You must be logged in to reply to this topic.
-
I’m planning a Highest Bidder Sale for December 16, 2012. A few questions have surfaced that I’ve not seen previously.
1. If bidders can see each other’s names and contact information on the sign in sheet, what is to prevent them from colluding during the round robin auction?
2. If someone is the highest bidder, why would they want to increase their bid during round 1? Why not wait until round 2 to see if anyone increased the bid beyond their high bid?
3. Stupid question but is the high bid revealed to bidder #2, and so on, during the round robin?
4. What do you typically do about appliances, cabinets and electronics that are currently in the house? Is it customary to include anything and everything in the house, or are appliances, etc negotiated?
5. What is the best way to handle realtors? If they bring a buyer, I’ve seen where the HBS rules are “net bid”, I’ve seen some where the seller will pay a specific amount to realtors, ranging from 1.5% to 3%. Is there a “normal”?
6. I’m planning to hold open houses on Thursday, Friday, Saturday and Sunday, for 2 hours each day. I’m hoping for crowds and I may need to restrict entry to the house to avoid having a traffic jam. Any thoughts on how to entertain people if they’re waiting outside to see the house?
7. What is the feeling about marketing to realtors? Sending a notice to the local offices announcing the HBS?
If it sounds like I’m paranoid about the realtors, it’s because I am. Realtors in this area make the rules and establish the protocols for sales. They can be temperamental. I don’t want to piss them off.
8. What is the best example of an ad for a highest bidder sale on craigslist? I did a search and found only 1 HBS for a run down house in a bad neighborhood. The one I’m doing is a nice house in a nice neighborhood.
Thanks,
Deb in ColumbusDeb,
see answers below:
I’m planning a Highest Bidder Sale for December 16, 2012. A few questions have surfaced that I’ve not seen previously.
1. If bidders can see each other’s names and contact information on the sign in sheet, what is to prevent them from colluding during the round robin auction?
COMPETITION. tHE HIGHEST BIDDER WANTS THE HOUSE
2. If someone is the highest bidder, why would they want to increase their bid during round 1? Why not wait until round 2 to see if anyone increased the bid beyond their high bid?
THE HIGHEST BIDDER RARELY INCREASES THEIR BID ROUND 1, BUT EVERYONE ELSE HAS TO IF THEY WANT TO STAY IN.
3. Stupid question but is the high bid revealed to bidder #2, and so on, during the round robin?
YES
4. What do you typically do about appliances, cabinets and electronics that are currently in the house? Is it customary to include anything and everything in the house, or are appliances, etc negotiated?
APPLIANCES ALWAYS STAY, CABINETS AND ANYTHING ATTACHED STAYS. YOU’LL KILL THE DEAL IF YOU WANT TO KEEP THEM.
5. What is the best way to handle realtors? If they bring a buyer, I’ve seen where the HBS rules are “net bid”, I’ve seen some where the seller will pay a specific amount to realtors, ranging from 1.5% to 3%. Is there a “normal”?
TELL REALTORS THEIR BUYER HAS TO PAY THEM. YOU CANNOT DO IT.
6. I’m planning to hold open houses on Thursday, Friday, Saturday and Sunday, for 2 hours each day. I’m hoping for crowds and I may need to restrict entry to the house to avoid having a traffic jam. Any thoughts on how to entertain people if they’re waiting outside to see the house?
NO NO NO NO NO!!!!!!!! THAT’S WAY TOO MANY DAYS. YOU NEED TO DO 2 DAYS ONLY, SATURDAY AND SUNDAY FOR 3 HOURS MAX EACH DAY. CREATE A SENSE OF URGENCY. DON’T DRAG IT ON FOREVER
BU THE TIME YOU GET TO SUNDAY, THE PEOPLE WHO SAW IT ON THURSDAY WON’T EVEN BE EXCITED ANYMORE.
THE OBJECTIVE IS TO GET EVERYONE THERE IN A CONDENSED TIME FRAME. THE MORE PEOPLE IN THE HOUSE AT THE SAME TIME, THE MORE EXCITEMENT THERE IS. IT LOOKS LIKE “EVERYONE’ WANTS THE HOUSE AND THAT HELPS THE BID GO UP
DO NOT SHOW THE HOUSE OUTSIDE OF THE OPEN HOUSE HOURS. THAT CREATE INTRIGUE AND CURIOSITY.
7. What is the feeling about marketing to realtors? Sending a notice to the local offices announcing the HBS?If it sounds like I’m paranoid about the realtors, it’s because I am. Realtors in this area make the rules and establish the protocols for sales. They can be temperamental. I don’t want to piss them off.
IT’S THE SAME EVERYWHERE. YOU BUYER WILL MOST LIKELY NOT COME FROM A REALTOR. BE PREPARED, THE REALTORS WILL STEAL YOUR SIGNS. ALL THE BUYERS AT MY HBS SAID IT WAS SUCH A PLEASURE TO “NOT” WORK WITH AN AGENT
8. What is the best example of an ad for a highest bidder sale on craigslist? I did a search and found only 1 HBS for a run down house in a bad neighborhood. The one I’m doing is a nice house in a nice neighborhood.
SEE THE MANUAL THAT IS COMING OUT SOON. YOU ABSOLUTELY NEED TO PRICE THE HOUSE AT 40% BELOW MARKET FOR THE STARTING BID IF YOU WANT TO GET A GOOD TURN OUT. THE MORE PEOPLE THAT COME, THE HIGHER THE PRICE WILL GO UP UP UP
Unexpected response:
I’ve contacted 3 lenders about having them available to bidders during any of the inspection times. These are people I know reasonably well.
I’ve gotten a “nah, I’m busy” from each of them. They haven’t offered to provide me information sheets, business cards, nothing.
I’m glad to know that business is so robust in the lending world.
You must be logged in to reply to this topic.
