Can you take house off market if a full asking price is about to come in?

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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 3 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.


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