Sometimes I do have a crystal ball. The sale of my listing at 8626 Lubao in Winnetka went exactly as predicted. This home has deferred maintenance as well as documented mold. Like almost all sellers, they were wondering if they’d NET more money selling as-is, or if it made more sense to invest in renovating the home. A home will always sell for a higher price when it is renovated. WHO CARES?? The better question to ask is, will the seller NET more.
Agents will guess the as-is price. Again, WHO CARES what an agent guesses?? The process I recommend my clients follow guarantees the exact as-is price. Guarantee? YES. Putting the home on the market at a much lower price than expected intentionally generates a bidding war. Would a seller rather have one offer or many offers? Not trying to insult you. Of course, the more offers received, the more leverage the seller has. This is a proven strategy to find the buyer(s) who is/are willing to pay much more than all the other buyers.
At the same time we are creating this auction-type process, we are also getting bids to strategically renovate the home. By the time the bidding war ends, the seller knows the exact as-is price, because they have an offer they can accept. They also have a renovation budget, and are armed with the information they need to make the best decision for themselves.
In this case, my client received over 30 offers. As has happened every time I’ve employed this strategy, we had offers under asking, then a bunch within a certain range, and then outliers (4 in this case) who offered to pay much more than any other buyer. We negotiated with those 4 buyers, driving up the price and getting my client a price they were happy with, leverage to create the terms they wanted, and allowing them to choose the buyer as well.
This is what you can expect for anyone you refer to me!