Why “thrift” is the new buzz word.
A recent report by Yahoo News had most of us wondering if a new marketing strategy by a California resort may bring a light bulb moment for real estate developers. Rancho Bernardo Inn in San Diego is offering a “Survivor Package” vacation from as low as $19 per night. But don’t expect to rub your skin on silk mattresses nor be treated with champagne when you arrive. There’s a lot of “camping” equipment that you have to use.
The report explains, “… Called the ‘Survivor Package,’ the hotel’s deeply discounted promotion lets patrons trim its standard $219-per-night rate on a sliding scale of deprivation, lowering charges with each amenity stripped from the room. The most basic version: a room for $19 with no bed, toilet paper, towels, air-conditioning or “honor bar,” and only a single light bulb in the bathroom for safety. The next level up adds in a bed—sans sheets—for $39 a night. For a bed plus toiletries and toilet paper, the rate is $59. Maureen Carew, assistant general manager of the four-star inn, called the promotion ‘clever marketing in a downtime’… (She) said Rancho Bernardo’s promotion drew more than 420 reservations, including 240 bookings at the $19 rate and 116 at the $39 rate.”
Okay, sellers take heed. Rancho Bernardo Inn is teaching you a lesson on how to cope with the recession’s dire consequences.
When no one’s taking your offers, find a way to sell even in a weak market… Very tight lenders? Indecisive buyers? Low FICO scores of prospects? These may not be what you had in mind when you decided to put your house on the market, but you can still sell that house with these tips:
Consider Short Selling
Your property’s price may be reduced by $20,000 more or less, but that would save you from foreclosure, a tarnished credit history, and a possible rejection from your job application.
Share the Closing Costs
Sweeten the deal by offering 5 or 10 percent of the closing costs every time you get a serious inquiry. Your potential buyer will never think twice about accepting it. Since closing costs in most states run up to $1,000, this can be an attractive selling technique.
Entertain Seller “Carry Back” Financing
If you want to make the property available to more buyers, a carry back financing strategy works. The seller would finance the property without the hassles of dealing with the lender. Be careful though, if the buyer misses his payments to you, or you’ll end up foreclosing the house in the end at less than its old market value.