Can you take house off market if a full asking price is about to come in?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can you take house off market if a full asking price is about to come in?
We are new to selling a house. We listed it yesterday. Before we had our pre-approval for another mortgage, we were told the people who viewed our home today are to make a full asking price offer in the morning. We emailed our agent tonight and asked him to take our home off the market because we cannot afford the rates of the new mortgage being offered to us. Since we asked him to take our house off the market before we had an official offer submitted, are we in the clear? Our agent has not replied to us yet.
Asked on May 9, 2017 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, you can do this, subject only to any terms in the listing agreement you signed with the agent. (The typical agreement would not prevent you from doing this, but since the listing agreement is a contract, you always have to check its specific terms to see what *you* agreed to in *this* case.) Residential real estate sellers are never required to sell, unless and until they accept an offer and enter into a contract for sale; they have the right to reject any offer, even full price or over-asking offers (so long as they are not discriminating in doing so: e.g. rejecting an offer due to the prospective buyer's race) and can withdraw their home from the market.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.