Probably NOT, at least here in Florida.

      Even if you receive a full price cash offer with no contingencies, your "For Sale" sign is only an offer to sell; it is not a contractual agreement. 

      HOWEVER, you may be liable to pay the entire real estate commission to the listing agent, for providing a ready, willing, and able Buyer.  

     SEE AN ATTORNEY; you may wish to include some language in your listing contract in this regard.

In California: The list price is an invitation to a buyer to make an offer. It is a suggestion. A seller is not bound to sell to a buyer who meets the suggested price. Numerous agents utilize the strategy that your agent is suggesting. You need to talk to your agent about your obligation to the broker if a full price offer comes in.

This is a dangerous game. What if that doesn't happen? What's strategy #2?

Listen carefully to the advice of Fred Griffin because he is right!

You don't have to but, you may very well owe your agent for bringing you a full-price Offer from a ready, willing & able buyer. Speak with your agent and if you aren't happy with their answer, seek legal counsel.

*I am not an attorney, this has simply been my experience in the NC & SC markets.

It depends on the laws of your state.  It is possible, if a full price cash offer is received you could be sued for "specific performance".   I would suggest, as did Fred Griffin, that you consult a real estate attorney.  At the very least, put some kind of language in the listing to protect yourself.  

The most logical thing to do, IMHO, is to price your home at a price you ARE willing to accept and hope it goes up from there. 

It's clearly explained in the Blueman manual.

Market value isn't something you will know until you hit the market.  It is the value a buyer will pay and you will accept.  What you know now are the values of recent comps.

If you list for a price you wouldn't want to accept, and believe it is below the comps, you are listing too low.  List for what you want and what you think is reflected in the comps.  If you are wrong and buyers aren't making offers, you can always lower your price.  It's hard to raise it once you have started low if you don't get those multiple offers and a bidding war.

I suggest you discuss this with your agent.

I think the advice from Fred Griffin is right on point. I believe some more information about your situation would be helpful, but regardless it depends. Call some more agents and find out how they pan to market your property to sell it.

Fred Griffin gave you a great answer.  A

We have a brokerage in town which is using this approach a lot. They state in both agent and public remarks that the asking price will not be what the seller is willing to take.  It appears to be working for them.

If you don't have confidence in this agent, maybe you should interview other agents.

I agree with Lyn Sims it's a very dangerous game.... sell or don't put it on...

Follow the terms of your listing agreement.

A seller cannot be compelled to sell except by a court of law (order) for cause. Called specific performance, much has to be in place, disputed and won for this to even be considered let alone acted upon. In regards to a bidding war, getting in and out of a transaction effectively and efficiently has value too. Not wise to base everything on the last penny that sparkles

You don't have to accept any offer, even a full price one. 

I would suggest you make sure the home is as move in ready as you can afford to make it, price it AT market value, put it in the MLS on Friday morning and have your agent do an open house on Saturday and Sunday. Works like a charm for me. 

You never "have" to sell your home at any price. Whether or not this strategy will cause a bidding war is not something I can opine on as I don't know your market. I've used this strategy a few times and it did generate bidding wars above asking price. By the same token, if you receive no offers over your asking price you might need to seriously consider if, in fact, the asking price is market value. Remember, that the ONLY person who really determines true market value is the buyer.

I think that Fred said is very well.

I price my listing right. Not lower not higher and always sell them. 

It's time to hire a professional Anonymous. 

Are you aware of bidding wars in your area. Is the agent reputable? Will he/she stand by their claim and guarantee the higher price you would like to see? Personally I would never make such a claim and I wouldn't trust an agent who would.

Fred Griffin has taken you to the crux of the matter.

Fred Griffin gave you an excellent answer, sounds like you have trust issues with your agent, and that is all I have to say about that.

Listen to Fred Griffin and John Juarez 

Speak to your attorney. Part of an offer are terms, not just the price,  closing dates, contingencies, etc., which can be hard to match if you put in something that is tricky, which would give you a way out if you don't like the price. In other words, build in a loophole for yourself.

I had a long answer typed up, but Fred Griffin, Kenneth J. "Ken" Jones, Associate Broker and Juan Juarez already said it all.

What state you are in?

Many great responses!

In Minnesota you don't have to sell, but a full price offer triggers the commission is due as a fulpl priced offer fulfills the contract.

I doubt you have to sell at any price. However, I suggest you consult a couple of TOP local Realtors before deciding who and how to list your home. Go to Zillow and do an agent search for your city. Select a couple of the top agents and see what they say. 

Laws in different states vary.  My advice to my clients is to list the home at a price they would accept, if it were the only offer, all cash and no contingencies.  If multiple bids are common in your area, the risk of this may be low. One question back, what makes you think it's below market value?  What do you base that on? 

Good answer from Fred Griffin 

A good discussion to have with your agent.  

That is risky. I like to value a home by range. Such as it is worth between 375k and 300k based on actual sold comps of 275k, 287k and 300k. If your home is super clean, needs nothing in the best area i would list at 300k. If just average 287k and if needs work. 275k. You only need 1 good offer to sell at market value. Not every home has a bidding war even in this market

Kenneth J. "Ken" Jones, Associate Broker 

nailed this one!

You don't have to sell, but I would make sure this is included in the listing agreement.

Good legal question. Check your contract.

You never have to accept an offer, unless you are in compliance with equal housing laws.

Pricing it low only works if low is within the comps for your property type. There is a Power Pricing finesse to this as we were taught this professionally at Coldwell Banker. But, there's a science to the math, it's not some arbitrary price slash. I'd have your agent prove their knowledge by showing you a few successful sales they did using this method. I've done this quite successfully, but I spent 3 days training on it from an expert in a broker sanctioned seminar.

Question was answered with great answers.

Great answers, I agree.

In Colorado, you don't have to sell, but if a REALTOR brings a full price offer, you could owe a commission.   I would not list below market value, at least here.

as per the listing agreement in my state you would not be required to sell, but could owe a commission on a full price offer.

Nothing says you HAVE to sell your home. 

According to our listing agreements if a full price offer is received from a qualified buyer and all other terms are met, the seller owes the listing broker the commission. 

That is sellers call. There is a business that was worth $500K.  Brought 2 offers the owner said I want at least $1M. You are fired. Three years and 6 agents later, a kitchen fire resulted the seller firing 7th agent and local top commercial brokerage. She says list it $2M and told her 8th realtor if you can not bring a super rich investor I will cancel the listing....   She says there are endless agents she can tap into wanting to sell it.