Listing Price of Home, California - Posted by Phil Werner

Real Estate Investing Real Estate Law
1

Posted by dealmaker on June 21, 2006 at 18:29:13:

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?

dealmaker

2

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?

Thanks in advance for your responses. Phil

3

Both of You Are Right - Posted by Jimmy

Posted by Jimmy on June 22, 2006 at 08:15:56:

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.