Question and Answer Regarding Listing Price

Question and Answer Regarding Listing Price

Question: I am representing a buyer who made a full-price offer on a property. The seller issued a counter at $38,000 more than the offer. The buyer rejected the counter. The seller subsequently lowered the list price. My buyer made the same offer, which was subsequently rejected. Does the seller have to accept the buyer’s offer, since the offer was at or exceeded the list price?

Answer: No. A list price is an invitation to buyers to submit offers. Therefore, a seller does not have to sell at the list price. However, a seller may not reject an offer based on an improper purpose, such as discrimination.

-Shannon B. Jones, Partner, sbj@sbj-law.com

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