[5-DayForum] 5-day sale in Charlotte

Sun Nov 11 12:39:15 EST 2007

Galina,

The web ads are not "targeted" in my sense of the word, and would 
explain why so few people have inspected your home.

The 5-Day Method does not work if all you get are "serious" buyers at 
1/2 price; the Method anticipates that 95% of all people who respond to 
your advertising are interested in your home only if it sells for 
substantially under its true current value.

But if you don't get 25 responses from "targeted" advertising, you may 
not get any "serious" buyers at the full current market price, many 
fewer than the 3 you need to make your round robin work properly.

I think that is the problem you have, and I would be disinclined to run 
a round robin under the current circumstances.  Tell people from this 
point forward that you feel you have run your sale improperly, and that 
while you are still willing to sell your home to the high bidder 
tonight, the final bid must fall within some stated range or you cannot 
sell your home at this time.  See how many people are willing to bid 
within the selected range.  See if the Dominican Couple are willing to 
bid within this range. 

Don't even run the Round Robin if no one will bid within your minimum 
range.  I don't believe your 5-Day Sale is viable, and I don't think 
you'll be offered as much in a Round Robin as you could get if you 
properly ran a 5-Day Sale.

Bill Effros

Galina Grechka wrote:
>
> Bill,
>
> I think that the reason I got many calls and few visits is because I 
> placed my ad on a lot of web sites, including pictures of my home. 
> So the calls I got were the result of the first impression from people 
> who were looking at nice home for unbelievable low price. They were 
> able to research listing prices for homes in my area and get almost 
> all information they need before coming for inspection. Maybe they 
> realize that my home is much more expensive than the price they see on 
> my ad. Maybe I gave them too much information. I told them that it's 
> not foreclosure, it's not financed by owner, it's just an auction and 
> I will consider any bid higher than $99,500. But in any case this 
> should not affect a real buyer. It should only attract a real buyer 
> and filter a real buyer from somebody looking for a bargain.
>
> I had only 4 parties yesterday but they all were serious buyers.
>
> We'll see how many visitors I get today and I'll update forum before 
> Round-Robin.
>
>  
>
> Galina
>
>  
>
> ----- Original Message ----
> From: Bill Effros <bill at effros.com>
> To: How To Sell Your Home in 5-Days 
> <5-dayforum at mailman.howtosellyourhomein5days.com>
> Sent: Sunday, November 11, 2007 10:50:35 AM
> Subject: Re: [5-DayForum] 5-day sale in Charlotte
>
> 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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