Jonathan RexfordFL 8 Report post Posted March 29, 2005 Here is a link of an auction that I will be starting on Sunday. This is a purchase price auction. I will be holding Two auctions that day in the same subdivision....sure save money on marketing. Auction link: http://www.homebodiesllc.com/property.cfm?property_id=11964# Share this post Link to post Share on other sites
Sold ! 0 Report post Posted March 29, 2005 Jonathan, I'm confused: why would you have the inspection on the last day of the auction? Auction begins HERE onSunday, April 3, 2005 at 7:00 AMand ends onSunday, April 17, 2005 at 5:00 PM Bidding starts at $90,000.00 or BEST REASONABLE OFFER Open House/Home InspectionSunday, April 17, 2005 from 2 PM to 5 PM By the way, Jonathan....I have seen a slew of books recently touting the 5 Day Auction. Where did you learn this technique or did you come up with it by yourself? Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 30, 2005 Rich, The whole idea is the FEEDING FRENZY. I expect to have over 200 people at each auction on Sunday during the event. The auction starts on Sunday. People can drive by and view pictures online and grab flyers at property. We take the information at the end of the open house because some people do not have online access and do the Round Robin bidding. Where did I learn it; Concept was from Bill Effro's Book. I have always been a student of another GURU and he has a little course. The website was a brain child of the person who developed all of my sites. So I guess, between doing a few deals and seeing what works and what does not work I have found that this works pretty good. I get full coverage in local papers for 3 weekends. Last day is payday. Share this post Link to post Share on other sites
Alan (NYC) 0 Report post Posted March 30, 2005 I'm confused: why would you have the inspection on the last day of the auction? Hi Sold, What he means by an Inspection is more like an "open house". Throughout the earlier part of the week, its all about marketing and getting the attention of buyers who will come to the open house or home inspection at the end of the week. Then after the last day of the open house, the home is sold to the highest bidder using a round robin auction technique. I think the concept is great as mentioned in an earlier post. However it does take alot of coordination and work to pull it off successfully. If done right, the house is sold in days, and the seller cashes out at top end of fair market value. Jonathan, I assume you have an undisclosed minimum reserve? Alan Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 30, 2005 Yes sir Alan.....learned that one already.... Share this post Link to post Share on other sites
Alan (NYC) 0 Report post Posted March 30, 2005 Jonathan, Are these your properties or are you marketing them for someone else? Please advise and thanks. Alan Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 30, 2005 I have an option on property Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 30, 2005 Jonathan, I'm confused: why would you have the inspection on the last day of the auction? Auction begins HERE onSunday, April 3, 2005 at 7:00 AMand ends onSunday, April 17, 2005 at 5:00 PM Bidding starts at $90,000.00 or BEST REASONABLE OFFER Open House/Home InspectionSunday, April 17, 2005 from 2 PM to 5 PM By the way, Jonathan....I have seen a slew of books recently touting the 5 Day Auction. Where did you learn this technique or did you come up with it by yourself? <{POST_SNAPBACK}> RICH, thanks for copying the link. The way I had it I had the auction ending at the Open house...oops. The open house ends at 4 and the auction ends at 9pm....thanks for the reminder. Share this post Link to post Share on other sites
Sold ! 0 Report post Posted March 30, 2005 I have an option on property<{POST_SNAPBACK}> Jonathan, Another question: Let's use an example........the seller sells you a 60 day option to buy the house for $100K. Now, you go and create the auction, which brings in, say, $120K. $20K is your payday, right? Now, how do you finish off the deal? Are you getting your own mortgage, or are you attempting a double closing? If a double closing, then I ask how hard is it to arrange one of those in Florida (I'm right down the road from you)? If I am off a bit in my assumptions, please correct me; I find this fascinating. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 30, 2005 I use buyers money. My seller and buyer go onto contract. I cancel my agreement for the 20K. Of course there are costs involved. Some occasions I get a POA to close the transcations. I prefer not to do a double close. One the costs and two I really do not want to take title. Share this post Link to post Share on other sites
Alan (NYC) 0 Report post Posted March 31, 2005 I use buyers money. My seller and buyer go onto contract. I cancel my agreement for the 20K. Of course there are costs involved. Some occasions I get a POA to close the transcations. Hi Jonathan, Can you elaborate what you mean? Thanks! Alan Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 31, 2005 When I get an option on the property I always record a memorandum. Since I have the authority to BUY and SELL I have a contract in place with Seller. When it goes to closing the Memorandum has to be cleared up (released) That is my release fee and it shows up on the seller side of the HUD. Share this post Link to post Share on other sites
Sold ! 0 Report post Posted March 31, 2005 Are you working exclusively with OPTIONS, or are you doing lease options, as well? Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted April 1, 2005 Rich, Any lead that comes in I try to make a fit. Either Rehab, Short Sales, Subject too, Agreement for deed, Wholesales, Option, Lease Option, Private Lending, Building, Developing Residential & Commercial. I am working with another guy doing these CA's. He is down in the West Palm area. Going to start pumping marketing into some specific neighborhoods. But what ever comes down the pike there will be a fit. Share this post Link to post Share on other sites
Alan (NYC) 0 Report post Posted April 1, 2005 When I get an option on the property I always record a memorandum. Since I have the authority to BUY and SELL I have a contract in place with Seller. When it goes to closing the Memorandum has to be cleared up (released) That is my release fee and it shows up on the seller side of the HUD. Jonathan, You record a memorandum which clouds the title and has to be cleaned up before transfer of the title to the new buyer. Is your "release fee" a predetermined set amount? Or is it a percentage above a predetermined net selling price to the seller? How is it written that it shows up on the seller side at closing? I really like to understand how you make this work as I am doing a 5 day sale mid April of next month. Alan Share this post Link to post Share on other sites