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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Guidelines to geting your maximum price. Posted by Ward-CA- on March 31, 2002 at 1:30 AM In Reply to: Foreclosure Question For The Masses... posted by Mike on March 30, 2002 at 2:19 PM : For the record, I am a total novice on foreclosures. Fortunately, I do have a mentor that has seemed willing to help me learn the trade. : My question is this: A guy told me that if I bought a foreclosure in a 'bad section of town', for say, $3,000, and say I invested $2,000 in repairs, that I would, in essence, only make as much money on the house according to the property values AROUND it. Is this true? So, if the going rate for a house in that neighborhood was $15,000, would $10,000 be about as much as I can expect to make back on the house, EVEN if I spent MORE than $15,000 on it as a foreclosure? =•=•=•=•=•=•=•=•=•=•=•= Mike, I have discovered that I can be a price leader in whatever neighborhood I work in. So I no longer feel so hemmed in by the narrow constraint of kowtowing to the mean of neighborhood prices. Yes, I’ll find out what the neighborhood comparables are before the auction sale, but I also know I can get about 5.0% more than that figure, and I regularly do. Over the years I’ve learned that three things sell houses and that price is the least important of the three: 1) glitter, 2) a price you can defend, and 3) the availability of financing. I’ve also learned, that for the buyer, the purchase of her home is far more an emotional experience and decision, than an objective one. What I find very helpful in getting a higher price and a quicker sale is to canvas ALL of the comparable properties for sale within a mile or so radius of our property to see what my buyer has to choose from and give her an impressive choice when she sees my offering. I want my place to sparkle like new and exude attention to detail. I’m especially mindful of the fact that we humans make up our minds about something, plus or minus, within the first four minutes of our contact with it, whether it’s a car, another person or a house. One final note, if you have never used Variable Range Marketing (VRM) as practiced by Prudential Real Estate you’re missing a powerful marketing tool. I use it on all of my marketing programs, whether I’m selling a starter home or a high end $750,000 home. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : For the record, I am a total novice on foreclosures. Fortunately, I do have a mentor that has seemed willing to help me learn the trade. : : My question is this: A guy told me that if I bought a foreclosure in a 'bad section of town', for say, $3,000, and say I invested $2,000 in repairs, that I would, in essence, only make as much money on the house according to the property values AROUND it. Is this true? So, if the going rate for a house in that neighborhood was $15,000, would $10,000 be about as much as I can expect to make back on the house, EVEN if I spent MORE than $15,000 on it as a foreclosure? : =•=•=•=•=•=•=•=•=•=•=•= : Mike, I have discovered that I can be a price leader in whatever neighborhood I work in. So I no longer feel so hemmed in by the narrow constraint of kowtowing to the mean of neighborhood prices. Yes, I’ll find out what the neighborhood comparables are before the auction sale, but I also know I can get about 5.0% more than that figure, and I regularly do. : Over the years I’ve learned that three things sell houses and that price is the least important of the three: 1) glitter, 2) a price you can defend, and 3) the availability of financing. I’ve also learned, that for the buyer, the purchase of her home is far more an emotional experience and decision, than an objective one. : What I find very helpful in getting a higher price and a quicker sale is to canvas ALL of the comparable properties for sale within a mile or so radius of our property to see what my buyer has to choose from and give her an impressive choice when she sees my offering. I want my place to sparkle like new and exude attention to detail. I’m especially mindful of the fact that we humans make up our minds about something, plus or minus, within the first four minutes of our contact with it, whether it’s a car, another person or a house. : One final note, if you have never used Variable Range Marketing (VRM) as practiced by Prudential Real Estate you’re missing a powerful marketing tool. I use it on all of my marketing programs, whether I’m selling a starter home or a high end $750,000 home. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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