Legal Question in Real Estate Law in Michigan

Counter Offering a Net over the List Price

I am in the negotiating process. The house was listed for $124,900, The market in Michigan is the worst it has been in years, with the highest foreclosure rate in decades. I offered $115,000 with $12,000 back in concessions. The relocation company (who owns the home) countered $136,000 with only $10,000 back, making their net $126,000 (over their original list price) I was told by a friend who is also an agent (not my agent) that this is not legal. That they could have come back at $136,000 with the $12,000 back because their list price is now their net, but their net can not be over the list unless there are other offers. The house has been on the market about one year and has only had one other interested party about 6 mth ago. There are no comps in the area, as...there have been no sales in this neighborhood in over a year (there a tons of houses for sale in Michigan) My question--Is this legal? And second, what can I do to help the relocation company (located out of state) realize the severity of the market in Michigan


Asked on 7/19/08, 12:23 pm

1 Answer from Attorneys
Renee Walsh LawRefs Nonprofit

Re: Counter Offering a Net over the List Price

You rejected their offer by not accepting at their price. You countered and they rejected with an offer for a different price. A seller of property does not have to accept any offer and can change their mind about the price that they will sell at until there has been an offer, acceptance, and consideration to close the deal.

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Answered on 7/19/08, 2:48 pm


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