Overview of Selling Your House In A Weekend

Here’s an overview of the whole process of selling your house in a single weekend.

First step, you’re going to decide to sell your house in one week.

Next, you’re going to prepare your house and your marketing plan. Two different steps there. Marketing plan is one step and prepare your house for sale, making sure it is in the best possible condition it can be for the sale. You’re only going to do this once. So you only need to have the house looking really good for one weekend.

The next step, once you have your house ready to sell, is that you’re going to implement your marketing plan. This starts about a week before the weekend you’re going to sell it. A lot of the things we’re going to do – you’re gonna let your newspaper ads run for a week, you’re gonna start your mailings at about this time. So you can have all your marketing hitting one week before you’re actually going to be having the sale itself. Then on Saturday and Sunday, you’re going to hold an open house and explain the bidding process for interested potential buyers. And on Sunday night, you’re going to do the round robin bidding to sell your house to the highest bidder. And on Monday, you’re gonna meet, complete the sales contract and begin closing on the house. And with closing, however long it takes them to get their loan to actually close, so it could be another couple of weeks. But the house is sold in one weekend.

Let’s next talk about some pricing strategies. You should have your price set low enough to get people excited about the property. Now the price you’re starting the bidding at is not the price you’re going to be selling the property at. So, $100,000 house – you’re probably going to have your starting bid somewhere around $60,000 – $70,000. The general rule of thumb is 65% to 75% or so of the value of the house is what you should have your starting bid at.

Don’t inflate the price of your house. If you really think that it would sell with a real estate agent for $219,500, then your starting bid should be $143,000 – $154,000 – somewhere in that range in order to have your starting bid low, so that people think they’re getting a good deal, but realistic. You can’t start at a dollar and expect to get a lot of interest. It’s unbelievable; it’s not an acceptable number in their minds. Do they think they could get a discount of 20, 30, 40 thousand dollars? Possibly. But they’re not gonna think that they’re gonna get the house for a dollar. You’ll also get some people asking you, “If you only get one bid for $143,000, do you really sell the house for $143,000″? Well, yeah. If I only got one bid, yes, I’d sell it for that. But you’re not gonna get one bid. People will not allow the house to go for $143,000 if it’s really worth $220,000. Someone else wants to get that deal. They are gonna bid the house up to that value.

Now, there are some safety valves you can put into place. We will discuss some of those on the password protected website for our Real Estate Investor Bronze Members and the additional resources, but just be aware that you’re not gonna sell your house at the starting bid amount. You want to set it low enough so that you get enough interest on the house and you get people excited about coming to see it and wanting to be a part of the bidding process.

Until my next post,

James

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