While cruising my local MLS as I’m prone to do, I saw something absolutely brilliant!

A newly listed brick and vinyl house is being offered that has three bedrooms, two baths, 1236 square feet, and a two-car garage. It is bank-owned which explains why they can do this, but it is on the market for an incredibly low $93,000.

This is a very low price for the area … a house this price range should be going for between $115,000 and $129,000 depending on its condition.  So naturally there is a "catch" – and it’s brilliant.  The seller will not consider any offers until the house has been on the market for a minimum of FIVE days.  This gives buyers a chance to work themselves into a bidding war which I expect will boost the price up another $10,000 – much closer to fair market value.  And it will sell quickly because it’s still a deal.

I wonder what would happen if a regular non-bank property owner does this, what is the down side of offering a home below market value, then stating no offer will be considered for a week.  A seller does not have to accept an offer – even a full price offer, so if something much lower comes in there’s nothing lost, nothing gained.  But if a seller can take a little less than market value and wants a quick sale, this could be a plan that works.