Posted by Bob H on September 19, 2002 at 18:17:46:
The Statute of Frauds requires all contracts to buy and sell real estate to be in writing to be enforceable, so if you don’t accept (in writing) an offer below your minimium price, you don’t have any thing to be concerned about.
BTW, where in CO is the property - I might be interested.
Bob H
Legal question on house auction - Posted by Scott (CO)
Posted by Scott (CO) on September 19, 2002 at 17:06:51:
I’m trying to cover my bases here. We’re going to auction off a house here in Colorado using Bill Effros’ method.
My question is - if none of the bidders reach the price we HAVE to get, i.e. the mortgage payoff amount, plus some profit, can we just not sell to them? We’ve made no contract other than advertising “will take $xxx or best reasonable offer”, and they’ve not put any money down or in earnest, so I believe that we would not be in a position where we would be obligated to sell to them.
Thanks in advance for the help!
Scott
Post Question on the Real Estate Law Board (NT) - Posted by Peter_MD
Posted by Peter_MD on September 20, 2002 at 09:19:19: