[5-DayForum] Reserves

[Bill Effros]

Brenda,

I don't like reserves.  I never use them.  I think it's a weasel.  I 
think it lowers the final selling price.

I always work out a way to sell the home to the high bidder just as I 
promise to do in the ad.

So if someone asks if there is a reserve, I just say "no".  And that's 
the truth.

Now, there are instances in which it is impossible to sell to the high 
bidder without the agreement of a third party which may be a bank, or a 
divorcing spouse, or siblings... etc. In that case I go to the 
third-party along with the high bidder, and together we try to negotiate 
the sale.  I tell the third-party that I think the high bidder has 
offered as much as we can get at the present time, and that if the 
third-party prevents the sale from going through, he or she must come up 
with another buyer willing to pay more.  This position does a lot to 
sober up people who don't really know the market.

There may be a little more negotiation, but almost without exception the 
third-party finds a way to do the deal -- the alternative is that the 
third-party has become the high bidder with an obligation to remit to 
you the amount you would have received from the 5-Day Sale.

Either way, you have lived up to your own terms as expressed in your 
ad.  There is never an issue of false advertising.  The 5-Day Method 
will have found you a buyer willing to pay more for your home than 
anyone else will pay at the current time.

Bill Effros

Brenda Mangente wrote:
> thanks, Mark.
>  
> oh...if someone asks if there is a reserve, what's the proper answer?
>
> b
> On 8/1/07, *Mark Conway* <sanford5daysale at yahoo.com 
> <mailto:sanford5daysale at yahoo.com>> wrote:
>
>     Brenda,
>      
>     When the third highest bidder dropped out, they told us that if
>     our deal with the highest bidder fell through, they'd buy our
>     house at their last bid price. When the second highest bidder
>     dropped out, we asked them if they would like us to offer them the
>     house at their last bid price if the deal with the highest bidder
>     fell through. They definitely wanted us to do that. So we're going
>     to call them both tonight to inform them of the status of the sale
>     and keep them in the loop through closing with an update or two
>     along the way unless they tell us not to bother.
>      
>     Regards,
>      
>     Mark
>
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