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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      Probably NOT, at least here in Florida.

      Even if you receive a full price cash offer with no contingencies, your "For Sale" sign is only an offer to sell; it is not a contractual agreement. 

      HOWEVER, you may be liable to pay the entire real estate commission to the listing agent, for providing a ready, willing, and able Buyer.  

     SEE AN ATTORNEY; you may wish to include some language in your listing contract in this regard.

May 21, 2018 01:58 PM
Rainmaker
910,796
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

In California: The list price is an invitation to a buyer to make an offer. It is a suggestion. A seller is not bound to sell to a buyer who meets the suggested price. Numerous agents utilize the strategy that your agent is suggesting. You need to talk to your agent about your obligation to the broker if a full price offer comes in.

May 21, 2018 02:44 PM
Rainmaker
1,722,845
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

This is a dangerous game. What if that doesn't happen? What's strategy #2?

May 21, 2018 02:01 PM
Rainmaker
4,209,376
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Listen carefully to the advice of Fred Griffin because he is right!

May 21, 2018 02:36 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

You don't have to but, you may very well owe your agent for bringing you a full-price Offer from a ready, willing & able buyer. Speak with your agent and if you aren't happy with their answer, seek legal counsel.

*I am not an attorney, this has simply been my experience in the NC & SC markets.

May 21, 2018 06:12 PM
Rainmaker
1,736,068
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It depends on the laws of your state.  It is possible, if a full price cash offer is received you could be sued for "specific performance".   I would suggest, as did Fred Griffin, that you consult a real estate attorney.  At the very least, put some kind of language in the listing to protect yourself.  

The most logical thing to do, IMHO, is to price your home at a price you ARE willing to accept and hope it goes up from there. 

May 21, 2018 04:01 PM
Rainmaker
527,095
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

It's clearly explained in the Blueman manual.

May 21, 2018 02:14 PM
Ambassador
3,313,113
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Market value isn't something you will know until you hit the market.  It is the value a buyer will pay and you will accept.  What you know now are the values of recent comps.

If you list for a price you wouldn't want to accept, and believe it is below the comps, you are listing too low.  List for what you want and what you think is reflected in the comps.  If you are wrong and buyers aren't making offers, you can always lower your price.  It's hard to raise it once you have started low if you don't get those multiple offers and a bidding war.

May 21, 2018 04:42 PM
Rainmaker
4,099,156
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I suggest you discuss this with your agent.

May 21, 2018 04:29 PM
Rainer
326,222
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

I think the advice from Fred Griffin is right on point. I believe some more information about your situation would be helpful, but regardless it depends. Call some more agents and find out how they pan to market your property to sell it.

May 21, 2018 03:33 PM
Rainmaker
5,586,197
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Fred Griffin gave you a great answer.  A

May 21, 2018 03:05 PM
Rainmaker
556,568
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We have a brokerage in town which is using this approach a lot. They state in both agent and public remarks that the asking price will not be what the seller is willing to take.  It appears to be working for them.

May 21, 2018 02:49 PM
Rainmaker
1,525,305
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

If you don't have confidence in this agent, maybe you should interview other agents.

May 21, 2018 02:40 PM
Rainmaker
5,571,880
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I agree with Lyn Sims it's a very dangerous game.... sell or don't put it on...

May 21, 2018 02:19 PM
Rainmaker
6,606,211
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow the terms of your listing agreement.

May 21, 2018 01:53 PM
Rainmaker
2,641,652
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

A seller cannot be compelled to sell except by a court of law (order) for cause. Called specific performance, much has to be in place, disputed and won for this to even be considered let alone acted upon. In regards to a bidding war, getting in and out of a transaction effectively and efficiently has value too. Not wise to base everything on the last penny that sparkles

May 21, 2018 05:19 PM
Rainmaker
166,398
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA and FL.

You don't have to accept any offer, even a full price one. 

I would suggest you make sure the home is as move in ready as you can afford to make it, price it AT market value, put it in the MLS on Friday morning and have your agent do an open house on Saturday and Sunday. Works like a charm for me. 

 

May 21, 2018 02:42 PM
Rainmaker
4,116,690
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You never "have" to sell your home at any price. Whether or not this strategy will cause a bidding war is not something I can opine on as I don't know your market. I've used this strategy a few times and it did generate bidding wars above asking price. By the same token, if you receive no offers over your asking price you might need to seriously consider if, in fact, the asking price is market value. Remember, that the ONLY person who really determines true market value is the buyer.

May 22, 2018 04:11 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I think that Fred said is very well.

May 21, 2018 11:00 PM
Rainer
87,820
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

I price my listing right. Not lower not higher and always sell them. 

May 21, 2018 10:00 PM
Rainmaker
1,921,264
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

It's time to hire a professional Anonymous. 

May 21, 2018 08:43 PM
Rainmaker
1,899,269
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Are you aware of bidding wars in your area. Is the agent reputable? Will he/she stand by their claim and guarantee the higher price you would like to see? Personally I would never make such a claim and I wouldn't trust an agent who would.

May 21, 2018 07:27 PM
Rainmaker
1,109,295
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Fred Griffin has taken you to the crux of the matter.

May 21, 2018 07:24 PM
Rainmaker
542,799
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

Fred Griffin gave you an excellent answer, sounds like you have trust issues with your agent, and that is all I have to say about that.

May 21, 2018 06:13 PM
Ambassador
4,579,055
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Listen to Fred Griffin and John Juarez 

May 21, 2018 06:12 PM
Rainmaker
821,792
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Speak to your attorney. Part of an offer are terms, not just the price,  closing dates, contingencies, etc., which can be hard to match if you put in something that is tricky, which would give you a way out if you don't like the price. In other words, build in a loophole for yourself.

May 21, 2018 05:27 PM
Rainmaker
1,387,073
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I had a long answer typed up, but Fred Griffin, Kenneth J. "Ken" Jones, Associate Broker and Juan Juarez already said it all.

May 22, 2018 08:03 AM
Rainmaker
1,518,916
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

What state you are in?

May 21, 2018 08:50 PM
Rainmaker
3,466,115
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Many great responses!

May 21, 2018 08:11 PM
Rainmaker
3,985,865
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

In Minnesota you don't have to sell, but a full price offer triggers the commission is due as a fulpl priced offer fulfills the contract.

May 21, 2018 07:19 PM
Rainer
140,360
Richard L. McKinney P.A.
Atlantic Shores Realty Expertise - Port St Lucie, FL
For Results that MOVE you on the Treasure Coast!

I doubt you have to sell at any price. However, I suggest you consult a couple of TOP local Realtors before deciding who and how to list your home. Go to Zillow and do an agent search for your city. Select a couple of the top agents and see what they say. 

May 21, 2018 06:36 PM
Rainmaker
514,124
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Laws in different states vary.  My advice to my clients is to list the home at a price they would accept, if it were the only offer, all cash and no contingencies.  If multiple bids are common in your area, the risk of this may be low. One question back, what makes you think it's below market value?  What do you base that on? 

May 21, 2018 06:21 PM
Ambassador
4,312,759
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Good answer from Fred Griffin 

May 22, 2018 09:39 PM
Ambassador
3,055,895
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

A good discussion to have with your agent.  

May 22, 2018 08:43 AM
Rainmaker
3,331,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is risky. I like to value a home by range. Such as it is worth between 375k and 300k based on actual sold comps of 275k, 287k and 300k. If your home is super clean, needs nothing in the best area i would list at 300k. If just average 287k and if needs work. 275k. You only need 1 good offer to sell at market value. Not every home has a bidding war even in this market

May 22, 2018 06:26 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kenneth J. "Ken" Jones, Associate Broker 

nailed this one!

May 22, 2018 05:57 AM
Rainmaker
4,799,491
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

You don't have to sell, but I would make sure this is included in the listing agreement.

May 22, 2018 05:55 AM
Rainmaker
4,433,693
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good legal question. Check your contract.

May 22, 2018 05:32 AM
Rainmaker
4,042,723
Richard Weeks
Dallas, TX
REALTOR®, Broker

You never have to accept an offer, unless you are in compliance with equal housing laws.

May 22, 2018 05:28 AM
Rainmaker
1,230,020
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Pricing it low only works if low is within the comps for your property type. There is a Power Pricing finesse to this as we were taught this professionally at Coldwell Banker. But, there's a science to the math, it's not some arbitrary price slash. I'd have your agent prove their knowledge by showing you a few successful sales they did using this method. I've done this quite successfully, but I spent 3 days training on it from an expert in a broker sanctioned seminar.

May 22, 2018 05:06 AM
Rainmaker
2,062,524
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Question was answered with great answers.

Nov 01, 2018 05:01 PM
Rainmaker
1,596,596
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great answers, I agree.

Nov 01, 2018 04:53 PM
Rainmaker
4,938,372
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Colorado, you don't have to sell, but if a REALTOR brings a full price offer, you could owe a commission.   I would not list below market value, at least here.

May 25, 2018 06:57 AM
Ambassador
3,038,940
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

as per the listing agreement in my state you would not be required to sell, but could owe a commission on a full price offer.

May 24, 2018 12:29 PM
Rainer
175,186
Merv Edinger & Associates
Remax Nova - Halifax, NS

Nothing says you HAVE to sell your home. 

May 24, 2018 03:42 AM
Ambassador
3,986,710
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

According to our listing agreements if a full price offer is received from a qualified buyer and all other terms are met, the seller owes the listing broker the commission. 

May 22, 2018 07:33 PM
Rainmaker
1,153,550
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

That is sellers call. There is a business that was worth $500K.  Brought 2 offers the owner said I want at least $1M. You are fired. Three years and 6 agents later, a kitchen fire resulted the seller firing 7th agent and local top commercial brokerage. She says list it $2M and told her 8th realtor if you can not bring a super rich investor I will cancel the listing....   She says there are endless agents she can tap into wanting to sell it.

May 22, 2018 06:19 PM