can a seller increase the asking price after an offer has been submitted?

Asked by leidel, Michigan Wed Sep 12, 2012

No contract has been signed, but a full asking price offer was submitted, and the owner is now waiting for higher offers, or may relist at a higher price. Can they do this? Is the realtor allowed to do this under his license? Thank you.

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5
Anna M Brocco, Agent, Williston Park, NY
Wed Sep 12, 2012
If there is no executed contract, signed by all parties and no money exchanged, the seller is free to do as he/she wishes...what is your agent advising......
1 vote
As I expected. I was hoping there was some relator licensing requirements enforced by the state. This is sleazy, but probably not illegal. I would have thought the state realtor licencing rules would have prohibited this type of gaming and unethical bull%$&@. but... probably not.

Thank you all for posting replies. I appreciate it. :-)
Flag Wed Sep 12, 2012
Michele Wils…, Agent, Lake Forest, IL
Thu Feb 7, 2013
The home price is only final when it is agreed to in the signed contract.
0 votes
Eric Michael, Agent, Northville, MI
Wed Sep 12, 2012
Unfortunately, yes. They can do this.

Here's the deal. If the house was listed at the suggestion of the agent, and they got an immediate full price offer, the sellers are going to think they're selling too low.

It's up to the agent to show them the comps and prove what the house's approximate value is. Then, it's up to the sellers to agree to an actual offer.
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Sep 12, 2012
And you have the right to go find another house.
And they have the right to sit on their house and play games.
And the Realtors in the area will know what happened, and pretty soon, no one will want to give them an Offer.

Good luck and may God bless
0 votes
Edyta Gryc, Agent, Naperville, IL
Wed Sep 12, 2012
Anna is right. The seller is not required to accept a full price offer. The asking price is considered an invitation to make an offer rather than an offer that must be accepted.
0 votes
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