Is A Seller Of A Home Obligated To The Written Selling Price Even If It Is Way Below Market Value?
A home owner іѕ selling a home. Thе flyer hаѕ detail information аbουt thе home fοr sell including pictures аnԁ аnԁ hаѕ аn asking whісh іѕ below thе value οf home. If I mаkе аn offer fοr thе asking price according tο thе print out, саn thеу raise thе asking price? Or аrе thеу bound bу law tο thе advertised price even іf іt's wrοnɡ?
i believe they are bound by the price they had already set. if its below market value then maybe they priced it low so they can sell it faster. they may need to move quickly or they may just be tired of the hassle of home ownership. if they raised the price then i would contact a real estate agent and ask them if they are allowed to do that. i know that if you sign papers (contract) to buy the house for a certain price then they cannot raise the price. i learned that from previous experience with trying to buy a home. finanlly settled on a home where the price wasnt going up and down all the time.
A seller is obligated to sell at a listed price if you accept the offer and are a qualified buyer (good credit, etc.) unless the offered price is withdrawn before your offer. If there is an obvious printing error the wrong price can be withdrawn immediately otherwise the realtor (not the seller) may be responsible for the glitch. There was a famous case in Boston where a used auto dealer offered in print (tongue in cheek) to sell a car for one thousand bananas, and someone showed up with one thousand bananas. Tthe court sided with the buyer who got the car for one thousand bananas! There was a lot of publicity and it could have ruined the dealer’s reputation except he donated the bananas to orphanages, and received far more good publicity than he could ever have bought for only one thousand bananas. Of course, buying and selling involves contracts and you need to have a good lawyer to advise you on your state’s laws. You will need a good lawyer anyway to safely execute a real estate purchase.
The seller and the agent will have a written agreement as to price and terms. Perhaps there is a typo on the flyer and this can be resolved by calling the agent.
If the price is correct, it can reflect a value below the actual market or perhaps the value may be decreased by timing of the sale, specfic problems associated with the home such as termite etc.
It would be best to communicate with the agent, if its a true bargain, keep in mine other buyers may have an interest and it may quickly go to a Pending Sale.
What is market value? The wiliness of a buyer and seller or agreement between the parties for a sale.
The seller does have an obligation to the list price, but only to the listing agent of the home, not to the buyer. The reason is that the listing agent is being paid to find a buyer for that property, and a full price offer would be seen as completion of that job. However, if the price is a typo, the agent obviously will not hold the seller to that price because it was the agent’s error. The best thing to do would be to call the agent, or have your agent call, and make sure the price is correct.