Hi Guys, Has anyone read/used the methods outlined in How to Sell Your Home in 5 Days by Bill Effros? Thanks and God Bless, Tyra

Anyone try this recently? Check out Shae Bynes' excellent blog post on this topic here on BP: http://www.biggerpockets.com/renewsblog/2009/10/22/robin-auctions-sell-investment-properties-quickly-part-1-2/

I put two houses up for sale using Billâ€™s 5Day sale method. On the first, though the response was wonderful, the highest bid was way short of reasonable market value. I moved into it, and put my former residence up. There was only one response to it. I did sell it, for less than market value, because I really did not want to rent it. There is a website regarding this method, http://www.howtosellyourhomein5days.com/ I sold my house at 12% less than asking, which is better than what many recent members have implied their highest bids are. An agent would take about 6%, and do all the advertising. I chose this method of selling oven using an agent only because I refused to be tied into the RE contracts being offered here locally. Remember that people sell at auction hoping/expecting to get a higher price, while people BUY at auction, hoping/expecting to pay much less than market value. And typically, for the houses in the recent market, few of the members have come close to what they want or need, and did not sell. The bids in this method are NOT sealed. They are on a sheet of paper for everyone to see. Everything is transparent and in the open. The advertising method recommended even by Bill Effros is changing. If you read the archives of that forum, you will see few people having success with newspaper advertising. Using internet sites (I had ONE response from Craigslist for my second house) bandit signs, fliers to the local area, etc have been more successful. Using this method, people do not â€œlowerâ€ their offer, they drop out of the bidding. His book, even his website, gives info on how to do this. The book is availabale at local bookstores, and I think is about $15.00. Even if one decides to sell standard FSBO, wwhich is how I did sell my house, the abook gives all the info â€“or most of itâ€“on how to do that. For up to the minute info on these sales, go to the website and read the recent activity. Then go back into the archives. IIRC, many people who have sold recently have taken a huge cut from their listed/hoped for price. I wonâ€™t rain on your parade by answering your last question generally, but in my two cases, as I said, on the first, 30K less than lowest expected market sales price, I moved into it. On the second, 20K less, because I really did not want to rent, I did sell, only because the buyers increased their offer by 6K, and I had been considering lowering my price. If they had not, I would have rented it, and planned to keep it rented for at least 3 years. People doing this are to make clear that the bids are OFFERS, and nothing is binding until papers are signed. I had that on every piece of paper so that no one could come back later and say they did not know. I did not advertise mine as â€œwill be sold to highest bidder,â€ but rather, â€œwill be OFFERED to best bidderâ€ I made it very clear that there was a reserve price (in accordance w/state law)that unless specifically noted that there is no reserve, there is a reserve. Ofgift

I read the five day auction method book years ago. It is a method that works but you may need to do some tweaking for your market. This method works best with single family homes that are in great condition. I helped a friend with a five day auction. He has tweaked it to a professional level. There were 11 houses for sale on the street, and I think over 34 for sale in the subdivision. We had close to 200 people at the two day open house. An agent was holding an open house two doors down and she got a few people from our open house and that was it. She came down to our open house to see what we were doing. The property didnt go because the owner wanted to get every last penny out of it but there were good solid offers made. You have to be a bit flexible in the price and terms for best results and really go all out in your marketing. This is a great way to sell a house, especially if you have other properties because you end up with a fairly good list of back up buyers. Compared to paying thousands of dollars for a boot camp, the book is cheap. Check for used copies or the library if price is an issue for you. You may have to try it several times before you get your buyer, but people are using it in the Tampa/St Pete area with great success. Barbara

I did an auction last year. You need to be careful you don't look like you are selling the home or a local real estate agent will go after you for selling without a license. You need to get an agreement signed by seller showing you are merely assisting in marketing the home and are charging a commission or some other contract protecting your interests.

The market has changed significantly since this first post. I remember when I first studied the results people shared, the properties were sold still below what the buyer wanted. I wonder who wiles beside @Jay Hawthorn has done this recently? Given we are now in "good times", is it worth revisiting?

I used the 5 Day selling method by Bill Effros and sold my house for $15k more than my reserve. It worked for me... and I'd recommend it to others looking for an alternative way to sell their home. No agent commissions... and we had multiple offers... and backup offers. We ended up selling it to a backup bidder.

Oct 28, 2008 I decided to do a 5-day sale. Most of the needed info is on a forum, but a $10.00 book is available, too. I did buy it. All the generally required info is there and the contents makes it easier to find the wanted information. That $1000 course is probably not necessary, (at least afaic), and bandit signs are not recommended by the author. He suggests targetted ads, in newspapers, print and online, and a few internet sites, including Craig'sList. The book gives clear, step by step directions. I had a prelisting inspection, and am glad I did. He found several situations that need addressed. Most can be done by a handyman. Those include simple items to a few warranted items, and more costly, such as some cabinet repair, some exterior rear door jamb/framing repair, and including my not warranted thermal windows with condensation. Not so expensive a few months ago, but I had a security door installed, and they did not do a good job. I had asked about replacing the door trim, the handyman said no. I should have insisted. Now the door needs removed before the work can begin. So triple the cost... ofgift I'm not going to do anything about the windows, and maybe not the exterior rear door, It's worth the cost of the inspection to be able to address these areas before the sale, so that the sale proceeds quickly.

I sold a property using this method. I cant speak for your area , but in my market the 5 Day Sale method will end up being about 10% below the current comps.

People in my area are taking an short term option on a property and then marketing it using the auction method. The option gives you an equitable interest in the property and therefore you are able, at least in Florida, to market the property. Laws probably vary state to state so check with your real estate attorney. Barbara

How to Sell Your Home in 5 Days by Bill EffrosHow to Sell Your Home in 5 Days by Bill Effros

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How to Sell Your Home in 5 Days by Bill Effros

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