The Price is Right!

I am a member of various networking groups and one of the groups that I attend allows you to do 10 minute presentation on a topic of your choice every once in a while. It was my turn last week and I decided that the presentation should focus on "The Price Is Right!" - which was my take on a spoof closing date.

Armed with my best Lesley Crowther impersonation I asked for four of the assembled group to "come on down" and take their place on the stage to see if their offer would be the highest. The contestants knew in advance that they were going to be chosen. I had previously given them the information on the property which they were going to bid on as well as details of their own personal and financial circumstances. The group consisted of a first-time buyer, a 2nd time looking for a good school, a property developer and downsizer. The spoof property was marketed at offers over £85,000 with the Home Report value of £100,000.

Amazingly 3 of the 4 offers came in at £110,000. Of the 3 offers, the first-time buyer had not got her mortgage sorted out, the second timer had a mortgage in place and although had an offer for his own property had not concluded and the downsizer not only had the cash in the bank from the sale of his own property but did not need a mortgage. The property developer who had a guaranteed on sale to a supermarket at £200K got greedy and only offered £75,000.

In these circumstances, it was clear to the audience masses which offer the seller should take. It was put to the floor and everyone to a man opted for the downsizer. If it was not already clear to you, being in a position to conclude missives quickly by having your finances in place is probably one of the most important aspects that sellers will take into account when deciding to choose an offer at a closing date. In many situations, I have come across sellers decide to take the lower offer at a closing date purely because the purchaser has his finances secured.

If you would like me to give you the presentation to a group or work colleagues then please do not hesitate to get in touch. There would be no charge for my time.