Question:
“I saw an ad that said the seller ‘will ACCEPT offers between $600,000 and $660,000.’ If that’s the case, why wouldn’t everyone just offer $600,000?”
Answer:
Unfortunately, the broker isn’t stating that correctly. It’s supposed to say:
“Seller will entertain offers between $600,000 and $660,000” or perhaps just “Value range $600,000 to $660,000”.
That also raises the question…
“So if I offered that seller with the poorly worded ad $600,000, would they have to accept it?”
Surprisingly, the answer is NO.
Offering a home for sale does not create a contract or legal obligation to sell to a buyer who meets the offered price and terms.
However, the Realtor MLS does create a binding offer of compensation to any broker bringing an offer that matches the offered price and terms.
So you’d be out of luck, but your broker should get paid.
