Question:
We have had our house listed on the MLS® system for six months. We have had numerous showings but no offers. Our REALTOR® has been advising us the price is too high, and last week we considered his advice and drop our asking price substantially. With-in 2 days of the price reduction we had three offers, and we accepted the one for the full asking price now. Three days after we accepted our REALTOR® brought us an offer or our original asking price. My questions are twofold here, one can we take the newer offer even after accepting the other, and why did our REALTOR® bring this last offer to us?

R & L

Answer:
Dear R & L

In answer to your first question yes you can accept the second offer, but be aware the buyer making the first can take you to claims court. You want to be sure the second offer will be worth the damages that be awarded against you if the first buyer decides to sue and is successful. My advice would be to discuss your choice with your REALTOR® and your legal counsel before you make a decision. In the event that conditions were made on the first offer before a final agreement was made, you could accept the latest offer but you still may be a position to be sued by your first accepted offer. If the person making the first offer has diligently worked to remove the conditions to the sale they may be able to take you to court.

In answer to your last question your REALTOR® is legally and ethically bund to present all offers to you until the time you no longer own the property. Your REALTOR® has what we call a fiduciary duty to you that requires all written contracts of purchase be presented to you so that you can make the decision regarding selling your property. The decision is yours to make.

As an aside to or inquiry its always been something to note the market for real estate in a community. Your house was on the market for six months with lots of activity but no offers, and after the price reduction you had three offers one for the full price of your property. Buyers will not always write an offer for a high priced property for what they feel its worth because they do not want to insult a seller, so listing at a high price will not always get the buyer to write what they think a property is worth. It is better to be realistic about an asking price in order to sell a property. This is also another instance where the advice of a REALTOR® is invaluable in the marketing of real estate, because they know the market and what it will bear.

Thank you R & L for your very interesting questions I hope you have received he answers you needed

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