[5-DayForum] harsh reality - Position Clarification (Bill Effros)

[Brent Fraizer]

Bill,
  Let me preface this by saying that I agree with you (and Mark) about stating that we will sell to the highest bidder and actually meaning it. Not trying to mislead people when we actually have an undisclosed reserve amount in our mind. We must all be prepared, if we're going to follow this system by the book, to actually sell to the highest bidder.
   
  Having said that, it's a reality that most folks selling a home today do have an underlying mortgage and do not have unlimited reserves to cover a shortfall. I'm am in that position. I do plan to state that I will sell to the highest bidder, and I mean it. My only issue is covering the underlying mortgage. I've gotten over the "want" to make a whole lot of money when I sell my house and my "need" to just cover the loan balance and move on. It's quite possible that the high bid will not be enough to cover the loan balance and that I will not have enough to cover the difference and that the bank will not accept a short sale. 
   
  I have to believe that the 5-day sale is not geared to just individuals who own their properties free and clear or who have huge amounts of cash reserves. So, many of us may be faced with the situation of not being able to cover the mortgage amount. I can't speak for everyone, but that is what freaks me out a little. I'm saying I'm going to do it, I want to do it, I plan on doing it, but I may not be able to do it. 
   
  So here's my question. If we have an underlying mortgage that may not be satisified by the highest bidder, are we misleading when we say we WILL sell to the highest bidder, when it's entirely possible that we may not actually be able to sell to that person? 
   
  Thanks,
  Brent
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