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In NY, IF it's a cash deal (no contingency) the seller would most likely owe his/her agent the commission, based on the list/offered price. The agent has produced a "ready, willing and able" purchaser, on the seller's expressed terms, and that's usually sufficient (here) to earn the commission (though there may be loopholes in a particular case; for example, the listing contract may specify other requirements for earning the commission).
I think (not positive, but pretty sure) that listing a home may be considered merely a "request for offers" (not an offer itself). When the buyer makes an offer, there is no contract until the seller accepts the offer (contract requires offer and acceptance of that offer). IF the listing were deemed an "offer" then the buyer's offer would be an "acceptance" - but I don't think it works that way. That is why the buyer's offer is called an "OFFER" not an "acceptance" or "counter-offer".
We are in a very interesting situation and could use a little help from some of the professionals that read this board (realtors, attorney's etc).
We fell in love with a house that has been on the market since last fall. Apparently the people who own the house have been relocated. They have all of their living expenses covered as a result of the relocation and have their house up for sale here in NJ. Althought they have received a number of offers on the house, they have not agreed to a price and will not sell. I'm getting the impression they are not happy where they are, and are considering coming back to their home in NJ, and are hesitant to let it go.
We have just made an offer 3% lower than asking price, and they have refused to counter. We are considering meeting their asking price, just to see what they will do.
Here is my question -- If we meet their asking price, do they HAVE to sell to us? We've been told that this situation would force their hand and they would either have to sell or take the house off the market completely. I can't seem to find out if this is correct. Going to their full asking price would really stretch our budget, but we really like the house and it still seems like a good price for the area.
Thoughts? suggestions?
No one can make them sell the house, even if you offer MORE than their list price. If you make such an offer, and are fully capabe of making the purchase, no contingencies, exactly as it is listed, the listing broker would have a case to pursue his commission, bu you would still not be able to force the sale of the house.
As to making the full price offer " just to see what they will do". Only make that offer if you are prepared to actually pay full price for the house. For whatever reason, they may have decided that the full price offer is the only one acceptable to them. If that's the case, I would expect that they will balk on any inspection items that come up as well.
It all depends on how much you want THIS house. If you love the house, and feel it's worth full price, and can afford to pay full price, don't refuse the additional 3% on principal.
What part of NJ would a seller turn offers away?
Most of us were hurting for showings let alone offers.
Is the house going to be going off of contract soon?
If the sellers really want to keep the house, you would think their agent would tell them what they need to do to get out of the contract.
Quote:
Originally Posted by SSchirm
We are in a very interesting situation and could use a little help from some of the professionals that read this board (realtors, attorney's etc).
We fell in love with a house that has been on the market since last fall. Apparently the people who own the house have been relocated. They have all of their living expenses covered as a result of the relocation and have their house up for sale here in NJ. Althought they have received a number of offers on the house, they have not agreed to a price and will not sell. I'm getting the impression they are not happy where they are, and are considering coming back to their home in NJ, and are hesitant to let it go.
We have just made an offer 3% lower than asking price, and they have refused to counter. We are considering meeting their asking price, just to see what they will do.
Here is my question -- If we meet their asking price, do they HAVE to sell to us? We've been told that this situation would force their hand and they would either have to sell or take the house off the market completely. I can't seem to find out if this is correct. Going to their full asking price would really stretch our budget, but we really like the house and it still seems like a good price for the area.
They will only take full price because the relo company has already done at least 3 appraisals and they will buy the house from the sellers at full appraised price. Relo will not negotiate with sellers. If sellers sell the house on their own some relo company give them a monetary bonus sometimes up to 2k. I have worked on relos and it can be difficult.
We are in a very interesting situation and could use a little help from some of the professionals that read this board (realtors, attorney's etc).
We fell in love with a house that has been on the market since last fall. Apparently the people who own the house have been relocated. They have all of their living expenses covered as a result of the relocation and have their house up for sale here in NJ. Althought they have received a number of offers on the house, they have not agreed to a price and will not sell. I'm getting the impression they are not happy where they are, and are considering coming back to their home in NJ, and are hesitant to let it go.
We have just made an offer 3% lower than asking price, and they have refused to counter. We are considering meeting their asking price, just to see what they will do.
Here is my question -- If we meet their asking price, do they HAVE to sell to us? We've been told that this situation would force their hand and they would either have to sell or take the house off the market completely. I can't seem to find out if this is correct. Going to their full asking price would really stretch our budget, but we really like the house and it still seems like a good price for the area.
Thoughts? suggestions?
Seems to me, they could be held liable for false advertising if they didn't sell at full price with no contingencies; just my opinion, however.
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