Hello, I am trying to sell my condo. My neighbor upstairs has a similar property but is doing a short sale through the bank, selling the unit for $146,600, which is approximately $100,000 less than what he paid for it, and about $50,000 less than the actual and appraised tax value. This short sale, of course, impacts the perceived value of my home, and I have been told by both him and his realtor that they will not accept accept offers at the listing price. Doesn't this make the listing price deceptive, as they do not actually intend to sell it at the price listed?
I understand the reason for pricing this way, as I have been told by his realtor that the bank is requiring the listing at this price. However, offers have been made at this price, and slightly higher, and none of them have been accepted yet. My question is, if I have make an offer at the listed price, without any stipulations, and the offer is rejected, doesn't this make the listing deceptive, as it actually isn't offered at this price? Does the seller have the right to deceptively list his property at a price, at which is too low for him to actually consider selling it, serving only to increase the amount of attention and showings of his property? If this is the case, then in order to compete with him, similarly I would plan to drop the listing price of my property, to get as many visitors to my open house, but would not actually consider the low offers. Thank you for your help, -MD
Submitted by themaddog on Mon, 03/21/2011 - 11:42
Posted in
Is asking price binding in home sale
No. The law looks at an asking price as nothing more than an invitation to make bids. The seller is not obligated to accept an offer merely because it is for the full asking price. Although your situation is a bit different, often sellers have other important factors they are looking for in an offer before they will accept, such as a quick closing date. For more information about home sales, visit our Massachusetts Real Estate Law Discussion Forum.