Profile picture for maponifly

DO WE HAVE THE RIGHT TO REFUSE AN OFFER AT THE LISTING PRICE????

We are selling our home.....we have listed for an x amount do we have the rite to refuse that x amount ??????

Any Advice would be helpful.

Thanx

  • September 13 2008 - US
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Answers (14)

Profile picture for Datafeed

Check your contract, most likely you can reject the offer, but still owe a commission to a listing agent.

  • September 13 2008
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Profile picture for Mark75NYC

Just curious - why would you?

  • September 13 2008
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Profile picture for wetdawgs

Yes, you can refuse an offer.  If it is a full priced offer, chances are good you will owe your agent the full commission if you refuse the offer.  Check your listing agreement.

 

Why would you want to refuse it?

  • September 13 2008
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Profile picture for greg1231

What is the point of refusing an offer at full price?

  • September 13 2008
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Profile picture for projectmatt

Maybe he's listing low to attract a lot of buyers in the hopes that they will bid up the price. I have wondered this myself.

  • September 14 2008
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Yes, you can refuse it and pay your listing agent for his or her time or trouble.

 

If you are refusing the offer because of the race, color, national origin, religion, sex, familial status, or handicap of the buyer then you are breaking the law and you still owe your listing agent the commission.

  • September 14 2008
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The bottom line though is that it is YOUR house and you have the right to sell it or not at a price that is acceptable to you, and you have the right to refuse any offer if you have changed your mind about selling it, or have second thoughts about price. 

 

So, you should counter at a higher price or remove the house from the market so that you aren't wasting the time of others.  And, you should also hope that you aren't violating Fair Housing laws too.

  • September 14 2008
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Yes you do. Before you do consider a few things. 

 

As Dan mentioned above, if there is a remote chance that a fair housing complaint could be brought, good luck.

 

If you and the realtor are playing games with the price to encourage  bidding war, this, in my opinion is a clear violation of the Realtor Code of Ethics and while you may be ok, your agent might end up in deep water.

 

Finally, in summer 2005 and after 6 days on the market, allowing my buyer clients a shot before me, I made a $172K cash, no inspection, close in two weeks offer on a vacant home listed for $169K. The owner decided not to sell. While my broker might have been succesful in pursuing our side of the commission, it would have been bad PR and just wasn't that important to me.

 

Fast forward to Summer 2007. The owner contacted me directly and asked if I was still interested and that he would accept my original offer. I suggested he re-list with the original agent (another firm) as I would not even consider doing anything that would or could negaively affect my relationship with the agent (bad business). Nine months later it sold for $160K. I was not the buyer.

  • September 14 2008
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Profile picture for 2 Big 2 Fail

"Just curious - why would you?"

 

Perhaps the offer is full of unreasonable contingencies.  With an offer, price is not everything. 

  • September 14 2008
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Profile picture for Lady Chattel

Very well done Mr. McBush, I wondered that myself.  

  • September 14 2008
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Profile picture for AliaG

what they said, plus... when we listed low to attract a bidding war, my agent said the above and also other agents wouldn't do business with us if we got a reputation for being difficult.

  • September 14 2008
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Profile picture for Staresce

Well seriously is it possible the mortgage may not go through? Is it possible they may ask for repairs or other things you can refuse and they may walk? You may not have the house sold yet,  but if you do at least consider getting rid of it at a low price. The low price you think is a steal for them now could be the price you hope you can get later.

 

Lisa

  • September 15 2008
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The OP is asking peripheral questions.  He hasn't made a point yet.

  • September 15 2008
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Profile picture for Mr Caveat

you should have listed the property at a price you would have accepted... you are lucky anyone bid full price. i wouldnt in this market.

 

pay your agent and get one that will do his/her job right

  • September 16 2008
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