[5-DayForum] 5-day sale in Charlotte

[Bill Effros]

Galina,

You may sell your home this way, but this is not the way the 5-Day 
Method works.

The whole point of the 5-Day Method is that there is no trick to 
attracting 25 responses between Wednesday and Friday from people 
actually in the market for a home if you offer the home for 50% of what 
it's worth or best offer.  There are always 25 people who will respond 
to this offer, if you have a realistic understanding of the current 
value of your home, and you offer the home in the right places.

You received 40 responses by Friday night, but you started early, and 
most of the people who responded and said they would inspect your home 
did not actually show up on the first day of your Inspection.  This is 
not a good sign, and implies that the responses you received were not 
from targeted buyers, and you must be concerned that the 3 "real 
buyers," the ones prepared to the pay the most for your home at this 
time, may not participate in your Round-Robin.

This call from the Dominican Republic fits that pattern.  This buyer is 
not a "real buyer" in my terms.  Real Buyers will outbid these people 
every time, unless they believe this buyer is a "phantom", in which 
case, even if the buyer is a real person, the deal is unlikely to be 
completed at the bid level if the buyers discover they have bid more 
than anyone else in Charlotte will pay for your home.

Bill Effros

Galina Grechka wrote:
>
> Saturday evening I got a call from Dominican Republic. Lady told me 
> that they are in military. Her husband is working for US embassy and 
> they are moving to Charlotte. They are flying to Charlotte Friday 
> November 16. They like my home a lot, but there are no ways for them 
> personally come for inspection. According to my rules you are allowed 
> to bid if you inspected my home or have representative inspected my 
> home on behalf of you. I asked if they have somebody in Charlotte who 
> can inspect home on behalf of them. They told that nobody and begged 
> me to allow them to bid in this exceptional situation. I decided that 
> formally I or my family member can represent them and informally it's 
> really looks like exception  So I allowed them to bid and asked to 
> call me tomorrow before Round-Robin starts to place initial bid. Soon 
> I got e-mail from her husband where he again expressed their big 
> interest in purchasing my home, asked to place initial bid $120,000 
> and confirmed that they are going to call Sunday 7:30 PM to advance 
> their initial bid before Round-Robin starts.
>
>
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