Is this a legally binding offer?

Factual Questions
1

Not looking for legal advice, as I plan on just ignoring this letter, but found it really strange and wondering if there were some legal ramifications to it.

A local real estate company sent me a letter in the mail, in the letter there was a printout of my home’s Zillow profile (which is also strange to me because my home isn’t on the market)

In the Zillow profile there is my home’s market value, and the agent then circled the price in pen, and made a note “Would you sell for 10% more than this, if so contact me”

To me that looks like a straight up offer for the agent to buy my home at 10% over market value.

If I did want to sell, would they be bound to this?

2

If it was legally binding, they would never make it. They have no idea what shape your home is in(plumbing, leaky roof, etc.).

3

IANAL, but, to me, it has “Invitation” written all over it:

4

“Specific” might be up for debate in this case.

Circling my homes market value and stating “would you sell for 10% more” is pretty specific, in that there is a specific number.

Also “contact me” is pretty specific in that there is a buyer, in this case the agent.

Also also the fact that the agent physically put pen to paper to make this, intent?

5

It’s just an agent looking for a house to sell so they can make their commission.

6

“Would you {…}?” is one key element where, IMHO, it doesn’t rise to the level of an offer.

I doubt any court would interpret it that way, though.

7

This is a question, not an offer.

8

They’re certainly inviting you to hire them as your selling agent. Nothing more.

9

If you’re bored, here’s a 19-page PDF that will allow you to take a deep dive into the basic legal question at hand:

The Choice of a New Generation: Can an Advertisement Create a Binding Contract? Leonard v. PepsiCo, Inc

10

Different fact pattern, but the holding seems on point:

Synopsis of Rule of Law: An offer is an act that must express the will or intention to allow an offeree to reasonably believe that the power to create a contract. It excludes situations that evidence intent to deal or open negotiations.

11

And a similar case from England:

12

You can’t be legally bound by a vague question, period.

13

There is no offer in that letter, legally binding or otherwise. There is only a question and an invitation to call them.
It could just be a market survey. I mean, we know that’s not what it is, but a survey could be worded the same way. Someone could just be wondering how many people in the area would sell their home for 10% over market.

14

Exactly. I read it as just a simple question. Your answer could be “Why yes!” and their reply could be “OK, just wondering.” There’s nothing in there where someone is offering to buy your house. They’re just curious how much you’re willing to sell it for (well, no, what they want you is to call them to be your selling agent, most likely.)

15

Agreed. If there were a solid offer to buy your home for 10% over its Zillow estimate, the real estate agent would have worded it as such. It is not saying “I will buy your home for $X” or “I have a buyer who is interested in buying your home for $X.”

The actual verbiage that is being used in the mail piece amounts to, “would you be interested in selling your home if the price were 10% over this number? If so, let’s talk.” It is, as others have noted, an invitation to talk with a real estate agent, and nothing more.

Also, generally speaking, real estate agents aren’t in the business of, themselves, buying homes. They act as agents and go-betweens between people looking to sell their home, and people looking to buy a home, and facilitate the transaction between those two parties.

16

This was my thought. “Would” is conditional, a question. It is not a firm statement of intent. “contact me” does not imply “I will buy your home (at that price)”. It simply suggests they want to discuss the possibility.

I would imagine that when the issue is at the price level of a house, the court would want to see a less vague suggestion that there is a firm offer.

17

I believe Zillow has data on almost all homes in the areas they cover, so it’s not strange that there’s a profile.

The agent may believe that the Zillow quote is actually below market, especially if that agent has a lot of experience with homes in your area.

Anyway, I agree with everyone else that this is a marketing maneuver, not any kind of offer.

Just for interest, I looked at 6 different sites that offer sight-unseen value-estimates for homes, there was a range of about 9% from the highest to the lowest. In my case, Zillow was the highest, so if someone made a firm offer of 10% over that, I would be very tempted. My husband would probably shoot me, but whatever.

18

Zillow is pretty well known for pumping out “should sell for” numbers that are pretty much seller-is-dreaming numbers. Once in awhile in a very hot market that might be justified. Elsewhere / elsewhen? Not so much.

19

[Moderating]
Just to be clear, the OP is not seeking legal advice about their actual situation, since they’ve already decided against pursuing this “offer”. They’re asking a general question about a hypothetical. That makes this thread fair game to stay in FQ.

20

Article noting that “Zestimates” can be off by quite a bit.

Why your home's Zestimate valuation is incorrect in 2023 - Zia Group.

I agree that the real estate agent is trolling for potential customers, rather than making a definitive offer without knowing what improvements or deficits a property has.