Sale Price and Bidding for Residential Property?

[EMlwater2]

Are there any laws on limits to how low a buyer can bid or how high a seller can set an asking price? Can the price deviate drastically from actual the Fair Market Value of the property in either case.

For example could a buyer ask to purchase the home for half price or could the seller ask for 10x the market value if he knew the buyer was willing to pay it.

 

[cynthiasprks]

All's fair in love and war. Buyer beware. I suppose if you tricked a person (old) a judge would like to talk to you. That is why when you buy or sell you should know the "comps"/ comparable home values.

 

[BigDealMaker]

A seller wants as much money as he is able to get for his/her home.
Like wise a buyer wants to buy a home for far less than the asking price.
However a 50% offer of value will not even get you an answer from the sellers agent and i would be surprised if a buyers agent would take the offer to the sellers agent.
A seller could ask any amount they want. But it will not sell this is why a listing agent will bring the comparable sales in the area.