5 Day Auction Sales
I recently spoke with an investor who used a 5 days sales auction process. Essentially, she advertised that she would sell her house for $99,000 or best offer on a certain date. She had 80 people come through to register and three final bidders and sold the house for $175,000 (15,000 more than the best offer she received trying to sell FSBO). Has anyone else used this process? Any thoughts about its effectiveness in a slower market?
That concept is based on a book by Bill Effros called "How to sell your home in 5 days". Great book.
Yes, I have done one in an average area but I listed the starting bid in the paper as $1. This created a offer bidding war to the finish.
The auction gives you the seller a real idea to what your house will sell for and if you do not like the highest bid insert a bid for the price you would like and see if the bidder will out bid you. If he does not then this becomes your exit strategy instead of selling.
Also it gave me a list of potentials for other properties I was selling in the future and and a list of possible loans to close being a loan officer
Yes, I have done one in an average area but I listed the starting bid in the paper as $1. This created a offer bidding war to the finish.
The auction gives you the seller a real idea to what your house will sell for and if you do not like the highest bid insert a bid for the price you would like and see if the bidder will out bid you. If he does not then this becomes your exit strategy instead of selling.
Also it gave me a list of potentials for other properties I was selling in the future and and a list of possible loans to close being a loan officer
Thanks for the feedback. Lui, how did your final price compare to what you likely would have received going the traditional Realtor or FSBO route?
keep in mind their data is old..
if youre not willing to go to the recorders office yourself or if there int a legal paper in your area I would just get them from the title company for free.
I am a Title Examiner, How do you get that info from for free..... please tell me...
Quote:
On 2005-07-19 20:18, IBuyHousesInc wrote:
keep in mind their data is old..
if youre not willing to go to the recorders office yourself or if there int a legal paper in your area I would just get them from the title company for free.
People send it to me. I guess they like me.
The info is given out free by the title companies just ask for it.. They will also for free print up labels and mailing addresses. All you have to do is ask your rep.
Now their data is old too. by the time you get your info and mail something the owner will have been visited in person by the investor who has the highest opportunity to buy the house.
if you are strong enough to knock on their door and there are two of you, I would knock on separate occasions. increase your opportunity to buy the house.
[ Edited by IBuyHousesInc on Date 07/20/2005 ]
I think if the person who knocks doors has a followup program then they will out buy mail.
Now if youre only doing mail I belive you need to mix the mail up alittle.
We mail postcards and handwritten letters and we mail a total of 16 times to the same address.
Yeah real deal,
If you have something of value to add, please add it in the forum where everyone can benefit or debate as they see fit.
Thanks,
Ron