MustI sell my real estate if an offer comes in at the exact price asking or canI say noI changed my mind?

UPDATED: Oct 10, 2011

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MustI sell my real estate if an offer comes in at the exact price asking or canI say noI changed my mind?

I am thinking of keeping my house, paying off the reverse mortgage of my parents and keep the house after all. But I was told I must sell if offer comes in at the exact price I am asking, but not lower. Is this true? I am just thinking maybe I will let the contract run out but if offer comes in within the next 30 days must I sell?

Asked on October 10, 2011 under Real Estate Law, New Jersey


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Good question. If you simply have a listing for your home for a set price and an offer comes in at the listed price you do not have to sell the home based upon the offer at such price for the following reasons:

1. your listing is simply a listing. You have not signed the listing. In all states in this country a sale of real property typically requires the signature of the seller and the buyer on the agreed terms.

2. the offer at the listed price may contain certain terms such as a seller carry back, certain non-recurring closing costs to be paid by you as well as other terms that were not set forth in the listing that were not agreed by you.

Good luck.

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 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.

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