Question Details

Richard Bowe…, Home Buyer in Grand Rapids, MI

Is it legal for the seller or their agent to ask for more than what the house is listed for?

Asked by Richard Bowers, Grand Rapids, MI Mon Jul 21, 2008

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A seller is not obligated to accept any offer from a potential buyer, regardless of the amount of the offer. In situations where there are multiple buyers/offers, it is common for the winning buyer to pay more than the list price for the home. Other reasons for a seller wanting a higher offer might be based upon the buyer's financial situation or contingencies that are part of the offer. The riskier the deal or the longer it may take to close all may be reasons a seller might request a higher amount.

All of that said, depending upon state law, the agents representing the seller might be entitled to a commission from the seller if a full-price offer without contingencies is turned down by the seller. If the buyer was ready, willing and able to purchase the home at full asking price, then the agent might very well be able to legally request to be paid.

Why is the seller asking for a higher purchase price? Is there a specific reason given?

Christopher Rich - REALTOR
William Raveis Real Estate
2525 Post Road, Southport CT 06890

"If It's Important to YOU... It's Important to ME!"
0 votes Thank Flag Link Mon Jul 21, 2008
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