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

[Bill Effros]

Mark,

Thanks for all your help.  I know you posted some earlier stuff, but I 
haven't gotten to it yet.

Bill Effros

Mark Conway 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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