Home Buying in Newton>Question Details

jill.weinste…, Home Buyer in Brookline, MA

Is it legal for a seller to increase the price of a condo after a successful open house if there are already offers on it?

Asked by jill.weinstein, Brookline, MA Mon Sep 23, 2013

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Yes. The price the seller lists is simply a suggested offer price. It is not a legal contract. The buyer has the same rights as the seller to offer more or less that the asking price at different times. Once the seller and buyer agrees to a price and sign a contract confirming it, both parties are entering into a legally binding agreement.
1 vote Thank Flag Link Mon Sep 23, 2013
An offer is not a binding contract and yes, the seller can do whatever they want with their property until they enter into a contract to sell it.
1 vote Thank Flag Link Mon Sep 23, 2013
It is legal for an owner to do anything they want with what they own. Offers are not contracts. Once everyone signs and all initials are done then, and not before, it becomes a binding contract and terms can't change then. But before that they can. There are no "dibbies" in real estate.
1 vote Thank Flag Link Mon Sep 23, 2013
They certainly have the right to do so however seems a strange strategy if it's a competitive bid situation (even if low).

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0 votes Thank Flag Link Tue Oct 1, 2013
Maybe the offers are coming in too low. If they raise the price maybe they will get what they want. I have seen people list their home and then freak out when offers come in because they didn't think it would happen so fast and pull it off the market.

If it's your house and you haven't accepted any offers you can do whatever you please.
0 votes Thank Flag Link Tue Sep 24, 2013
Hi Jill.

You are asking a legal question which should be answered by an attorney.

Also, If you think of the situation differently, you may see some logic to it.
For example, what if the price was test the market and see if the suggested price was useful.
Once activity and interest could be "measured", and there was not written agreement between a buyer and the seller, the price could be adjusted - either way.

Would you have the same question if the seller decided to lower the price after an open house?

Just food for thought.

I would contact a local real estate professional to help with you to save time and money.
(I'm on the Cape, but I can help you choose a local pro if you want help doing so.)

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Mon Sep 23, 2013
yes it is legal, wise no. In this market especially Brookline and newton homes are selling quickly and over asking. So it sounds like they just don't want to sell or understand the process.

Depending on their contract with the listing agent they may have a financial obligation to them.
0 votes Thank Flag Link Mon Sep 23, 2013
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