[5-DayForum] 5-day sale in Charlotte

[Galina Grechka]

Bill,
The problem is that I didn't have real buyers. Of cause I could tell everybody: "Sorry, but you guys are not real buyers so I'm cancelling Round-Robin". Instead I just told them to offer me what they can and I will consider their offer. Nobody asked me from the beginning: "Are you really selling your home to highest bidder?” So I didn't feel that I broke rules. Ad is too short; everybody understands that there are things behind the ad. I agree, if somebody cannot afford to pay $231,900 then it's not a real offer. But a while ago I had offer $205,000 from a person who was qualified, and my agent admitted that it's not a serious offer. I don't know what percentage of marked price pay companies who buy homes for cash. Probably people on this forum know this. I was offered $170,000 cash right now. I don't think that it would be the offer if my home worth only $200,000. 
I'm not telling that 5-day method doesn't work. I'm just telling that idea is good but should be adjusted. Sometimes it will work without adjustments, sometimes it won't work even with all possible adjustments. I talked with other people who had 5-day sale in Charlotte on the same day as me. Their situation is similar and even worse. They had more then 50 groups of people and 0 real buyers. I think when market is down real buyer is not attracted by formula: Magic number = (Market price)/2 - some amount. Otherwise we wouldn't have so many unsuccessful 5-day sales.
 
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: Wednesday, November 14, 2007 10:33:19 AM
Subject: Re: [5-DayForum] 5-day sale in Charlotte

Galina,

As soon as you start fudging on your Round-Robin you guarantee a lower final bid than you would get if you played things straight.  Some of the real buyers will simply walk away -- and they are right to do so.  You are not really prepared to do what you said you would do in the ad, and there's no reason for them to give you their best bid if they believe, correctly as it turns out, that you plan to get a higher amount based on your notion of what your home is "really" worth.  Why would anyone give you their best bid under those circumstances?

With regard to the $231,900 bid you got a couple of weeks ago, let me refer you to the butcher joke I keep telling on this forum:


A woman goes into a butcher shop and asks the butcher,

  "How much is the porterhouse steak?"

  "$20 a pound."

  "But the butcher down the street is selling it for $10 a pound!"

  "So why don't you buy it from him?"

  "He doesn't have any more."

  "When we don't have any more, we sell it for $5 a pound."


Your house is not worth what a person who can't afford it offers you.  Your house is only worth what a person who can afford it offers you.

Your home is probably worth in the current market somewhere right around $200,000.  If you sold through a real estate broker at $200,000 and paid a 6% commission you would have put $188,000 in your pocket.  You were offered $186,500 after running a round-robin that almost guaranteed a lower final bid than you probably could have obtained.

Bill Effros




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