2,684,769
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.
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Tammy Lankford,
Eatonton, GA
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Kathleen Daniels, Prob...
San Jose, CA
-
Bob Crane
Stevens Point, WI
-
Kasey & John Boles
Boise, ID
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Greg Large
Grove City, OH
-
Steve Higgins
Kelowna, BC
-
Olga Simoncelli
New Fairfield, CT
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
John Juarez
Fremont, CA
-
PropertyMinder (Accele...
San Jose, CA
1,326,624
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.
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Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Fred Griffin Florida R...
Tallahassee, FL
1,847,781
This is a dangerous game. What if that doesn't happen? What's strategy #2?
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Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
PropertyMinder (Accele...
San Jose, CA
5,246,545
Listen carefully to the advice of Fred Griffin because he is right!
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Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Fred Griffin Florida R...
Tallahassee, FL
5,258,966
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.
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Tammy Lankford,
Eatonton, GA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Richard Weeks
Dallas, TX
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
2,190,182
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.
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Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
544,014
It's clearly explained in the Blueman manual.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Michael Jacobs
Pasadena, CA
-
Barbara Todaro
Franklin, MA
3,383,434
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.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
4,584,596
I suggest you discuss this with your agent.
-
John Pusa
Glendale, CA
-
Richard Weeks
Dallas, TX
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
431,132
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.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Fred Griffin Florida R...
Tallahassee, FL
5,773,367
Fred Griffin gave you a great answer. A
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Fred Griffin Florida R...
Tallahassee, FL
717,185
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.
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
1,525,616
If you don't have confidence in this agent, maybe you should interview other agents.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Fred Griffin Florida R...
Tallahassee, FL
5,583,328
I agree with Lyn Sims it's a very dangerous game.... sell or don't put it on...
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
7,871,783
Follow the terms of your listing agreement.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Michael Jacobs
Pasadena, CA
-
PropertyMinder (Accele...
San Jose, CA
2,785,606
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
-
Nina Hollander, Broker
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
250,399
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.
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Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,117,178
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.
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Fred Griffin Florida R...
Tallahassee, FL
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Bob "RealMan" Timm
Minot, ND
-
Richard Weeks
Dallas, TX
6,425,924
I think that Fred said is very well.
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Fred Griffin Florida R...
Tallahassee, FL
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
87,920
I price my listing right. Not lower not higher and always sell them.
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Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
2,222,281
It's time to hire a professional Anonymous.
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Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Anthony Acosta - ALLAT...
Atlanta, GA
2,403,169
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.
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John Pusa
Glendale, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,153,794
Fred Griffin has taken you to the crux of the matter.
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
648,525
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.
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
5,063,430
Listen to Fred Griffin and John Juarez
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
902,538
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.
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
1,507,073
I had a long answer typed up, but Fred Griffin, Kenneth J. "Ken" Jones, Associate Broker and Juan Juarez already said it all.
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Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
1,625,353
What state you are in?
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Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
4,182,258
Many great responses!
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Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
3,986,308
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.
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
140,560
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.
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
519,324
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?
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
4,319,873
Good answer from Fred Griffin
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Fred Griffin Florida R...
Tallahassee, FL
3,350,764
A good discussion to have with your agent.
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Bob "RealMan" Timm
Minot, ND
3,416,038
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
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Bob "RealMan" Timm
Minot, ND
3,071,589
Kenneth J. "Ken" Jones, Associate Broker
nailed this one!
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Bob "RealMan" Timm
Minot, ND
4,800,132
You don't have to sell, but I would make sure this is included in the listing agreement.
-
Bob "RealMan" Timm
Minot, ND
4,434,177
Good legal question. Check your contract.
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Bob "RealMan" Timm
Minot, ND
4,907,547
You never have to accept an offer, unless you are in compliance with equal housing laws.
-
Bob "RealMan" Timm
Minot, ND
1,555,089
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.
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Bob "RealMan" Timm
Minot, ND
2,071,025
1,598,452
5,879,816
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.
3,168,234
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.
175,886
3,988,013
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.
1,242,204
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.