[5-DayForum] Home WILL be sold to HIGHEST BIDDER???????????

Wed Oct 17 15:50:00 EDT 2007

    I have been quiet since I wrote about our sale in Charlotte a few weeks ago (September 29-30).  I am writing now because of this topic, and because what I have to say might be helpful - plus I wanted to wait for Bill to get back and see what the guru has to say!
    When we were getting ready for our sale, I read the archives of this forum, and noticed that many people whose sale went poorly said something like "I followed the book to the letter, except..."
    So I decided there would be no "except" - I would follow the book to the letter. And I did. Until Sunday night! At 11pm I had two bidders who were edging up in $500 increments and were at $125,500 (I needed $136,000 to cover the mortgage).  I was exhausted (that Sunday was a busy day!) So I told them both we would have to finish the next day. 
    My high bidder at that time asked if she could bring her partner to look at the house on that Monday. Meanwhile I had a call on the ad from someone who had not seen it before the weekend, and she wanted to see it, also. So I invited them both to come at the same time. The new person bid $130,000. Now I'm breaking the rules. What would you do? I told the other lady, and she promptly bid $132,000. And so it went, until the original high bidder ended up at $140,000. We got a contract signed, and the other woman called me again today - she wants to offer more! Now I have a contract, but if the financing doesn't pan out, I have my backup.
    So I join the rank of those who broke the rules, but I got a bid I can live with, and my buyer is still getting a bargain.  The bidding lasted two weeks or more instead of rushing to the settlement agant on Monday. But I think things will work out OK.
    The paperwork clearly states that neither the bidder nor the seller is obliged to anything until a contract is signed. 
    During our open house, people constantly asked me what I really was going to sell it for, and I told them I was going to sell it to the highest bidder, and that was the mindset I intended to keep. When they questioned it, I asked them not to damage my intention! They understood, I think.  But if the bid had not gone as high as it finally did I would have been looking at asking the bank to take a short sale - not the best of outcomes.
Good luck to all, and welcome home, Bill. I hope you had a super vacation. I must say the kids were bickering a bit while your back was turned!
Rosemarie
  ----- Original Message ----- 
  From: palatine1 
  To: How To Sell Your Home in 5-Days 
  Sent: Wednesday, October 17, 2007 12:51 PM
  Subject: Re: [5-DayForum] Home WILL be sold to HIGHEST BIDDER???????????

  Interesting that the bidders are under no obligation to honor their offers, but the seller is under an obligation to honor his.

    ----- Original Message ----- 
    From: Bill Effros 
    To: How To Sell Your Home in 5-Days 
    Sent: Wednesday, October 17, 2007 8:56 AM
    Subject: Re: [5-DayForum] Home WILL be sold to HIGHEST BIDDER???????????

    Yes.  It rarely works.  You can't find 25 potential land buyers in 3 days--nobody really knows how to value land.

    Bill Effros

    NorCalBuyerBroker.Com wrote: 
      Bill,

      Has anyone used this technique to sell land?

      "If you compare yourself with others, you may become vain and bitter; for always there will be greater and lesser persons than yourself. Enjoy your achievements as well as your plans."
      Max Ehrmann

      Steven Castagnetta
      916-801-1777 cell
        ----- Original Message ----- 
        From: Bill Effros 
        To: How To Sell Your Home in 5-Days 
        Sent: Wednesday, October 17, 2007 6:23 AM
        Subject: Re: [5-DayForum] Home WILL be sold to HIGHEST BIDDER???????????

        Eddy,

        If a broker advertises a house for a specific amount of money and sells it for a different amount is that a lie?

        I don't mean to pick on you, because this "false advertising" concept has come up many times before, but please, let's grow up!

        I don't think anyone should offer their home using the 5-Day Method unless they are really prepared to sell it to the highest bidder on Sunday night.  If the high bidder can't get a mortgage, you may not sell it on Sunday night--but that doesn't make your statement a "lie" and it doesn't make your advertising "false".  If your bank won't take the best deal you can get, you are not going to sell to the highest bidder on Sunday night, but that doesn't make your ad "a lie" or "false" either.

        Most sellers who cannot complete the sale on Sunday night successfully negotiate with buyers and mortgage holders to find a price all parties can live with, shortly thereafter.  Please note, the ad states only that the home will be sold to the highest bidder, it does not say that the home will be sold to the highest bidder at the bid price.

        This is weaseling, as far as I'm concerned, and I honestly believe that the high bid on Sunday night after a "by the book" 5-Day Sale is the highest bid you can get on the day you picked to sell your home, and you should always take it.  I always do.

        Bill Effros

        Eddy Workinger wrote: 
          <!--[if mso 9]--> <!--[endif]-->  
          If you're going to say I WILL sell my home to the HIGHEST BIDDER and then the bids that you get aren't nearly high enough and you decide not to sell..is that not a lie?

          Your Real Estate Consultant for Life

          I am committed to delivering 'The Ultimate Real Estate Experience' to everyone I serve. So, don't keep me a secret.

          Who do you know that needs my help buying or selling property? 

----------------------------------------------------------------------
_______________________________________________
5-DayForum mailing list
5-DayForum at mailman.howtosellyourhomein5days.com
http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum

------------------------------------------------------------------------
        _______________________________________________
        5-DayForum mailing list
        5-DayForum at mailman.howtosellyourhomein5days.com
        http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum

--------------------------------------------------------------------------
_______________________________________________
5-DayForum mailing list
5-DayForum at mailman.howtosellyourhomein5days.com
http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum

----------------------------------------------------------------------------

    _______________________________________________
    5-DayForum mailing list
    5-DayForum at mailman.howtosellyourhomein5days.com
    http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum

------------------------------------------------------------------------------

  _______________________________________________
  5-DayForum mailing list
  5-DayForum at mailman.howtosellyourhomein5days.com
  http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20071017/47b7c3d4/attachment.html 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: image/jpeg
Size: 5675 bytes
Desc: not available
Url : http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20071017/47b7c3d4/attachment.jpe 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: image/gif
Size: 40594 bytes
Desc: not available
Url : http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20071017/47b7c3d4/attachment.gif 