Home Buying in Oshkosh>Question Details

Richard Broo…, Home Buyer in 54923

if a property is listed for sale, as a deceptive means to lease or rent, is that considered a binding offer to sell by statute?

Asked by Richard Brooks, 54923 Thu Jun 3, 2010

property is offered for sale, states a listing price. compares sold prices for similar properties.

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No. Plain and simple, no. There is no such thing as a "binding offer to sell," from listing a property for sale. Certainly not "by statute."
0 votes Thank Flag Link Sat Jun 19, 2010
in addition to complying with a strict code of ethics, the agent (who I will assume is a Realtor) is required to comply with truth in advertising guidelines. I would imagine that one year's rent on the property would be substantially lower than the market value. So if it is advertised for sale and you brought a full price offer with no conditions that were objectionable to the seller and he/she would not accept your offer because it was never the intent to sell then it is likely they are engaging in false advertising. I cannot imagine a scenario where that would be of benefit to the seller. Contact the Broker in charge of that office and speak with them directly.
0 votes Thank Flag Link Sat Jun 19, 2010
the scenario is as stated. the property is listed as 'for sale'. however it is not for sale. the listing is false. the agent is trying to lease the property and has advertised the property as for sale with an asking price that is actually equivalent to one years lease payments. there is no intention by the agent to actually sell the property.
0 votes Thank Flag Link Thu Jun 3, 2010
If I understand your question: A home is listed for sale. But the "seller's" intent isn't to sell, but rather to lease it out.

The listing agent could be in a lot of trouble if he/she is aware of this attempt to deceive.

But recognize that the owner might be willing to sell or lease. And unless he/she gets enough to sell it, the owner will lease it instead.

Example: Suppose the owner owes $200,000 on the property. Very roughly, it'll have to sell for about $215,000 for the seller to break even. So the seller won't (or can't) accept an offer below, say, $212,000. It's priced at $217,000. You offer $210,000. The seller's reaction may be a reasonable: "I can't sell at that price. I might as well rent the property out."

Hope that helps.
0 votes Thank Flag Link Thu Jun 3, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
You have to clarify your question. It is difficult to understand what you are asking.


Good Luck!

Gerry Dunn

Associate Broker
Maryland, D.C. and Virginia

gerry@MyPotomac.com
0 votes Thank Flag Link Thu Jun 3, 2010
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