Sell in 5 days?

[EricD]

I just saw a story on Fox News about a guy (Bill Effros) who was hawking a book How to Sell Your Home in 5 Days. He advertizes the house @ 50% of what he expects to get. He shows it on Sat. & Sun. from 10-5 & people write their bids on a sheet. Sunday nite he calls the bidders and anyone has a chance to top the winning bid by $500.
I've heard of this method before. Has anyone here tried this? How did it work for you?

Eric

[Debbie]

If my memory serves me correctly, Angela (aka Peach State Property Buyers) tried that route. In fact, she posted it.

I'll see if I can find it....

[Debbie]

Found it! See here at this link: http://www.magicbullets.com/forum/showthread.php?t=3227

[REItobe]

we are trying it now. Bandit signs went up this week, and we are putting fliers up everywhere. But I was so stupid, I just read Angelas thread and I totally forgot the newspaper ads. i was so hung up on the bandit signs and waiting for them.

we have our auction next weekend

we put up some signs yesterday and we already have had a few calls.

[REItobe]

Tim what do you tell people when they call you? What if they bust your chops about advertising the house for so low? Do you explain the auction to them or just have them come out and tell them then??

I have 20 messages to return. they all called off the bandit signs we put up advertising the house at "starting at 99K". we are looking for 175-180 for it. But thats what the advise was, set a real low price.

[REItobe]

sounds good. I didnt read the book, guess i should have. I just watched the online clip of someone discussing it.

I also saw the property has been viewed 15 times on our site just today. The actual listing, not the site

[montessorikelly]

My husband is helping a friend sell three this weekend- It was tons of work, but I'll let you know how it worked tomorrow. They're in the round robin right now.... The suspense is killing me. They actaully had the expert guy coaching them.

[Peach State Property Buyers]

I am curious to see what happens with your friends. I, personally, would not do it again.

[Peach State Property Buyers]

Off topic, but what do I become after I hit 500 posts? :) By the way, I hate the 60 seconds between posts rule! :(

[montessorikelly]

Well, two of the properties sold at what my friend wanted to sellthem for. The third property didn't get bids up to the reserve, but there was a freak accident near the property just th day before which may have playyed role. Lots of work, but we'll try it on a property of our own soon, I think.

[gelokron]

I have done several of these auction strategies and they work great. They are soo many ways to make money if you don't sell the house with the auction! you can have mortgage brokers sponser your event for you! My brokers pay me 5 grand just to show up and be the only ones there for the auction. They actually pay for all my maketing and put money in my pocket. You know what else, i now have an incredible buyers list for people looking for a paticular house in a certain area. Now realtors will actually buy your list from you for about 20-40 dollars a name!!! Try doing this things along with your auctions. Also staging the house, putting out drinks and cookies,(try getting a small mom and pop bakery to sponser the even too), and you MUST stage the house(You can get a furniture company to sponser the event and bring furniture and even auction some of that off to!) So even if you don't sell the hosue you will have made atleast 10grand if you do these things!!!! HOpe this helps

[gelokron]

Aside from this being confusing to follow, no wait, it is just confusing to follow. Could you clarify what you wrote there?

sure ken, you have a mortgage broker pay you 5 grand to sponser the event. He is the only broker there. He now gets all the leads he can handle for people looking to buy a home soon. Therefore he makes money by doing the loans. The 5 grand that you get, i use that to pay for the marketing for the auction and i put money in my pocket. Do you understand now? Or was that to confusing, should i dumb it down more for you?

i dont prequalify my buyers, i call realtors tell them im an investor and i have a ton of money to give them. THen after telling them i iwll sell them leads i say its 20bucks for listing leads(sellers) and 40 bucks for buyers. Some won't pay 40 so try 30. if they can't afford 20bcuks then there not worth your time.

[Debbie]

Do you understand now? Or was that to confusing, should i dumb it down more for you?

Next time, use better (NICER!) statement.

[REItobe]

we are in the middle of one now. We put out tons of bandit signs with our #and website, and posted on a community website that most of the county is on. We got probably a hundred calls and my site went from having 2 hits a day to 148 unique visitors in a week and the home was viewed 250 times. We couldnt answer all the calls and our voicemail pointed them to the site.

I thought we were going to have a huge turnout and busted my ass to get some things done like pressure cleaning, hanging new blinds etc.

2, two, ONLY 2 people came today plus a neighbor. I dont know what went wrong. we either didnt pitch it right on the phone or something. The other thing is we set the price at 99 when we want 170ish. I am wondering since houses in this county are across the board, if people who could really pay the 170, ignored the ad thinking it was a crap property.

I kept the names and #'s of everyone that called. Think I could find an agent to buy them?

[gelokron]

I kept the names and #'s of everyone that called. Think I could find an agent to buy them?

you can definitly find an agent to buy them. Tell them you had an open house auction event and these are people who are interested in buying a house in this area.

[Dan Auito]

How goes your effort at getting those motivated sellers Ron. Tell everyone about your program brother, I think it's a good one!

[DougBenn]

I got the book and will read it. I have a house I am wanting to get rid of. I have had it on the market for 18 months . Got caught in the downturn with a high end home ($800K). I am hoping to make a little bit on and by doing this without a commission would help. Do you think this process could work on the high end home also? My home is in the suburbs of Chicago and is comparable to others in the subdivision.

[Dan Auito]

High end homes usually need high end marketing Doug. Glossy brochures, Large display ads, posh open house events, full documentation and financing options available etc... Trying to FSBO on a home closer to a million is going to be harder than the average $300-$400,000 homes in Chi-town.

[REItobe]

i put out tons of signs and had tons of calls and only 3 people showed up the whole weekend :( Good thing is someone mad a decent bid and I was able to up him another 10k so i got 92% of what i wanted. I am struggling to make the payments and i just figured I would get in and get out. theres also 19 other homes for sale in that SD

the property is under contract now :) :thumbup: :thumbup:

I dont know why nobody showed up. maybe i should have read the book and pitched it better on the phone. I saw his online seminar and he said he just pushed everyone to the website w/o much of a pitch.
oh well

[Peach State Property Buyers]

Hi! I don't know why, but I can't seem to respond to your private message. I like Rob Coats as a closing attorney in Douglasville, GA. Hope this helps!

[fastrealestate]

I did not even know that type of selling was legal - anywhere? Interesting!

[montessorikelly]

Why wouldn't it be legal to have an auction for your property?

Congrats to the person who got their house under contract- just a little note about people not showing up- remember that if you haven't had the quota of people call by friday, you reschedule rather than risk a sale with little interest. Also, typically, you get about 90% of the market value of your property, so your bidder is about at the norm. That doesn't mean a bidding war never happens and you never get more... it just means that typically it seems to work out that way. Remember that staging this huse is SO important. You want the people who come for open house to be completely wow-ed. Good luck to others out there trying this.

Thanks for your thoughts Kelly! :cool:

[shortsalesonly]

Are these houses sold below market or at full market?

[jimco]

Why wouldn't it be legal to have an auction for your property?

Congrats to the person who got their house under contract- just a little note about people not showing up- remember that if you haven't had the quota of people call by friday, you reschedule rather than risk a sale with little interest. Also, typically, you get about 90% of the market value of your property, so your bidder is about at the norm. That doesn't mean a bidding war never happens and you never get more... it just means that typically it seems to work out that way. Remember that staging this huse is SO important. You want the people who come for open house to be completely wow-ed. Good luck to others out there trying this.

Thanks for your thoughts Kelly! :cool:

I really agree about the staging. I am in the process of selling a home I rehabbed and instead of paying for staging I went to farm auctions and bought furniture and furnished the house for about $300. I am selling it completely furnished and that is a big plus for young couples looking for their first home. What they don't like they can replace in time instead of going out and buying stuff they may not be able to afford right away. I also tell people the furniture stays and if they have their own they can hold a yard sale and sell it and keep the money. If they really don't want it I will remove it but no one has said that as yet.

jimco

[shortsalesonly]

I really agree about the staging as well. The only thing is I really HATE moving I mean with a passion. So I went out and bought blow up furniture. And found it works better then the real stuff people love it because they can move it where ever they would want it. And when the house sells pull the plug throw it in the trunk and move on. My furniture consists of a couch, Love seat a three beds a King queen and a single and a folding card table. Retail price $90.00 Easy to move and fun to use.

[lpittenger]

Great idea about the blow up furniture, especially the part where the buyers can move it where they want. If I was wanting to buy a house I would really like to be able to move a few things. I used to move my living room around once a week (years ago) because I like it to be different, so this would be a huge thing for me in making a decision! Heck, and with that kind of furniture I would get right in there and help them move it, I don't like moving now either but I think I could handle that!

Oh and as for staging, I used to work in the furniture and accessories wholesale business, we would have huge trade shows in Vegas and I would work with the designers and many investors. You can't believe the designers that are investing is houses and fully furnishing them right down to the pictures and vases and making huge profits! Some people just want to move in!

[DougBenn]

Are these houses sold below market or at full market?
When you sale your house with a 5 day auction the author says you should get 85 - 90% of maket value for the home.