Seller has the right to say no

Robert Bruss answers a reader's question today in the Chronicle about a seller's obligation to accept a full-price, all cash offer.

"...a home seller does not have to accept a full-price, all-cash, no-contingency purchase offer even at the full asking price specified in the listing of the local multiple listing service."

As many buyers who have been around the San Francisco market are aware, it's very common for sellers to have expectations far above a property's list price. You'll often see the line "seller reserves the right to accept, reject, or counter any offer." As Mr. Bruss points out, this is not a necessary addition to an MLS listing (unless an agent's broker requires it within their office), but it does serve to highlight when an asking price is far lower than that seller's expectations.

Real estate is all about negotiation and market value. If you know the market and you see something that's too good to be true, then it almost certainly is. That doesn't mean that bargains and opportunities don't come around every day in this town. You just have to know the market well enough to know when it's time to jump on something great.

There are many reasons why a property sells below market value, but an aggressively low asking price is rarely one of them.