Instant sale questions

[momtwoboys]

Has anyone used the "instant sale" option on resale companies? How does that work?

 

[Sandisw]

I didn’t use it but looked into it when I sold with the board sponsor. That is the price they give you as the seller so you don’t have to wait for a buyer.

You pay the same commission you would normally pay, but also agree to pay the closing costs.
So, you will most likely end up with less than you would if you list and hope for a buyer, but if you want a quick sale, this is the way to go.

The process after that is the same…goes to Disney, etc.

In my case, the offer for my SSR was $118 and current marker was seeing high $120s to low $130s. I decided to give it a week to find a buyer and listed at $125…which even the agent agree I should try. Ended up selling for $120 that week so honestly, didn’t get much more than I would have done the instant sale.
But, had I not gotten a buyer so quickly, I would have done it as my goal was to sell fast.

 

[momtwoboys]

thanks! we have a listing up that has no bites and while we arent in a rush wasnt sure if the amount in the end wouldnt be that much more.

 

[momtwoboys]

now I am wondering if different companies offer different prices. I asked about the instant sale from 2 different places and got 2 very different prices. WOW the resale selling market is so wonky!

 

[Sandisw]

now I am wondering if different companies offer different prices. I asked about the instant sale from 2 different places and got 2 very different prices. WOW the resale selling market is so wonky!

It is very possible that they might. The whole concept is that the brokers are willing to take a chance, get their commission early, but in most cases, probably don't end up with the contract due to ROFR. That is why I think you see the price so much lower than what you might be able to get selling on your own.

However, in order to get more, you have to have buyers out there willing to buy it. I am positive that if I put in the details of what I sold last year that had an instant sale price of $118, that would be far less this year since the market is much lower.

 

[RAD]

I recently used the instant sale from one of the sponsors on this site. I wasn't in a rush for doing so but I had listed the BWV 200 points back in August and when I took them up on the offer late December I had had zero offers, after doing three price reductions to make it more attractive then other similar contracts.

I had asked them about the process in late November and at that time they were offering to buy at $123 a point and the offer was good for 45 days. Looking at their site just now it shows they're buying at $106 per point.

The process went very smoothly, it was about 5/6 weeks from the time I took them up on the offer until the proceeds were wired into my account.

Could I have held on and hoped for the market to turn, yes, but frankly I didn't see it hitting their instant offer for quite a while, if ever. IMHO, the 2042 drop dead date on BWV has to start impacting sales and who know how long before the interest rates go back down and people feel confident in the economy.

 

[RAD]

It is very possible that they might. The whole concept is that the brokers are willing to take a chance, get their commission early, but in most cases, probably don't end up with the contract due to ROFR. That is why I think you see the price so much lower than what you might be able to get selling on your own.

However, in order to get more, you have to have buyers out there willing to buy it. I am positive that if I put in the details of what I sold last year that had an instant sale price of $118, that would be far less this year since the market is much lower.

Based on my instant sale I don't know if the broker is the one actually ending up with the contract. My sale had the buyer as an LLC in Illinois.

 

[kilik64]

Based on my instant sale I don't know if the broker is the one actually ending up with the contract. My sale had the buyer as an LLC in Illinois.

Its still them.

 

[Sandisw]

Based on my instant sale I don't know if the broker is the one actually ending up with the contract. My sale had the buyer as an LLC in Illinois.

Not it’s still them under a company as they wouldn’t be having each individual agent buying.

 

[momtwoboys]

thanks for the info! We will revisit this at end of April. we know which company we wont go with.