[5-DayForum] Reserves

[Brenda Mangente]

Bill,

Read Mark's reply.  If an "undisclosed reserve" is the minimum price which
the seller will not sell below, then this defeats the purpose of the 5-day
sale of "selling to the highest bidder."  However...I can understand why
this may be the case, having a minimum price, that is....  I'll be
honest...there is a price below which I won't sell.  But* *I suppose that's
why there's a clause for the seller to back out with no explanation.  I'll
cross my fingers and hope the bidding goes past that threshold so I won't
have to play that card.

I'll also research the archives for background on this area too.  Thanks
again!

b


On 8/4/07, Brenda Mangente <beadiva87 at gmail.com> wrote:
>
> 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
> > >
> > > ------------------------------
> > > Yahoo! oneSearch: Finally, mobile search that gives answers
> > > <http://us.rd.yahoo.com/evt=48252/*http://mobile.yahoo.com/mobileweb/onesearch?refer=1ONXIC>,
> > > not web links.
> > >
> > > _______________________________________________
> > > 5-DayForum mailing list
> > > 5-DayForum at mailman.howtosellyourhomein5days.com
> > > http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> > >
> > >
> > >
> > ------------------------------
> >
> > _______________________________________________
> > 5-DayForum mailing list5-DayForum at mailman.howtosellyourhomein5days.comhttp://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> >
> >
> > _______________________________________________
> > 5-DayForum mailing list
> > 5-DayForum at mailman.howtosellyourhomein5days.com
> > http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> >
> >
> >
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20070804/ed744884/attachment.html