Ed McMahon's lament: "Nobody has made an offer"

Those curious as to exactly how Ed McMahon found himself on the brink of foreclosure might want to watch this short sound bite from Thursday night's "Larry King Live" show on CNN.

Here's the short version: "If you spend more money than you make, you know what happens," McMahon said. "A couple of divorces thrown in, a few things like that."

I'm going to focus on something else McMahon said. Here's the full quote from the CNN transcript: "Selling the house right now is a tremendous operation to sell a house. We've had this house on the market for two years. We've shown it, I don't know how many, 50 organizations or people. Nobody has made an offer. I mean, it's just a lovely home. I hate to leave it."

That's the sound bite my favorite morning radio host, Adam Carolla, played this morning. And then Adam said words to this effect: "Hey, I'm no Realtor. But, Ed, have you thought about lowering your price?"

Point well taken. If you want to sell a house -- if you really want to sell it -- and it is not located in Hemet or Desert Hot Springs, you can sell it. It doesn't take two years. But you need to be willing to accept a market price. Ed now says the recent publicity about his plight has kindled some interest in the house.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Associated Press

Comments

[E]

http://youtube.com/watch?v=o_ZuoefBKnI

[formerlahomeowner]

Ed McMahon does not want to give his house away. He is entitled to the full asking price. Now with all the publicity, people will be bidding the price up to 120% of the asking price.

How can people be so removed from reality? Denial in America is rampant, led by government. There is no inflation, the economy is doing great, we are winning the war in Iraq, the Lakers won Game 1 of the NBA finals. Everything is great!

[150 multiple choice questions]

And Ed, here's some more advice. Don't lower your price 3% (which for some reason realtors love to do), lower it 20% or more. If you've been on the market months (let alone YEARS) and haven't even gotten an offer, you're AT LEAST that far off of where it will sell. If you were only 3% or 10% off, someone would have moved.

[Laker]

Hey ED, you're saying that nobody gave you an offer?
I WILL GIVE YOU AN OFFER TODAY!
I can do it officially on CAR standard contract paper.
My offer is $500,000 for your house. OK?
There you go, now you have 1 offer.
Now you can accept it and we open escrow, or...no accept it and give the house back to the bank.

[puckhead]

You mean there is not a market for a multi million dollar house that had mold problems and is close to Brittany Spears house? Who would have thunk it? Ed, hire Avril Lavigne's RE agent. She sold her house pretty easy.

[shockg]

Kicking a poor old man when he's down. Disgusting. Notice it's always the same idiots.

[voltaire786]

Hi. I hope you do lose your house. You deserve too.

[Edgar]

I think part of the problem is the toxic mold....

He seems like a nice guy. Maybe if he subscribes to some magazines from Publishers' Clearinghouse....

[TakeFive]

Someone on the radio today suggested a reality show starring Ed McMahon and Evander Holyfield as the new Odd Couple. Think of the possiblities...

[Shari]

Losing your house is serious but I do think Ed is in denial. He says he wants to stay in his house and work something out with the bank.How much can he afford to pay each month? What does he expect Countrywide to do? Ironically some people feel the bank should write-down the loan and give them a free low-interest refi so they can afford the payments.
Ed needs to do what thousands of others are doing who can't afford their house payments. He should reduce the asking price to the absolute minimum to pay off the loan, penalties and real estate cost of selling. Sorry, but this is not the time to try to make a profit Ed.
If there are no offers at that price, it needs to be reduced to an amount that the bank might accept in lieu of full payment (a short sale). If $4m is owed, maybe Countrywide would be happy with $3.5 m.
In hindsight he should have priced it right last year when the market was hot and then moved into a more affordable $2m mansion.

[nelcisco]

Ed- you seem suprised that you have'nt gotten an offer, you're what....$4.8 million short on the loan?

I hope you understand that other than your show biz friends in that fantacy industry, 99% of wage earners in the real world cannot qualify for that loan.
As a mortgage broker, underwiters are conditioning the hell out of the loan files I have in submission, those are 400k loans, 4.8mm....whew, tough!!!!

best of luck Mcmahon I truely hope someone will make you an offer. Maybe Larry King or Avril Levine

[BottomFisher]

James Brown: Please Please Please Please buy his house.....I love it so...

[yours truly, Johnny Dollar]

"a couple of divorces thrown in"
Ed don't stop there; keep counting.
The alimonies are larger than your
mortgage payment.
If Go See Cal can ride an elephant
through his dealership selling cars,
you can ride your Jazzy Scooter
across your lawn and sell that house.

[MyLessThanPrimeBeef]

Maybe Lefty will buy it. This is prime metro LA.

[Russell Betts]

Nothing wrong with Desert Hot Springs that can not be fixed and the city is working on it. Homes are selling in this city with first time home buyers finding some very good deals. Obviously that is not always great for sellers but the comment is true, Ed's house can be sold if the price is right. In Desert Hot Springs the prices are right. Brand new homes in nice subdivisions at $176,000 and all amenities. We know we have work to do in this city but we will get it done.

[sfvrealestate]

We have an expression in real estate: "Price cures everything."

[Dean Gray]

McMahon's plight is becoming commonplace - the economy is down, too much is riding on expectations and the seller is unwilling to lower the price to what has become the new reality. Desert Hot Springs is a fine place to live and affordable. New home prices are realistic and re-sales of properties are up. The author, Viles, disrespects a good city for no valid reason and the example is false. Ed admits he's made financial mistakes. Viles needs to apologize to Desert Hot Springs for his error.

[Uncle Billy Climbs Mont Pelerin]

What.... no one wants to defend Hemet?

[Squidlow]

I do not cry for ol' Eddie. Many are hurting out there. This man actually made more money than most will every make in their lives. Down with the rich (and the, um, not-so-rich-anymore). Class War Now!