Selling house, strategies around setting price?

[grant]

Sounds like the only reason it did not work for the seller is that the seller was in a big rush to sell. Otherwise, they could have just waited for the multiple offers.

It's not a matter of sellers being in a rush. The fact is multiple offer situations only really happen IMMEDIATELY after a property is listed. This is because there is a pool of waiting buyers who view the property at once.

After this initial rush, only new buyers entering the market will view your property. Typically only 1 every day or 2 even in the most active market.

Since offers always expire the same day, or perhaps next day (unless their realtor is a total moron), it's impossible to "collect" up all the multiple offers over the course of a week (should you even get more than 1)... you pretty much must accept or decline every offer as it comes after the initial rush.

most importantly, you will almost certainly get your BEST offers from this large pool of initial viewers. That is because they are the ones who get impatient from waiting, disheartened by losing other deals, and are not afraid of multiple-offer situations. ... if one of those desperados doesn't give you an offer you like, can you really expect to get a much better one later?

If you ever sell a property in a hot market you will see this in action- the biggest $ offers are disproportionately given in the first week. (You may ask why some of my sales take 6 weeks if the best offer usually comes immediately... sometimes the best offer doesn't remove subjects, sometimes the best offer just happens to come later. Just not as often as sooner.)

[rb]

[QUOTE=grant]From realtors. The usual contract states the commission is due once the realtor finds a "ready, willing, and able" purchaser.


It actually states that the seller will pay the agent
"for any valid offer to purchase the property from any source whatsoever obtained during the listing period and on the terms and conditions set out in this agreement OR such other terms and conditions as I may Accept"

and the listing price already states regarding terms acceptable to the seller"


Lets say the price is met - what about the closing date?
what about inclusions / exclusions
what if they change their mind and don't want to sell - they are not obligated to and and as such do not have to pay a comission to the agent


I think what they meant is if you accept an agreement from a ready willing and able buyer and then try to pull out after you have a firm contract - then YES you are liable !

[Ron]

Nonsense. I have never had a shortage of viewings for my properties.

My statement is based on talking to multiple agents about this, which have sold/bought at least 100 properties combined. Your statement is based on 3 properties.

My sample size is much larger, which makes my conclusion much more probable.

[grant]

My statement is based on talking to multiple agents about this, which have sold/bought at least 100 properties combined. Your statement is based on 3 properties.

I said 3 agents, not 3 properties. You claim that "I will scare away buyers". This has been proven untrue to me. Sorry, I don't care about 'what probably would have happened' when compared to 'what has actually happened'.

I am satisfied with my approach so far, so I offer my experiences for others to consider. If you choose to sell with another approach, that's your prerogative, and i look forward to reading how it works out for you.