Does seller have to accept asking price?

Home sellers aren’t obligated to accept any offer on their home—no matter how much money it’s for. You’re under no obligation to agree to an offer on the home you’re selling, even if it meets your asking price. If you turn down a full-price offer, you may still have to pay your agent, depending on the contract.

Can a Realtor lie and say they have another offer?

The Realtor Code of Ethics states that agents must disclose offers on the property to any other broker seeking cooperation. Realtors cannot lie to or hide information from another broker who is requesting information in an attempt to cooperate on the sale.

Can a seller change a listing agreement whenever they want?

An open listing provides some flexibility, as you’re not committed to one single listing agent agreement. And it gives you the ability to change direction or take the house off the market whenever you want, without a penalty.

Can a seller change their mind after accepting an offer?

Often, people wonder if a seller can back out should they receive a better offer from another potential buyer. But not to worry, once an offer has been accepted and a contract signed, sellers can no longer accept another offer from a different party.

How do you know if a Realtor is lying?

17 Biggest Lies Your Real Estate Agent Might Tell You When Buying a Home

1. That wall probably isn’t load-bearing.
2. This neighborhood is ‘up and coming’
3. My commissions aren’t negotiable.
4. Open houses are beneficial to the seller.
5. I have potential buyers that would love your house if you list with me.

Who has the power to revoke a listing contract?

Revocation is cancellation of the contract by one party without the consent of the other. For example, a seller may revoke a listing to take the property off the market. While all parties have the power to revoke, they may not have a defensible right.

Can someone be forced to sell a house?

If the co-owners cannot reach agreement on what to do with the property, or one co-owner cannot raise enough funds to buy out the other co-owner’s share, then you can compel the sale of the property under the Act. A real estate agent may also be appointed to sell the property.

Can a realtor refuse to sell a house with 2 weeks left?

Any REALTOR worth their salt will understand. There’s not much point in making a legal issue of it, especially with two weeks left. The agent most likely will hope to get the listing again if and when the owner wants to sell the home again. They probably won’t want the negative gossip the disgruntled seller will spread.

Can I Sell my House to a relative for less?

Selling property to a relative for less than it’s worth changes your tax liability (more on that in a minute), but the relative you’re selling to may not understand the red flags raised by giving family too good a deal on a home sale.

Should you buy a house if the seller has multiple offers?

Yes, the seller may have multiple offers and you may end up back on the house hunting trail. But, it’s better to keep looking for a house you can afford than to default on your mortgage and end up in trouble with your lender.

What happens when a seller refuses to repair a house?

If sellers don’t want to wait around for the buyers to find financing elsewhere, they can move on. The buyer requests repairs the seller is unwilling to do. When home buyers get a home inspection, they’ll often request that sellers make repairs based on that report, or issue a “repair credit” to cover those costs.