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

[Bill Effros]

No, Brent,

That's not even a little bit misleading.

We are in brand-new territory here.  The 5-Day Method is geared to 
everyone.  It's nothing more than a technique that establishes current 
market value.

For most of the past 70 years current market value was almost always 
greater than the amount owed on most homes.

That's changed, and nobody knows what to do about it.  Because the 5-Day 
Method tends to run roughly 6 months in front of common knowledge, it 
seems fairly safe to predict that the situation is not going to get much 
better for the next six months, and it's anyone's guess what will happen 
after that.  Ask me six months from now.

The only thing I ask five-day sellers to do, is to be honest.  If you 
say you're going to offer your home to the high bidder Sunday night, do 
so.  If your bank is not prepared to take the high bid, see if you can 
work something out between the high bidder, your bank, and yourself.  If 
you still can't work something out, you still have to figure out what 
you're going to do next.  You may have a very limited number of options.

But you have done your best.  You tried to sell your home to the high 
bidder.  That became impossible due to factors beyond your control.  
There's no harm, and no foul.

Bill Effros



Brent Fraizer wrote:
> 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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