Sales Advice - Lots f Interested Buyers!

[cruz-in]

Hi Team,

We advertise our Class A on RV Trader. We priced it at $10K less than its nearest competitor. In addition, ours had 4 years left on a XtraRide Platinum Warranty and several significant upgrades.

Well, within less than 48 hours we have been overwhelmed with interest and folks are rushing to view it first. We alreaddy have one person who says they will outbid all others.

So what would be a reasonable way to manage this? Allow folks to view it and submit offers for a week or so. Then chose the most attractive one (may not be highest price).

I know it is a good problem to have. However, I would appreciate your thoughts on ways to proceed.

Thanks

[Bill_Satellite]

Someone shows up with cash, pays your asking price, you do the deal, you sleep well at night. What was the question again?

[westernrvparkow]

cruz-in wrote:

jplante4 wrote:
Funny, my advise would be to pull it off the market and put it back on next month at a higher price.

I considered that.

Please understand I have accepted no offers.

I am well aware of how quickly offers evaporate, a bird in the hand is worth two in the bush. etc.. Also well aware of how easily it is to say one thing over the internet, scams, etc. etc.

Just curious what you all would do. Please no bashing. Just looking for input on what you would consider fair/ethical approach to handling my apparent under pricing (and under estimating demand) and the subsequent flood of folks wanting to view and make an above asking price offer.

It all depends on how much you think you under priced it. For a couple of thousand, I would take the first cash deal at asking price and be happy. If you really think you missed it by tens of thousands, pull it off the market and reprice at a later date. You could contact all the inquiries with a quick explanation that the price was incorrectly posted (transposed numbers, not clearly explained that to transfer the warranty is extra, fat fingered a 4 instead of a 6 or whatever) and include the new price. Worst thing that could happen is a bunch of people cross your rig off their list forever. If it kills all the deals, that is the risk you take.
There is no correct answer, but I don't see it as immoral if you truly made a pricing mistake, became aware of that error and decided to not sell. It happens all the time. Watch an episode of the entirely fake Pawn Stars. You often see sellers re-evaluate their asking price after an expert says an item is worth much more than they thought. Professionals with expert knowledge are even required to inform sellers of a mistaken price, hence an expert art appraiser can't buy your garage sale Van Gogh for $20.00. I don't think you will suffer eternal damnation for repricing if that is what you ultimately decide.
DISCLAIMER: I have no insight into the Pearly Gates admission policy, this is just my opinion.

[rgatijnet1]

cruz-in wrote:

jplante4 wrote:
Funny, my advise would be to pull it off the market and put it back on next month at a higher price.

I considered that.

Please understand I have accepted no offers.

I am well aware of how quickly offers evaporate, a bird in the hand is worth two in the bush. etc.. Also well aware of how easily it is to say one thing over the internet, scams, etc. etc.

Just curious what you all would do. Please no bashing. Just looking for input on what you would consider fair/ethical approach to handling my apparent under pricing (and under estimating demand) and the subsequent flood of folks wanting to view and make an above asking price offer.

Winter is rapidly approaching and I don't think you will have as many potential buyers once the snow starts. Take the best offer NOW is what I would do.

[westernrvparkow]

mike brez wrote:
to top it off the whole house was totally remolded and not a dime was needed on it.

If I was buying a house that had the mold removed, the last thing I would want is for it to be remolded, even if it didn't cost anything.:)

[cruz-in]

jplante4 wrote:
Funny, my advise would be to pull it off the market and put it back on next month at a higher price.

I considered that.

Please understand I have accepted no offers.

I am well aware of how quickly offers evaporate, a bird in the hand is worth two in the bush. etc.. Also well aware of how easily it is to say one thing over the internet, scams, etc. etc.

Just curious what you all would do. Please no bashing. Just looking for input on what you would consider fair/ethical approach to handling my apparent under pricing (and under estimating demand) and the subsequent flood of folks wanting to view and make an above asking price offer.

[jplante4]

Funny, my advise would be to pull it off the market and put it back on next month at a higher price.

[mike_brez]

My last post on this.
Turns out this guy didn't/doesn't need any more money. He has millions. He purchased it years earlier for his son as a starter. He meet my son and girlfriend and seen how young they were and just wanted them to have it. He would have not had a problem selling it for more than they gave him that same day in a week or months later and to top it off the whole house was totally remolded and not a dime was needed on it.

[Stim]

You want "Pre-approved" buyers only and meet them at their bank/credit union and get secured funds with title exchange.
If they haven't gone the pre-approved route they might be dreamers.
There are so many scams going on, CYA!!!

[westernrvparkow]

mike brez wrote:

westernrvparkowner wrote:

mike brez wrote:
Some people just aren't douche bags.
My son and his girlfriend purchased their house from a fsbo
They were the first ones to look at it and offered just what we was asking. Meanwhile other people came and offered more and he refused. He even waited while the kids mortgage was approved.

Waiting for a mortgage to be approved is pretty much standard operating procedure in most residential real estate transactions. Also, real estate is done with written contracts. Once a contract is in place, the seller is obligated to the terms of that contract so they generally can't just accept a higher priced offer should one come along. That seller wasn't being overly charitable or accommodating.

Yea I understand how real estate works sold and purchased many. But thanks for the lesson.
They had nothing. Saw a ad went to look at it. They were the first to see it and said they would give him x amount verbally and he said ok. After this they needed to go and apply for a mortgage and play the waiting game.
This fella could have gotten more money from a pre approved buyer and got his money months sooner.

Glad it worked out for your son, but the entire transaction was a big mistake for the seller and they were very lucky it worked out for them. Any number of things could have derailed that transaction and the seller could have been out in the cold. Real Estate market conditions can change rapidly, and there was the potential the market could have turned against the seller in the months it took to close that transaction. I guess if the sellers goal was to maximize the risk and minimize the financial return, choosing to not have professional representation was very smart.

[rgatijnet1]

mike brez wrote:

rgatijnet1 wrote:

mike brez wrote:
Some people just aren't douche bags.
My son and his girlfriend purchased their house from a fsbo
They were the first ones to look at it and offered just what we was asking. Meanwhile other people came and offered more and he refused. He even waited while the kids mortgage was approved.

Waiting for a buyer to get financing on a VEHICLE, while you have other buyers available is a sure way to miss a sale. Most buyers won't return after they are turned away from a sale. No matter what the intentions are, the finance company may not give them a loan for the asking price, or any of a number of reason for the financing NOT to go through. If that is the only way that you can possibly sell the RV, OK, but it sounds like this seller has many others to chose from.

This fella could have gotten more money from a pre approved buyer and got his money months sooner.
And that is why most real estate sales are handled by real estate agents, whose job it is to get the best deal for the seller.

He didn't need a real estate agent to get more money he could have done that on his own as he was allready offered more. My son called him and they were the first to call and see. They meet him after they got out of work and I think he took a liking to them and bent over backwards for them.

That is understandable and it sounds like a good deal for your son.

[mike_brez]

rgatijnet1 wrote:

mike brez wrote:
Some people just aren't douche bags.
My son and his girlfriend purchased their house from a fsbo
They were the first ones to look at it and offered just what we was asking. Meanwhile other people came and offered more and he refused. He even waited while the kids mortgage was approved.

Waiting for a buyer to get financing on a VEHICLE, while you have other buyers available is a sure way to miss a sale. Most buyers won't return after they are turned away from a sale. No matter what the intentions are, the finance company may not give them a loan for the asking price, or any of a number of reason for the financing NOT to go through. If that is the only way that you can possibly sell the RV, OK, but it sounds like this seller has many others to chose from.

This fella could have gotten more money from a pre approved buyer and got his money months sooner.
And that is why most real estate sales are handled by real estate agents, whose job it is to get the best deal for the seller.

He didn't need a real estate agent to get more money he could have done that on his own as he was allready offered more. My son called him and they were the first to call and see. They meet him after they got out of work and I think he took a liking to them and bent over backwards for them.

[rgatijnet1]

mike brez wrote:
Some people just aren't douche bags.
My son and his girlfriend purchased their house from a fsbo
They were the first ones to look at it and offered just what we was asking. Meanwhile other people came and offered more and he refused. He even waited while the kids mortgage was approved.

Waiting for a buyer to get financing on a VEHICLE, while you have other buyers available is a sure way to miss a sale. Most buyers won't return after they are turned away from a sale. No matter what the intentions are, the finance company may not give them a loan for the asking price, or any of a number of reason for the financing NOT to go through. If that is the only way that you can possibly sell the RV, OK, but it sounds like this seller has many others to chose from.

This fella could have gotten more money from a pre approved buyer and got his money months sooner.
And that is why most real estate sales are handled by real estate agents, whose job it is to get the best deal for the seller.

[mike_brez]

westernrvparkowner wrote:

mike brez wrote:
Some people just aren't douche bags.
My son and his girlfriend purchased their house from a fsbo
They were the first ones to look at it and offered just what we was asking. Meanwhile other people came and offered more and he refused. He even waited while the kids mortgage was approved.

Waiting for a mortgage to be approved is pretty much standard operating procedure in most residential real estate transactions. Also, real estate is done with written contracts. Once a contract is in place, the seller is obligated to the terms of that contract so they generally can't just accept a higher priced offer should one come along. That seller wasn't being overly charitable or accommodating.

Yea I understand how real estate works sold and purchased many. But thanks for the lesson.
They had nothing. Saw a ad went to look at it. They were the first to see it and said they would give him x amount verbally and he said ok. After this they needed to go and apply for a mortgage and play the waiting game.
This fella could have gotten more money from a pre approved buyer and got his money months sooner.

[turbojimmy]

I simply go through the list of people that contacted me, first come first served. If they like it and bring cash, it's theirs. If they want to go home and think about it I move to next in line. Lather, rinse, repeat until someone shows up with cash near or at my asking price. I always go in order of who contacted me first, though. Seems to me to be the fair way to go about it.

[midnightsadie]

first person who puts cash down deposit is the buyer , playing bidding war will get you burned. write him up a receipt saying no refund on deposit.