[5-DayForum] 5-Day Sale in Traverse City, MI

[Bill Effros]

Dawn,

The 5-Day method will work in any market.  It won't change market 
prices, it will only get you the high end of the current fair market value.

The market doesn't care what you paid for your home, it only cares about 
what it is worth now.

$103,000 is probably not the fair market value for your home.  Your 
problem is that $199,900 is probably also not the current fair market 
value for your home.

You got a poor response to your advertising because you have overvalued 
your home.  The 3 real buyers did not show up, or showed up and did not 
bid because they understood you believed your home was worth more than 
anyone would pay in the current market, and they knew you would not 
honor your statement that you would sell to the high bidder Sunday night.

24 responses in 2 weeks is not good enough to proceed with an inspection 
and hope things will come out OK.  Had you lowered your starting price 
the second week, and lowered your expectations, you probably would have 
done better.

These are painful times for home sellers.  If you feel you can hold out 
for $199,900, do so.  But if you decide you must sell your home for 
less, and would like to try the 5-Day Method again, we can talk you 
through a more successful outcome.

I understand tired and frustrated.  5-Day Sales take a lot out of you, 
both physically and emotionally, and I try never to downplay this 
aspect.  I can understand why you did everything you did based on the 
book.  I'm sorry things did not turn out better.

But if you decide at some later point to try again, we'll be here.

Bill Effros


carter157 at charter.net wrote:
> I thought I would update everyone on our sale.  We advertised sale for 2 weeks (we had to postpone the first weekend due to not enough phone calls).  We advertised in the biggest local newspaper and 2 on-line home sale sites.  By Friday of the second week of advertising, we had 24 calls so we decided to go ahead with the open house (we couldn't postpone again due to committments the next couple of weekends).
> We had 3 sets of visitors on Sat and 5 on Sun.  5 of the 8 left bids.  On Sun night we began the bidding process.  2 of the bidders dropped out in round 1 and 1 of the bidders was unavailable.  The remaining 2 bidders upped the ad price (50% of what we had the home listed with a realtor) by $4K.  Neither bidder wanted to bid more than that.  This was still $70K less than what we owe on the mortgage!  We are willing to do a short sale, but I don't think that the mortgage company will even take an offer that low.  This was very disappointing.  This home was listed for $199,900 (down from $209,000 originally) and I cannot believe that $103,000 is the fair market value for a 4bd, 2ba home in great condition.  I feel that we attracted buyers that thought this was a distressed home, but were not in our price range.
> Bill, I feel that we followed your book, and it did not work for us.  Is it possible that the 5-day method does not work in a down market?
>
> Tired and frustrated in MI,
> Dawn
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