Would you be stunned if you offered full-price for a home, and then the sellers rejected your offer in favor of another, also at full-price? Then you’d also be surprised to learn that sellers are not obligated to accept any offer –even one higher than full price.
Not selling at the advertised price wouldn’t work well for retailers, but when sellers set an “asking price,” it’s just that – they’re “asking” for an offer to match that. Asking and accepting are two different things.
Protect yourself by only offering to purchase a home that is listed with a real estate professional. This gives you some guarantee that the sellers have been encouraged to price the home fairly and to reasonably consider all offers.
It follows that you should be wary of abnormally low prices that might signify a seller who is trying to create a bidding frenzy with no intention of accepting the initial price. While this practice is perfectly legal, you should avoid getting into contractual obligations with such a party.
The best you can do is to make your offer simple and solid with no contingencies. You don’t know what the sellers consider a “perfect” offer, or why they will or won’t accept yours. To avoid disappointment, it’s a good idea to be prepared to make an offer on more than one home.
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