[5-DayForum] Sanford, MI 5-Day Sale -- Going to Contract

[Mark Conway]

Brenda,
 
There's no such thing as a stupid question. An undisclosed reserve is a price set by the seller, but not disclosed to prospective buyers, below which the house will not be sold. If the bidding doesn't hit the threshold of the undisclosed reserve, the seller retains the right not to sell. If prospective buyers know there's an undisclosed reserve, they won't be surprised by a no-sell decision by the seller. If they don't know about the undisclosed reserve when they're bidding, they might not be very satisfied with a no-sell decision by the seller. For the record, though, I have no experience with this type of bidding for a home sale. Perhaps someone with real world experience using an undisclosed reserve can share their thoughts.

Regards,

Mark Conway


       
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