Has anyone tried the Bill Effros 5-day house sales method? - Posted by Jack Z.

import · November 10, 1999, 5:42pm

Posted by Jim Kennedy - Houston, TX on November 11, 1999 at 08:23:15:

.

import · November 10, 1999, 5:42pm

Posted by Jack Z. on November 10, 1999 at 18:42:14:

Hi All,

I think this may have been briefly discussed here a little while back, but I can’t remember what people said.

I recently read Bill Effros’ “How to Sell Your Home in 5 Days”, or whatever it’s called. Frankly, I was suspicious at first, like most reasonable readers probably are. But then I looked through it again, and gave it some serious thought, and now I think it would work. It’s difficult to swallow fixing the starting price so low, but that’s what it takes to draw attention, I guess. And since I’m a big believer in the wonders of the free market, I bet that if you did get a bunch of bidders there, you really would get the highest market price (whether that’s more or less than you wanted) by the end of the weekend.

Anyway, I was looking for confirmations of the method, or rejections, FROM PEOPLE WHO HAVE TRIED IT AS HE LAYS IT OUT.

Thanks.

Jack Z.

import · November 11, 1999, 9:13am

Re: Has anyone tried the Bill Effros 5-day house sales method? - Posted by Glenn-OH

Posted by Glenn-OH on November 11, 1999 at 10:13:03:

I looked at this option for selling our old house. My wife was very skeptical, to say the least. We agreed to talk with our lawyer, and go by his recommendation. His concern was that if only one bidder bid the minimum set in the ad, we might be forced to sell at that price. It seemed like the 25 bidders by Friday rule would protect against that, but we didn’t do it, so I really don;t know if it would work, and be safe for the sellar.
Glenn

import · November 11, 1999, 4:42am

Re: Has anyone tried the Bill Effros 5-day house sales method? - Posted by David

Posted by David on November 11, 1999 at 05:42:38:

We bought and read the Effros book; it is very interesting and you have to get over the mental block of starting low in your asking price. We modified the technique to our purpose. Had a MAI (Member of Appraisel Institute) appraisel done on the property. It came out to $221,000 for a 25 year old 2,200 sq, ft. 2 story with 4 bd and 2.5 baths, 2 car garage, central air, fireplace, etc. We painted inside and outside, lifted wall to wall and cleaned hardwood floors, and replaced original kitchen vinyl flooring. Adverstised in 3 newspaper, giant metro-city daily paper, small local daily and local weekly. Best results were the big city paper but ad was $750! Ad listed price at $269,900 or best offer. There were about 30 callers, probably 10 to 15 who would have bid. We limited bids to buyers with NO property sale contingincy of another property. No property inspection contingency, any and all inspections by buyer at buyers cost prior to bidding. Bidding to close in 10 days. All bidders were instructed to do whatever due diligence they wanted. Bids to be sealed written as “highest and best final offer”. We didnot go round robin as Effros suggests. We got 3 bids all exceeding asking price and all with minimum $10,000 refundable deposit. We selected the high bid and settled in less than 30 days. Everybody is happy.
David

import · November 11, 1999, 12:51am

Re: Has anyone tried the Bill Effros 5-day house sales method? - Posted by Nelda Ellerbee

Posted by Nelda Ellerbee on November 11, 1999 at 01:51:18:

Jack,
As a newbie and a lurcher of the website for the past 6 months or so , I realize that I left some profit on the table, however I was able to sell my house in a week and a half ( I allowed an additional weekend to screen phone calls since I was in San Antonio and the home was in Dls)!! Time was of the essence in this situation, because I recently relocated to San Antonio from the Dls area on a job transfer.

I stumbled across this technique by accident I must admit ( purchased the book at Barnes and Nobles bookstore) After listing my home with a realtor for a couple of months and making mortgage payments, I tried Bill Effro’s method after my contract expired with my realtor. I was able to close on the house in less than 30 days.

I ran an ad in the paper, $35,000.00 below the appraisal value, or best reasonable offer. I had at least 40 - 50 people call on the home, 11 people submitted open bids and I sold the house for the price I paid for it two years ago. I sold the home to the highest bidder at fair market( 110,500, 10,000 under appraisal amount) value. they got a good deal and I sold my house!

I wanted out of the house and didnt want to deal with a lease purchase , etc simply because it was an older home, 30 plus years and had an in ground swimming pool, and the fact I was 300 miles away.

I required a cashiers check up front for 10 % of the sales price to be submitted within 3 days to my title company as earnest money. That way I could determine the individuals ability to purchase the home up front with out having to prequalify the buyer up front.

I too would like to know if anyone else has utiliaed this technique.