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What are the laws for selling real estate in South Dakota?

On April 19, 2008 / By Real Estate Law Help / In South-Dakota-Real-Estate-Law

We made an offer on a property above the listed price, the only other offer was lower than ours, the property is being sold by a bankruptcy trustee, how can they not take our offer and want it listed still for a few more days? The offer was cash not contingent on financing.

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2 Responses to “What are the laws for selling real estate in South Dakota?”

  1. acermill said:

    Feb 06, 09 at 2:57 am

    Any seller is never obligated to take any offer, no matter how much over the asking price is offered. The bankruptcy trustee is charged with getting as high a sale value for the property as possible. Since you have already offered more than the asking price, they are waiting to see if someone (or you) will offer even more.

    I was recently involved in a brokerage attempt in a similar situation. The property was listed for $175,000. I advised my client that the property was seriously underpriced and he agreed to offer $190,000. The offer was not immediately accepted, and the eventual sale price was $195,000, to a different buyer.

  2. realtynewsman said:

    Feb 06, 09 at 3:49 pm

    You want the South Dakota Real Estate Commission, but, for some strange reason you have to sign up to get onto that state’s Web site. Very strange.

    Anyway, I know of no real estate laws that dictates what offer anyone has to accept. AFTER a contract is signed there are some binding issues, of course, but until that contract is signed, everything remains negotiable.

    Money doesn’t always talk.

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