How To Refuse An Offer – When you put your home on the market, you are making a big decision and hoping to make the most of your investment. However, you still have to refuse offers if it isn’t the right fit, or if you get several offers, and you should do so using proper etiquette. There are many reasons and ways to refuse an offer.
You own your house until you accept an offer and go through all the paperwork, and you’re under no obligation to accept anything. That being said, here are some of the most common reasons sellers reject offers.
How To Refuse An Offer
If you or your listing agent has done their homework well, you priced your house according to what comparable houses in your area are selling for. That price is one most people consider fair. Any offer asking for 30% off your listing price is considered a lowball offer.
While you do not always have to reject a lowball offer or turn away offers with contingencies attached, you should consult with your real estate expert to completely understand the terms before accepting these types of offers.
A buyer that plans on using a loan to fund the purchase of your house will often include a pre-approval letter from their lender proving they are eligible for a loan of that amount. A pre-approval letter gives the seller peace of mind about the house closing if they accept this offer. If the seller has any reason to doubt the funding of the potential buyer, they will usually turn down the offer. In competitive markets, sellers will often wait until they have several offers submitted before accepting one and rejecting the rest. In instances like this, homeowners usually won’t provide much of an explanation as to why they rejected the offer.
How to refuse an offer
If someone submits an offer that you aren’t satisfied with, don’t leave them in the dust. Respond to them before their offer expires. Simply letting their offer expire is something most consider rude, and a sure way to make sure the buyer won’t offer again if you don’t receive any other offers. If you want to counter their offer, have your realtor cross off the original offer price on the Purchase to Sell agreement and send it back. This document can get rather complicated depending on how many times it gets passed back and forth. If you’re certain that you don’t want to entertain any offer from the potential buyer or don’t want to counteroffer, have your estate agent reach out via email with a simple reply of, “My client does not accept that offer.” It doesn’t have to be extravagant to get the job done.
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