Belt Auction

Can real estate agents raise the price and not tell the buyer?

It was an article in either the Chicago Tribune or the Sun Times that real estate agents have been putting out the price they want to make more money.

Public Comments

1. NO! This is an open ended pricing situation. It is against the law in my state and if I had to guess nationwide. The price and compensation must be agreed by the Seller.
2. plz send me a copy of that article; it sounds preposterous. But I learn new absurd things every day. IF an agent did that, his license is toast.
3. You question isn't clear enough. Real estate agents are simply agents. So: Yes. Acting on behalf of the seller, a listing agent can raise a price. Potential purchasers don't have to be specifically informed, though the agents do have to update their listings on the MLS to reflect the current price. No. The listing agent must act on behalf of the seller. So If a property is priced at $100,000 and someone makes an offer of $100,000, the agent cannot raise the price to $110,000 on their own. If the seller says, "Now I want $110,000," that's a different matter. No. If there's a ratified contract--a contract signed by seller and buyer--no agent can raise the price. The price has already been agree to. No. If a property is for sale at $100,000, a buyer's agent cannot inform the buyer that the property is for sale for $110,000. (Remember: The price is set by the seller.) So: Are we talking about the agent acting on behalf of the seller, or unilaterally? Are we even talking about the listing agent, or are we talking about the buyer's agent? If you post a link to the article, we'll be able to provide better advice.
4. Ridiculous. I don't know how an agent could pull this off. Everything in the contract has to be filled out and signed. If someone actually did this, they are not going to be in the business any longer and most likely will be criminally prosecuted.
5. A real estate 'asking price' in merely that. If the seller (or the listing agent) think they can get more for the property, they are under NO obligation to accept your offer at the listed price. If someone bests your offer by $10,000, the seller is quite legally allowed to accept such offer. There is no requirement whatsoever that a potential buyer be informed of a price increase or decrease.