Home Buying in 11422>Question Details

Donna, Real Estate Pro in 11422

Is it illegal to put your house on the market just to see how much someone is willing to pay.?

Asked by Donna, 11422 Mon Jun 13, 2011

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8
The Pierre Team’s answer
Hi Donna it's certainly not illegal but it is a very much un- ethical why waste your time but more so get a buyer all hyped and interested in your home and you are not ready to move forward. It’s a waste of marketing dollars. The best thing is to get a certified appraisal or if you know a good mortgage banker they can ask one of their appraisers to do a value check for you , or like Gail said just run the comps.
1 vote Thank Flag Link Sat Mar 3, 2012
It's not illegal, but it certainly isn't very moral. You will waste a lot of people's time.

You claim you are an agent? Run sold comps and figure it out yourself.
Web Reference: http://gailgladstone.com
0 votes Thank Flag Link Mon Jun 13, 2011
It's not illegal, but it certainly isn't very moral. You will waste a lot of people's time.

You claim you are an agent? Run sold comps and figure it out yourself.
Web Reference: http://gailgladstone.com
0 votes Thank Flag Link Mon Jun 13, 2011
Donna,

What will you do if a potential buyer makes a "full price offer?" A listing agreement is a binding contract between you and the agent's broker. If they are able to produce a buyer, ready willing, and able to purchase the property for the agreed upon terms, at the very least you would be responsible for paying the agency's commission and possibly loss and damages to the buyer.

Determining a realistic market price is one of the many services provided by real estate professionals. Asking for a free "comparative market analysis" should provide you with the information you require.

In the event you do not want to go the realtor route, you can always hire a professional appraiser and have an appraisal done.

It's not advised to put the home on the market "just for the fun of it"....there could be serious risks involved.

Best regards,

Bill
0 votes Thank Flag Link Mon Jun 13, 2011
It is not illegal but why? You are wasting your time and the time of your agent. In the future your homes listing history will be apart of the MLS record. Agents will see that your home was marketed and not sold and be weary of the property,
If you want to find out what your house is worth get a complimentary Comparative Market Analysis (CMA) or pay an Appraiser to give you a price range. Having your home on display and people traipsing through is a pain. If you want to sell your house you must commit to selling. The glass is either full or empty...not half glassed.
0 votes Thank Flag Link Mon Jun 13, 2011
Why waste anyone's time, maybe the seller should consider hiring a professional appraiser....if you are an agent as stated under your name, consider asking your broker owner and or office manager the question; for any needed legal advice, consult with an attorney....
0 votes Thank Flag Link Mon Jun 13, 2011
Donna, Even if a seller can do that, why would he/she want to? The house will still have to appraise unless it is an ALL CASH transaction and no appraisal is required. The price at which a home will sell is totally fuelled by the purchaser, as we can see with listings longer and longer on the market and multiple price reductions before they ultimately sell.

The problem with a seller putting a house on the market with an agent to see how much a buyer will pay, is putting the seller in a liable situation. If the buyer says "yes, I will pay that," then the seller is going to be liable for commissions on both sides of the transaction, even if the sale does not go through. Consequently, the buyer will have legal recourse to go after the seller for any out-of-pocket costs as well as vulnerability to a law suit for specific performance.
0 votes Thank Flag Link Mon Jun 13, 2011
Donna,
As a home seller, no one actually HAS to sell, although it seems to me a lot of work to do it and not have the intention to sell.

I would suggest having a few agents do a markety analysis on your property to see what they say your property will sell for. As agents, we study comparisons and give you a very good idea of what your home will sell for in todays market. Then, if you are happy with what you hear, you can make the decision to list or not list.
0 votes Thank Flag Link Mon Jun 13, 2011
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