Q & A: Is a Seller Obligated to Accept an Offer? What if the Offer is Much Higher Than My Asking Price? | Top Toronto Real Estate Broker Karen Law

Sunday Jun 30th, 2019

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Here's a question that a client had asked. Thought I would share the question and answer, as it might help someone. 
If you have any questions about real estate or know someone that wants assistance buying or selling a property in the Greater Toronto Area, give Karen a call

Karen Law
Toronto Real Estate Broker
Century 21
Direct: 1-647-836-2895
www.KarenLaw.ca

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QUESTION: As a Homeowner who is Selling a House, am I Obligated to Accept an Offer? What if the Offer is Much Higher than My Asking Price - Am I Obligated to Accept the Offer Then?

ANSWER: The short answer is "no"

See transcript below:

• 0:00 - 1:02 
Hey guys, I just met with some clients that are looking to sell their house this summer and they asked a very good question. I thought I would share the question and answer with you in case some of you might find the answer beneficial. 
The question was "Are we obligated to accept an offer that is higher than our asking price?" 
And the answer is "No, you are certainly not obligated as a homeowner and a seller to accept any offer." Actually, there could be a change of circumstances last minute, sometimes in rare cases people have a change of heart in selling their property. So there is no obligation at all to accept any offer whether it is an offer that is above your asking price, or whether it's a great firm offer. So as a homeowner, I just want to reassure you that you are in the driver's seat.

• 1:03 - 1:12 
And you are the sole decision-maker when it comes to deciding whether the house gets sold and at what price, and what terms it gets sold at.

• 1:13 - 1:29 
So if you guys have any other questions that we can help with, or you know somebody in the Greater Toronto Area that is looking to buy or sell a property, give us a call. We'll be there to help.

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