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Location: From Oakland, CA. Was in SLZ, CA. Now Lynnwood, WA.
81 posts, read 136,991 times
Reputation: 84
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Is it good practice for a seller to reject their highest offer (8.6% over list) and then increase list price 2.3% over highest offer, when no comparable justifies the increase?
This is what happened...
After verbally agreeing to a sale price of $10,000.00 above highest comparable of similar shape and size and then claiming, not being able to open the eSigned offer files to sign the counter offer s/he quoted the prospective buyers agent who got buyers to agree to the increase using CalVet-VA loan.
Three days later the seller increases list price by 2.3% over the highest offer.
The sellers agent is not involved, s/he just listed it in the MLS.
Seller can do anything they want. If the buyers don't like it at that price then they can offer less or move on to the next one. Is it good practice? That depends on who's perspective you're looking from I suppose.
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(set 2 days ago)
Location: Cary, NC
43,067 posts, read 76,614,383 times
Reputation: 45393
The OP is pretty murky.
"Is it good practice?" That is the sellers' decision.
Is there a contract and a meeting of the minds with an educated and informed buyer who sees the value in the price? Hopefully yes, but how would we know?
Doesn't the seller now owe the agent a commission since he brought a full price (actually over) to the seller which was rejected?
The agent isn't entitled to a commission unless it is stipulated in the listing agreement. Such wording would be rare and personally I would never agree to such wording if I was the seller. Agents get paid upon successful closings.
I wouldn't advise it but I don't know the house or market. Perhaps the strategy was to price below market to get multiple offers with a bidding war and it didn't work as well as planned.
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