patrick.net

In depends in my opinion. Again, this is an opinion. If it's an offer of $825k, cash, as-is, no inspection, no attorney review and no other contingencies, the broker might have a case. Go over the listing agreement with a fine tooth comb. It's also unlikely there is this type of offer.

Odds are there is financing or some type of inspection in this scenario (or a multitude of other things) that would allow the seller to reject an offer, even at full list price. Most board contracts have various fields to fill in. If the seller doesn't like just one, it's easy enough to decline a full price offer based on financing, inspection, etc.

Someone suggesting listing a home $25k under an $850k comparable sale, hoping for multiple offers, is probably an idiot on the other hand. I bet people do back flips when they see a house hit the market 3% below a recent sale. You can just imagine. "Hey Martha, can you believe those fuckers just put that house up at $825K! Jesus! We get to save $5k on the down payment and $100 a month on a fucking $660k mortgage. That $1,200 a year will get Timmy into the best community college money can buy!"

I'm being a smart ass and hoping this was a question for a friend ;)

lol, funny.

I wonder if there are any realtors on this site who would be able to confirm the law and their rights in the hypothetical posed above?

BayArea says

Let's say a seller hires a realtor to sell their house.

The seller decided to price the house a little below market value in hopes of generating multiple offers.

Comparables in the neighborhood are showing the similar houses have sold for $850,000 in recent months.

The seller decides to list it at $825K hoping multiple offers come in. After listing it, only one offer is received at asking price of $825K.

The seller declines it. Is the realtor entitled to anything by law for their work and given that an offer at asking price did come in?

Can someone advise? Thank you.

My guess, there is no law requiring a home to be sold based on listed or advertised price. All real estate agreements are required to be in writing. A listed price is not an agreement as no one has signed anything.

Strategist, thanks for the comment.

I think you are right, I don't think there are any laws in place for this type of scenario. But I could easily see why there would be.

Homeowners are the ones with the capital and they would clearly oppose this type of forfeit of power. And it's usually the ones with the capital/money that call the shots (unless something is caught on video that outrageous the internet, lol).