[5-DayForum] Lake Havasu City-AZ Day 4
Bill Effros
bill at effros.com
Tue Nov 6 04:00:26 EST 2007
David,
Congratulations!
The "Don't spend anything unless you are SURE you'll get back $2 for
every $1 you spend" rule is a good one to live by. It has proved itself
over and over. The key, in this case, is "sure".
From what you have written, it is clear you understand local market
conditions. Your selling price fell within your initially predicted
range. You took a bid within a Real Estate Broker's commission of the
price you were hoping for. You will find you can repeat this experience
endlessly provided you keep both the initial cost and the repair cost
under control.
Keep us posted as you develop new projects. It is important for others
to understand that even though you are in a difficult and declining
market, it is still possible to sell homes in 5 Days and get the high
end of the current market.
Congratulations, again.
Bill Effros
David Herring wrote:
> 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 <mailto:bill at effros.com>
> *To:* How To Sell Your Home in 5-Days
> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
> *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 <mailto:jamesfleming at cbseal.com>
>> *To:* 5-dayforum at howtosellyourhomein5days.com
>> <mailto: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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