[5-DayForum] Reserves

[Brenda Mangente]

Still confused as to the "no reserve" statement. If the "reserve" is
considered the "minimum" starting bid price, which was so stated in the ad,
then doesn't that mean there is a reserve?  Or am I mixing two concepts?  Is
it because I am accepting all bids, no matter how low, that there is no
reserve?

I understand I shouldn't weasel, and I don't plan to...and I plan to accept
all bids.  Just still confused on the statement "no reserve."

thanks.
b


On 8/3/07, Bill Effros <bill at effros.com> wrote:
>
> 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> 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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> > not web links.
> >
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