Has Anyone Done A 5 Day Sale?
I did one on one of my old rentals, and was lucky to find a buyer and get rid of it.
But has anyone experienced anything negative with doing a 5 day sale?
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Yes I have. Only negative I experience was Just the fact I had not had time to decide where to spend the money.
sales occur within 5 days quite often when investors are involved. Are you referring to a particular "5 day method" like open house/silent bid/auction? Or something else?
5 DAY SALE (auction)
-List house for way under market value in paper for 5 days (wens-sun) as auction to be sold on sunday.
-the first 3 days, just take phone calls and tell people they can view the house on sat and sun
-after they view the house on sat or sun they can place a bid.
-at the end of the day sun call back the 5 higjest bidders and see if they want to out bid they highest price.
I wanted $130-$140 for my house, and I put it in the paper for $85, I got $132 for it.
I had it listed through the realestate for 3 months and had 8-10 people come through.
With the 5 day sale, I had 60ish phone calls and 30-35 people come through the house and had 10-15 seperate bids on the house and sold it.
I tried it once and it flopped big time. I got a grand total of one phone call on the property by friday. Still curious as to what went wrong.
I priced the house $50K lower than FMV, so I don't think that it was the starting price. In my opinion, I think that it was because the FMV was not mentioned in the ad, so the readers didn't know that the price was actually low for the property.
Roger