[5-DayForum] Lake Havasu City-AZ Day 4

Mon Nov 5 18:53:57 EST 2007

I had 14 bids and went through about 9 rounds.  The initial high bid was $135,500.  My final high bid was 187K.  I would like to have 195K.  I thought the value to be around 205K but looks like it's 187K.  That's probably true because as with many places, there is a ton of inventory.

I took the high bid.  I went to escrow this afternoon and reduced it to contract with a $1,000 deposit.  They are a young couple with great jobs and good credit so I think it's going to be a done deal.  I gave them 30 days to close, quicker if possible.  

The house is squeaky clean.  I think the only mistake I made per the book was fixing too much crap.  My girlfriend/partner got too emotionally involved in the house.  She's got a different view on things now.  I think she needed to experience that in order to learn.  My personal mistake was to let get out of control.  It won't happen again.

David Herring

  ----- Original Message ----- 
  From: Bill Effros 
  To: How To Sell Your Home in 5-Days 
  Sent: Sunday, November 04, 2007 7:55 AM
  Subject: [5-DayForum] Lake Havasu City-AZ Day 4

  David,

  I changed your Subject line to Place/Day, also.

  Starting lower will get you more calls, but it doesn't get you a higher bid price.  

  The best investment you can make right now is following through with your 5-Day Sale on Sunday night, regardless of the bid price.  This will inform you about street price values for future investments, and it will also improve the bidding next time around.

  Let's say 50 or 75 people respond to the ad you ran this week.  But only 1 will be offered the home.  Most of the other 49 to 74 will still be on the market the next time you offer a home using the 5-Day Method.  Many will know you actually did offer the home to the high bidder tonight (whether the high bidder was able to close the sale or not.)  They'll inspect the next home, too.  They'll know it's you.  You will get more serious bidders when more are sure you will really offer your home to the high bidder Sunday night, and each will bid higher.

  Even if you offer the same home a second time because the high bidder is unable to close, you should be able to get roughly the same bid every time you run a sale on the same property in the near future if the buyers know you mean what you say in your advertising/inspection/and materials.

  Bill Effros

  David Herring wrote: 
    Lake Havasu City, AZ  I had a similar experience.  29 calls by Friday night.  43 calls total so far.  About 16 groups today.  Everyone was nice.  I was expecting some difficult investors but the 3-4 investors that showed up were really cool.  7 bids so far.  I'm also expecting most of my traffic tomorrow.  I'm pretty much running everything by the book.  I priced at 50% of appraised value, $99,500.  If I had it to do again I think I would start at $49,500.  I'm having additional help tomorrow for the expected crowd.  This is an investment we bought out of foreclosure a couple of months ago and I'm ready to move on to the next one.  My advertising was 1 ad in the daily paper and 1 ad in the weekly paper.  Less than $150.  I'm impressed.  I hope I can sleep tonight.  Good luck.

    David Herring

      ----- Original Message ----- 
      From: James Fleming 
      To: 5-dayforum at howtosellyourhomein5days.com 
      Sent: Saturday, November 03, 2007 7:01 PM
      Subject: [5-DayForum] Not a bad first day.

      5-Day in Vancouver, WA. - The housing slump continues to be a source of frustration for sellers and a boon for buyers.  Today was my first of two 11 to 5 open houses.  Roughly two dozen people actually showed up; only 5 left bids.  If calls are a reliable indicator, I am expecting most of my traffic tomorrow - as many as 40, possibly more.  We'll see.  Is this in line with what others of you are experiencing?

      Good Selling!

      Jim F.

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