[5-DayForum] buyer submits the bid sight unseen and inspect before Sat-Sun
Bill Effros
bill at effros.com
Thu May 3 16:36:27 EDT 2007
If it's your own house just tell the truth about the situation.
Same thing if it's somebody else's house.
Once you get the hand of this it's as easy as falling off a log.
You tell the truth. You take the top price. You know everybody did the
best they could.
Bill Effros
Ying Cooke wrote:
> 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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>>>
> === message truncated ===>
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