[5-DayForum] Allentown PA sale

[Karl Boericke]

Sorry, yet another story of failure.

Here's the final tally.

120 responses over the two weeks that we ran the sale (first week only 
16 responses).

Our first open house we had 30 people through with 8 bids up to 115k 
(from 69.5k OBO ad).

Our second open house we had 10 people through with 3 bids now at 115.5k.

In the round robin I could not reach 8 of my 11 bidders, but they had 30 
minutes to contact me prior to announcing the winning bid.  No one else 
wanted to advance the bid.  One of the bidders that I couldn't reach 
contacted me called me about one hour later (just curious I think).  I 
just had another one call back as I was writing this email.  What did 
they not understand?  I was VERY clear when I was talking with them.  
There were many language barriers that may have contributed.

So now, I have a house that is supposed to be worth about $155k which I 
have $135k + 500 hours labor into, selling for 115.5k.

I decided early in the process that I needed to honor my advertising and 
sell to the best offer no matter what, otherwise it would be deceptive.  
I am doing that and taking the hit, but it's not easy.  Last night was 
one of the toughest decisions I have ever faced.  I am now in the 
grieving process (no joke).  Hopefully I will be a stronger person 
through this.

I can see how this process would work in a reasonable market, but with 
all the media hype about how bad the market is, I don't think there are 
any real buyers out there.  Everyone is looking for a steal. 

I may try this again in the future on another house, but I don't know if 
my stomach will handle another one like this.  This has been one of the 
most intense things I have ever done.  Who needs an amusement park when 
you can gamble your life on a Real Estate sale?

May all who try this enjoy better success than I did.

Karl B.



Loveandmoney05 at aol.com wrote:
> Karl,
> Thanks for the info.  Sounds like your sale is going well.  I'm 
> inspired!  Keep us posted.
> Danielle
>
>
>
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