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Old 05-12-2015, 12:11 PM
 
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.
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Old 05-12-2015, 02:34 PM
 
Location: Columbia, SC
10,907 posts, read 21,868,550 times
Reputation: 10539
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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Old 05-12-2015, 11:39 PM
 
Location: NC
502 posts, read 892,091 times
Reputation: 1131
Sounds either really greedy to me - or the seller really doesn't want to sell.
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Old 05-13-2015, 05:26 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (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?
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Old 05-13-2015, 05:44 AM
 
Location: Texas
268 posts, read 355,222 times
Reputation: 358
No, not if there isnt a hint at the home appraising at that price.

Wish i could see his face 6 mos from now when the property doesnt sell or appraise
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Old 05-13-2015, 05:52 AM
 
Location: On the Chesapeake
44,990 posts, read 59,979,707 times
Reputation: 60546
Doesn't the seller now owe the agent a commission since he brought a full price (actually over) to the seller which was rejected?
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Old 05-13-2015, 08:11 AM
 
Location: Ocala, FL
6,406 posts, read 10,210,141 times
Reputation: 7787
Quote:
Originally Posted by North Beach Person View Post
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.
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Old 05-13-2015, 08:26 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 2 days ago)
 
Location: Cary, NC
43,067 posts, read 76,614,383 times
Reputation: 45393
Quote:
Originally Posted by North Beach Person View Post
Doesn't the seller now owe the agent a commission since he brought a full price (actually over) to the seller which was rejected?
Usually, you will see "price and terms agreeable to seller." Or similar.
There is much more to a deal than just price.

Sellers may avoid the issue by citing terms or a combination of price and terms.
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Old 05-13-2015, 09:13 AM
 
12,016 posts, read 12,646,106 times
Reputation: 13420
Sounds like the seller got a lot of fast offers and thinks he can up his price or wait it out until he can get more.
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Old 05-14-2015, 09:06 AM
 
Location: El Dorado Hills, CA
3,720 posts, read 9,959,878 times
Reputation: 3927
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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