[5-DayForum] buyer submits the bid sight unseen and inspect before Sat-Sun

[Ying Cooke]

Bill,

thanks, as a realtor/owner using the 5-day method,
what kind of disclosure is needed? disclose when the
prospect first contacts me or disclose in the
paperwork such as property flyer or the rules. 

thanks,

Lisa

--- Bill Effros <bill at effros.com> wrote:

> No.
> 
> Stay away from all this stuff.
> 
> Real Buyers will find a way.
> 
> This is a ploy, and it's not good for you.
> 
> Your sale should go fine.
> 
> Believe the real buyers.  They will bid you up to
> fair market value.  
> Take the high bid if you run the method properly. 
> You wrote the rules.  
> Stick to them.
> 
> Bill Effros
> 
> Ying Cooke wrote:
> > Can we accept the bid from a potential buyer who
> is
> > unable to attend the open house during the
> weekend? 
> >
> > Bill mentioned in the book about early inspection
> is
> > not recommended. what disadvantage to the seller?
> >
> > how about allowing the buyer to drive by the
> > property-exterior only before inspection?
> >
> > Looking forward to the advise. I will hold the
> 5-day
> > sale this weekend. got 16 responses so far.
> > thanks,
> >
> > Lisa
> >
> > --- jeanne dias <triplejd at hotmail.com> wrote:
> >
> >
> > ---------------------------------
> >
> >   Thanks so much for the quick response.  What do
> yo
> > think about doing the auction again since we had
> it
> > listed in mls and I might say, not so much has
> come
> > from that.  We had more nad quicker the auction
> > weekend.  thx!
> >
> >
> >
> > ---------------------------------
> > From: "infore5860" <infore5860 at yahoo.com>
> > Reply-To: How To Sell Your Home in
> >
>
5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> > To: "How To Sell Your Home in
> >
>
5-Days"<5-dayforum at mailman.howtosellyourhomein5days.com>
> > Subject: Re: [5-DayForum] Used the 5-day plan and
> the
> > process workedbutdidn'tsell the house
> > Date: Wed, 2 May 2007 15:11:07 -0400
> >
> > The starting price should have been 50% of what
> you
> > wanted to get for it. Starting bid should have
> been
> > around $850,000, rounded to the way the book tells
> you
> > to do it. The whole idea is you want to get as
> many
> > bidders as possible to get the excitement up of
> what
> > you are doing. You want people to think you are
> crazy
> > starting at such a low price. The real bidders
> > (usually 3) will get caught up in this whole thing
> and
> > bid your property up to were it should be. The
> other
> > thing is do not go by comps. A house is only worth
> > what someone is willing to pay for it. Your
> neighbor
> > may have found someone to pay the $1.699 million
> for
> > there home, but right off the bat you have to
> discount
> > the 6%commission paid by the buyers to get it to
> that
> > point. That would be $102,000 right off the top.
> > Second your neighbor may have gotten that price
> but
> > that does not translate to you finding a buyer
> willing
> > to do the same. If done right you will get the
> price
> > your home is worth. It may be significantly less
> than
> > what you thought it was worth. In this market do
> not
> > be shocked by the price you get. Best of luck to
> you.
> >  
> > Tom 
> > ----- Original Message ----- 
> > From: jeanne dias 
> > To:
> 5-dayforum at mailman.howtosellyourhomein5days.com 
> > Sent: Wednesday, May 02, 2007 2:55 PM
> > Subject: Re: [5-DayForum] Used the 5-day plan and
> the
> > process worked butdidn'tsell the house
> >
> >
> >
> > Cupertino, California.  We started the bid at
> > 1,295,000 after doing the worksheet to get the
> > starting price.  That went fine, the signs,
> getting
> > the bidders, etc.... Our undisclosed reserve was
> > 1,7000,000 but would go to the sixes.  The comps
> in
> > the area were in the right ballpark, one sold 2
> blocks
> > away not as nice for 1,699,000, other side of the
> area
> > less expensive, still growing area, had a 1,699,00
> > smaller home sold and a 1,999,000 a touch larger
> then
> > our home only 2 car gar and small lot.  Our
> highest
> > bid got to 1,436,000.   The bidders were even
> confused
> > how they wer still in the bidding and thought the
> home
> > would have sold much higher.  thx, Jeanne
> >
> >
> >
> > ---------------------------------
> > From: "Steve Ehlers" <saehlers at comcast.net>
> > Reply-To: How To Sell Your Home in
> >
>
5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> > To: "How To Sell Your Home in
> >
>
5-Days"<5-dayforum at mailman.howtosellyourhomein5days.com>
> > Subject: Re: [5-DayForum] Used the 5-day plan and
> the
> > process worked butdidn'tsell the house
> > Date: Wed, 2 May 2007 08:22:52 -0400
> >
> > Jeanne,
> >  
> > Where are you located?
> >  
> > Thanks,
> > Steve 
> > ----- Original Message ----- 
> > From: jeanne dias 
> > To:
> 5-dayforum at mailman.howtosellyourhomein5days.com 
> > Sent: Wednesday, May 02, 2007 2:12 AM
> > Subject: [5-DayForum] Used the 5-day plan and the
> > process worked but didn'tsell the house
> >
> >
> >
> > The process worked great but the end result was no
> > sale.  the highest bid was approx 250-300k lower
> then
> > the comps in the area.  We have now listed it and
> have
> > set a price and lowered it this week.  What do you
> > think about running the sale again after you have
> done
> > it and listed it on mls, is it a good idea or are
> we
> > sunk? thx, sigend confused and frustrated--Jeanne
> >
> >
> >
> > ---------------------------------
> > Mortgage refinance is Hot. *Terms. Get a 5.375%*
> fix
> > rate. Check savings
> >
> > ---------------------------------
> >
> >
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