Sellers enjoy real estate pricing leeway

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: I was trying to buy a lot that is listed for sale. The asking price is $59,900. I offered $55,000. The seller did not accept and asked for the full price. I then agreed to $59,900. The real estate agent filled out the forms and told me he had to send them to the seller to sign. After a few days, the agent phoned to tell me the seller wants $65,000 or he won't sell. Is it legal to ask for more than the listed price? The lot is still listed in the local MLS (multiple listing service) for $59,900 – Tami C. DEAR TAMI: Unless the seller accepted your written purchase offer at $59,900, you don't have a binding purchase contract. Purchase Bob Bruss reports online. Unfortunately, some unethical realty agents put a listing into the local MLS at a price they know the seller won't accept. This is done to create a bidding frenzy. But it is not illegal. Maybe the seller changed his mind before accepting your $59,900 purchase offer. Legally, like any advertisement, the MLS listin...