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Old 07-13-2012, 08:40 PM
 
Location: Denver, CO
2,212 posts, read 4,330,239 times
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I just read an article about listing your house at a low price can generate more traffic and multiple offers, often for more than you would have gotten had you listed it higher. My questions is, what if I only get one offer for full price? Can I refuse that offer without explanation? Is there any legal issue?
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Old 07-13-2012, 09:04 PM
 
1,229 posts, read 1,321,209 times
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Are you working with a realtor? This is a really risky idea unless you are in a very active market where you are all but guaranteed to create a bidding war. I have never sold in Colorado, but I do not believe you have to take any offer nor do you need to supply an explanation.
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Old 07-13-2012, 09:40 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,554,091 times
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You don't have to take a full price offer, but if you entered into a listing agreement, it may have language making you liable for your broker's commission.
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Old 07-13-2012, 10:23 PM
 
Location: El Dorado Hills, CA
3,670 posts, read 7,972,766 times
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Our MLS has rules that talk to this topic. Your realtor can help you understand them, if your MLS has them too.
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Old 07-13-2012, 10:31 PM
 
Location: Knoxville
4,134 posts, read 19,720,058 times
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I sold a house this way, but it was back in 94, in So CA. I thought my Realtor was crazy, but I trusted him.
It worked!! We had three offers the first day, and ended up selling it for $8,000 more than we listed it.

Of course, our house was had a nice size lot (for our area) and I had just re-done the kitchen and two bathrooms. It was in top notch shape, and showed very well. AND, the market was moving very well too.

That technique, might not work very well in this real estate market where homes are on the market for a long, long time.

I don't know the answer to you not accepting an offer, but it seems to me you might get sued if you pull out of the contract without cause.
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Old 07-13-2012, 10:41 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,959,643 times
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While strategies are good, I'm not crazy about starting out with something that could be viewed as somewhat less than honest. You'll be putting your agent in a difficult position and the whole thing might not work. But no, you don't have to accept any certain offer however if your agent brings you a ready, willing, and able buyer with an offer meeting your listing expectations (the ones in writing), you certainly could be on the hook for his commission.

Best to price it aggressively for the market with a little room for negotiation.
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Old 07-14-2012, 05:31 AM
 
Location: NJ
17,579 posts, read 38,288,152 times
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I'm certainly no expert on pricing strategy, but that would really **** me off as a buyer if I made a full price offer and it was rejected. And how many buyers are even willing to pay full asking price?
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Old 07-14-2012, 05:49 AM
 
Location: Lakewood Ranch, FL
5,113 posts, read 7,639,834 times
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If you are using a Realtor, you might have the agent add wording to the listing that it is a multiple bid listing or however it is best worded in your area. You might also add that offers will be accepted up to a date certain. That doesn't obligate you to accept anything but it might get people to feel the sense of urgency you hope to create.
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Old 07-14-2012, 06:26 AM
 
6 posts, read 41,820 times
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Quote:
Originally Posted by manderly6 View Post
I'm certainly no expert on pricing strategy, but that would really **** me off as a buyer if I made a full price offer and it was rejected. And how many buyers are even willing to pay full asking price?
Inventory is low here in Nashville and when nice houses that are priced correctly come on the market, it hasn't been uncommon for multiple bids on the first day, and a buyer had better put in a strong offer. We've lost two bidding wars with full price/no closing help offers.
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Old 07-14-2012, 09:21 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,554,091 times
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Quote:
Originally Posted by smcphc View Post
Inventory is low here in Nashville and when nice houses that are priced correctly come on the market, it hasn't been uncommon for multiple bids on the first day, and a buyer had better put in a strong offer. We've lost two bidding wars with full price/no closing help offers.
Same here in Phoenix. Over list price offers are not unusual.
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