the
sheet, so all the people that dropped out knew what the high bid was when
they put their bid on the initial bidding sheet, so them dropping in the
first round was kind of confusing to me.  

After the first round, we were down to 4, then to three after round two.
Round 3 saw another drop, then 4-6 was just the 2 going back and forth.  The
bidder who put the $175K ended up as our high bidder at $183K.  My wife and
I owe $245K on our mortgage.  Yeah, our high bid was $60,000 less than what
we owe on the house.  We checked things our last week regarding whether or
not we were upside down on our house or not and TCF assured us that homes in
our neighborhood had not lost value.  

Heidi (who is looking to do a five day in the Twin Cities in Sept) was nice
enough to stop by, so she can vouch for the condition of the home and that
we were following the book to the T.  She indicated that the major paper in
our area had listed our zip code as one of the "hot" real estate places, so
that is one reason why our home values have not dropped in our pocket of the
cities, anyway.  

I accepted a job in Eau Claire, WI, so we do need to come up with a buyer by
the first week of September.  We will just put the FSBO sign in the yard,
and home that offering it for significantly less than where we were at with
a realtor will bring some success. 

Well, good luck to everyone else out there...I think this can be a good way
to sell a home, but considering we followed the book very closely, I think
it's safe to say that this process simply does not work in every market for
every homeowner, as indicated.  

Take care,

Drew Nelson

5702 46th Ave South

Minneapolis, MN 55417

612-990-0813




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See <http://g.msn.com/8HMBENUS/2743??PS=47575>  what youre getting
intobefore you go there 

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