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

[Brenda Mangente]

thanx much, Mark.  As you said, honesty is the best policy.  Will let you
know how mine goes.

b


On 8/2/07, Mark Conway <sanford5daysale at yahoo.com> wrote:
>
>  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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