I can add a few comments but someone else will have to pitch in with the actual history. In San diego it seems that Prudential was the first and has been the most active in using this technique. It is probably designed to get more people to look at the property. I think it gets the agents more listings because they can make the seller very happy with a high looking price too. In theory it is supposed to cover a variety of terms like wether or not closing costs are contributed by the buyer, how many repairs are requested ect. It really is unfair to buyers the way it is used in my opinion. There have been lawsuits over it I believe. The ranges are so broad in some cases, that they could cover the a complete renovation and all other normal costs .Once I offered 5k cash over the low end of the “value range”, “as is” terms,no buyer’s closing costs from the seller and the offer was rejected. That, to me,is a clear proof of bait and switch intent.
