[quote=sdrealtor]Why do I think sellers should control the system? Please tell me you are kidding. You can be serious.
Try this sometime, walk into a car dealer or a supermarket or any store and tell them how they shoud sell their product and operate their business. Tell them that you the buyer should control their business and the system. let me know how that works out ya!
BTW, the std purchase agreement is so heavily in favor of the buyer. Its not even close. Buyer takes control of property transfer right and can walk for no reason with no penalty while seller has taken his property off the market and potentially missed out on another opportunity to sell.[/quote]
Yes, I’m very serious.
With the system I’ve outlined above, neither buyers nor sellers control the system. It’s essentially controlled by a neutral third party (a govt entity, if I had my way — for more accountability).
To clarify, sellers can control what their reserve price is, and if nobody meets it, then they can sit on it or withdraw the listing.
Buyers control what they’re willing to pay, but they are protected from bidding against themselves.
I’ve sold a number of properties, and wouldn’t have any problems with a transparent bidding system. It’s the most efficient, accurate, and accountable way to determine price in an open and free market.
Since agents, buyers, sellers, and lenders have so desperately fouled things up with the current system, perhaps we need to look at another system where there is clear accountability and transparency, no?
