[5-DayForum] harsh reality

[Mark Conway]

David,
 
I'm responding to your previous posting to the forum:
 
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Mark,

I've looked at most of these posts too.? Here's what I plan to do with my sale in Arizona next weekend (9/8-9).? I will advertize exactly as Bill describes in the book because I believe him when he says that modifying the format of the advertising will reduce the price as well as having an "undisclosed reserve" that you tell buyers about.? 

Now, that having been said, When I'm asked the question about what is the minimum I will take, my response will be something like the following:

"As long as the high bid will satisy the leinholders and transfer costs, we will sell the property.? I am not in control of the third parties.? That having been said, we put a substantial down payment on this property when it was purchased so there shouldn't be any problem with the high bidder satisfying that requirement.? In the unlikely event that the high bid doesn't satisfy that requirement. I will provide documentation ot the high bidder of the amounts owed and work with them at their option to complete the sale."?

Everything in the foregoing is true.? The house was not purchased on a 100% or even a 90%LTV and I will accept any offer that covers the loans and closing costs.? If the high bid is below the amount owed I have no problem at that time disclosing the amounts (I can document from the statements from the mortgage holders).? This home was purchased in 2006 and I'm expecting to take a capital loss on it,? (although I'll be thrilled if that doesn't happen).? I'm not in distress here and the loans are current so I don't expect the mortgage holders to accept a short sale.

Does that work for you ethically?? Bill, what do you think?? Comments anyone?

Thanks in advance for your responses.

David Cron
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I'm sorry I didn't respond in a more timely manner. We're packing to move and, for most of the last four days, my world has been reduced to corrugated boxes, packing tape and the darker recesses of our home -- the closets and the basement.
 
I realize there has been a fair amount of discussion that I have not had a chance to read in the forum, so please forgive me if my comments seem out of sync.
 
My only reservation about your comments is when you talk about the buyers meeting YOUR requirements. You can't control the requirements of third parties such as your lien-holder, but you do control yours. Take your requirements out of the equation and the discussion. They're just distractions to a buyer who doesn't really care if your closing costs are covered or not. That's just reality, I think.
 
Overall, it sounds to me like your being honest with your prospective buyers. My advice would be to avoid over-explaining your situation. Be honest, of course, but keep it simple. You plan to offer your home to the highest bidder. That position is clear enough. You can share how much you owe on your mortgage, but don't get caught up in a lengthy explanation that will only make bidders wary. Take the bids. Go with the highest one. If your lien-holder is satisfied with the bid, everyone is satisfied given the circumstances.
 
Regards,
 
Mark Conway


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