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

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 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.


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