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All,
I got a contract last night for an option on a HBS for a house after meeting the owners Saturday. They are interested in me running a HBS in two weekends. I haven’t done one in almost 4 years, so I am pretty rusty. I am wondering what in a nutshell are some simple changes people have made recently that I may be unaware of.I know I need to read the forums to get up to speed and will do that, but I have to find a new title company, mortgage broker (mine quite) get advertising sorted out as a priority. I used to have a 10 page “booklet” I used from back in the day when Jackie started doing HBS (2007ish). Appreciate the feedback!
GregHi Greg,
Congratulations! My advice is to keep it simple. You don’t need to go high tech with a highest bidder sale. This is the quickie primer:
Get a sign in front of the house asap
Start your online marketing 7-9 days before the sale.
signs up the day before the 2-day open house
collect bids
start calling bidders 30-60 minutes after the open house (just enough time to grab a bite to eat)It is always better to sell FAST for CASH even if below market instead of waiting for a higher price that requires institutional financing (which could fall apart at the last minute). Lenders will likely want you to do repairs before they will do the financing and you want to avoid spending ANY money on the house!
Its even better if you negotiate to buy subject-to the mortgage so you can sell with seller financing. A slam dunk deal!!!
What are the numbers o your deal?
Jackie,
This was a friend of a friend so I didn’t negotiate hard. In fact, I more or less got them to throw out a number which sounded low and then accept that we split the amount over ($42k-a little more than what they owe). It’s a nice very clean house (other than roof replacement in the future) in a decent area. Honestly, I have been out of the business so long that I need to do something just to get back in it. I don’t know what it will sell for, but this isn’t a home run or anything. If I make a few grand, I will count it a win If not, I tried.I was going to do a 3 or 4 hour open house on the weekend, not sure the best hours 9-1 or 11-3. I can put up the signs and do the online marketing no problem. It sounds like not much has changed with respect to the marketing! Thanks!
GregGreg
11-3 would be better – on a Saturday.
Any chance they will let you buy subject to the mortgage? if so, you could do a highest bidder sale for the highest down payment. Then you would sell for sure and likely make much more money!!
Some people are doing a lot of other things (more high tech) but most of it is not necessary to have a successful HBS! I’ve never done any of the high tech stuff and still sold all houses.
Jackie,
I didn’t broach buying subject to–it was a 20 minute convo where they got comfortable with me and I asked what they needed to get. Since it was a friend of a friend I didn’t hammer them but I did say repeatedly, “I have no idea what this house will sell for. If it’s less, we will need to discuss options at that point”. They have money from what I can tell, so if they have to bring it to the closing table, they will. It’s too thin for owner finance, plus I am just trying to get back in the game.So you are saying Saturday AND Sunday 11-3 right? My understanding is that I want to use the same times for both weekend days so as not to confuse people.
Don,
I’m still in Rockford, but Freeport isn’t far. I can certainly shake the tree out that way. This house is in Rockford.
Greg
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