Mike G., Other/Just Looking in Lower Burrell, PA

Is a seller obligated to sell his property if the listed price is met? I think I was told it has been sold

Asked by Mike G., Lower Burrell, PA Mon Oct 22, 2007

when the seller just changed his mind.

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12
Until there is a fully executed agreement of sale (meaning signed and dated with changes initialed by both buyer and seller) the seller or buyer has the right to back out. No logical reason is necessary. Or illogical one for that matter. The person most frustrated by a seller changing their mind is the listing agent who spent time and money promoting the property only to see it taken off the market just when it could have sold.
1 vote Thank Flag Link Fri Oct 26, 2007
No, Seller is not obligated to sell a property even if they receive an offer for equal to the listing price. Price is only one component of negotiations; it is the overall terms of the offer that must appeal to a Seller.
Web Reference: http://PhillyandBeyond.com
1 vote Thank Flag Link Mon Oct 22, 2007
I would ask again. If they tell you it is sold and it is not, it could be a violation or discrimination. You might want to contact the local Board of Realtors. Sometimes unethical agents will do this to try and sell both ends.
Ruth
1 vote Thank Flag Link Mon Oct 22, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
All states are going to differ on this question. I am licensed in Texas and can only advise as to what Texas Real Estate laws and practices allow. Within our "Exclusive Right to Sell" listing agreement, it gives our sellers the "absolute" right to have FULL control over buyers. In TX, SELLERS are KING! A seller can reject, counter and even infinitely ignore an offer from a buyer and the buyer can not do a thing about it! Now, in the case of the listing broker vs. the seller: if the seller receives an offer that is EXTREMELY suitable to the seller's requirements and then the seller changes his mind... I'm about 95% sure that even then.... the listing broker CAN NOT get the seller to sell! Now, as for trying to recoup marketing dollars and services providing during the listing agreement term... I'm sure the broker could try to go at it through civil legal recourse... but not sure ANY broker would risk the Reputation! The risk would not be worth it... unless we are talking about a large multi-million dollar deal! ..

Hope that helps!
You may want to contact a Licensed Professional in your area to get a more definitive answer as to your state's requirements!

However...one little thing I will add here...... I addressed your question as if a seller was rejecting OFFERS!! If you are actually referring to a seller trying to walk from a CONTRACT... then that's a WHOLE NEW BALL GAME.... It's called SPECIFIC PERFORMANCE... Sellers in this case...have almost no right to back out w/out expecting un-wanted loss from their end! Check out in google... SPECIFIC PERFOMANCE
Web Reference: http://www.jmbsa.com
1 vote Thank Flag Link Mon Oct 22, 2007
Hi Mike,

Were you under contract already? In other words, had you already completed the inspection negotiations and attorney review?

If so, it would be difficult for the seller to default without consent from all parties if all the contingencies had been removed. In fact, if this is the case, and you really want the home (and the hassle), you are in a position where you can bring a "specific performance lawsuit" to force the seller to complete the sale on the agreed-upon terms stipulated in the contract.

And because a contract is in place, your attorney could record a "lis pendens" against the title to ensure the seller does not attempt to sell to another buyer.

However, if this "seller's remorse" occured before the attorney review was completed and before conditions of the contract had been met, the seller can back out with no explanation, and you will get your earnest money deposit back.
1 vote Thank Flag Link Mon Oct 22, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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If the seller doesn't sign an Agreement of Sale, they do not hold an obligation to the buyer to sell, even if you offer full price or even above full-price. It is the seller's property and it is their choice whether or not they want to sell. However, if they have signed an Agreement of Sale and change their minds, the buyers may have some recourse, but the rights of the buyer can vary from situation to situation. You have to refer to the Agreement of Sale and consult an attorney.
1 vote Thank Flag Link Mon Oct 22, 2007
I believe if it is a cash offer with no conditions (inspections, mortgage contingency, addendums etc.) then the seller must sell.
1 vote Thank Flag Link Mon Oct 22, 2007
I am selling my home and have had an offer for less than what I listed the house for. I countered the first offer (coming down a substantial amount of money) and received a counter offer from the buyer who came up slightly in his pricing. I then countered the buyer's counter offer and received another counteroffer from the buyer (still not meeting my initial offer). Am I obligated to sell to this buyer if he meets my asking price?
0 votes Thank Flag Link Mon Jun 2, 2014
The rule in Albuquerque is that a full price offer that is refused must be reported to the local Multiple Listing Service.

More analysis is called for, but the reason for refusing a full price offer must first be known or at least suspected.
0 votes Thank Flag Link Fri Apr 6, 2012
Mike,
The seller is not obligated to sell their home even if the price is at or higher than the listed price. They can refuse any offer.
0 votes Thank Flag Link Fri Apr 6, 2012
It is a matter of contract law.

In all jurisdictions, a Contract = Offer + Acceptance, and in all real estate transactions, all contracts must be in writing owing to the Statute of Frauds.

Once there is acceptance, in writing, a legally binding contract has been formed and the buyer is entitled to certain remedies under contract law for breach by the seller, one of which is called specific performance and another of which is called restitution based on damages the buyer may incur from having relied upon the seller's acceptance.

Punitive damages are not a part of contract law. Breach of contract must be accompanied by tortious behavior in order for these to apply
0 votes Thank Flag Link Fri Apr 6, 2012
Mike
You need to have someone look at the contract and know Pennsylvannia real estate law.

In most cases if the offer has not been accepted the seller is free to change their mind.
Once the sales contract is sign and accepted by all parties, it is more complex
0 votes Thank Flag Link Mon Oct 22, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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