Question:
“We made an offer on a home listed for 725-800K with value range pricing. We offered 730K and the seller wouldn’t go below 770K, so we didn’t get the house. Isn’t it illegal and misleading to say 725K was their lowest price, but not accept an offer over 725K?”
Answer:
First of all, contrary to popular belief, an offer of a home for sale does not legally obligate the seller to accept an offer.
This applies whether it’s traditional pricing or value range pricing. And it applies whether the offer is in the range, at the top, or over the top (if value range). And if traditional pricing, whether the offer is full price or above.
The only obligation in SOME cases is to pay the agents involved. That’s because listing a home is a contract to pay the Realtor fee if an offer is produced matching the seller’s terms.
Aside from that…
The whole concept of value range is that “the seller will entertain offers” in the range. If it meant the seller would ACCEPT any offer in the range, then you’d know to just offer the bottom price. And that would defeat the whole purpose of value range pricing, wouldn’t it?
So, what the seller did was neither illegal nor unethical.
