Suppose you had a $100 bill you wanted to sell. If you offered
it up at $100, no one would buy it. Why should they? $100
for a $100 bill is not a good deal. If you dropped the price
to $95, immediately someone would snatch it up. Say you take
that $100 into a bar or any other place with 30 or 40 people
and announce that you’ll sell your $100 bill for $50
or the best offer you got in the next five minutes.
Someone would ask if you’d REALLY take $50 for the
$100 bill. You’d immediately answer if that’s
the best offer you get, you’ll take it. The questioner
would offer you $50. Someone else would say $55. The price
would quickly move to between $95 and $100 because $99.50
for a $100 bill is still a good deal. In less than five minutes
you’d sell that bill.
Selling your home with this auction method works exactly
the same way. Follow the auction method of pricing your home
and you’ll sell your home for fair market value. More
buyers will view your home. Interested buyers will not permit
other buyers to purchase it for less than they are willing
to pay for it. They’ll bid the price up to the FAIR
MARKET VALUE just as sure as a stranger in a crowd will vie
for a bargain on a $100 bill.
At any given time, only a certain number of buyers will be
interested in a home like yours in a location like yours at
a price like yours. This group of buyers is called the “buyer
pool” for your home. The participants change as some
purchase homes, some get frustrated and leave the pool, and
others make the decision to buy and enter the pool.
Many sellers make the mistake of restricting the size of
the pool by pricing their homes too high. They expect to be
offered less than the asking price, so they raise their price
to get a higher bid.
Few home buyers are experienced. Most are dimly aware that
some home sellers may accept less than asking price, but they
don’t know how much less. They see a certain price and
say, “We can’t afford that – let’s
not bother to look.” When this happens, the seller has
decreased the size of the buyer pool. Some buyers who shut
themselves out of the pool may have been prepared to offer
more than the amount finally accepted, but the seller will
never know. This results in a LOWER price for your home. When
using this method, you offer your house for less than you
think you will actually get in order to attract more buyers,
who will bid against one another for the privilege of buying
your home. This results in a HIGHER selling price for your
home.
Now, when I say that you’ll sell your house in 10 days,
I mean you will sell your house in 10 days.
The 10 day sale always runs on the same days of the week.
We will start your home in the Realtor’s Multiple Listing
Service no later than Friday. We then advertise it immediately
in the Sunday paper. It will then be advertised again on Thursday
as well as Friday, and advertised for Open houses on Saturday
and Sunday with Bidding up until Monday at 8 p.m. at which
time we start the Round Robin bidding until the highest bidder
is found. All buyers will know the highest bid during the
Round Robin.
Just because you sell your home fast, don’t think that
you’ll sell cheap. The 10 day method will get you the
top end of the fair market value for your home. The market
will always drive the price to the highest possible level.
You may also save thousands of dollars in interest and taxes
by selling your home immediately.
To view our homes currently on auction, please
click here.
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