I can’t speak to that part of the equation, however, if the agent produces a buyer ready, willing and able to purchase for the $500K YOU WILL OWE THE AGENT THE COMMISSION. Did he mention that?
Listing Price of Home, California - Posted by Phil Werner
Posted by Phil Werner on June 21, 2006 at 16:54:11:
My realtor tells me that if I list my home for a certain price (say $500,000.00), and a buyer offers $500,000.00, that I am under no obligation to accept that offer. Would this not be an offer and acceptance or would I only be bound with a signed contract?
When a prospective buyer makes an offer, it is just that—an offer. Until the seller takes the next step, and formaly ACCEPTS the offer, there is no contract. Merely listing a property is not an offer (not in the legal sense, anyway).
But, read your listing agreement with the realtor. Delamaker is probably correct about the commish.