When selling your house, you’re probably going to receive a few offers that you wouldn’t even put a second thought into. However, you still have to refuse the offer, and you should do so using proper etiquette. There are many reasons and many ways to reject an offer, and before I talk about all of them, remember that you don’t have to sell your house if you don’t want to. Sometimes it makes more sense to repair your house before selling it. You can walk through your property with a general contractor to determine the repair costs and formulate a game plan.
You own your house until you accept an offer and go through all the paperwork, and you’re under no obligation to accept any offer. That being said, here are some of the most common reasons sellers reject offers.
If you’ve done your due diligence, you probably priced your house according to what other comparable houses in your neighborhood or area are selling for. That price should be something most homeowners in that area consider fair, so anyone bidding significantly lower is lowballing. Many potential buyers will lowball you right off the bat just to see if you’ll bite. Sometimes, these offers won’t come as a low number, but instead, they’ll ask for a number of concessions. Concessions are requirements that the seller or buyer must complete before the property closes. These concessions often come as contingencies or conditions that the house must pass home inspections, appraise for the offer price, etc.
Many buyers intend to using loads to fund the purchase of your property. If that’s the case, the buyer will have a pre-approval letter from the lender, stating that they’re eligible for the loan. This letter can give you peace of mind about the closing if you accept the offer. If you have any reason to doubt the funding, however, you shouldn’t hesitate to reject the offer.
Getting a Cash Offer for your House
The housing market is competitive, and as a house seller, you want to get at least a few offers before you accept one and reject all others. The good thing is that you don’t have to explain to anyone why you’ve rejected an offer, and you can just say that you have a higher offer than what you’re being offered. However, you can also consider the option of proposing a counteroffer of your own.
If you’re using a listing agent to help you sell your house, you should have a reason for refusing offers, as the agent will be working hard to get your property off the market. That being said, it’s also a good idea to consult with your listing agent and ask for advice.
How to Reject an Offer
Whether you’re getting lowballed or have an offer that’s better than the rest, you shouldn’t leave potential buyers hanging. Respond to every offer in a timely manner, if possible. Ignoring offers is considered rude, and it’s a sure way to ensure they won’t come to you with another offer again. Remind yourself of how important this house is to you, including the safe rooms and amenities that come with it. Furthermore, you should consider refusing with a counter offer. Have your agent cross off the initial offer price on the Agreement of Sale, and send the document back. This can get quite messy, depending on how many times the document is passed back and forth. Lastly, you can straight out refuse any offer if you don’t want to counteroffer. Have your agent send a simple email or give them a call stating that you won’t be accepting that offer.
Our team specializes in giving homeowners options. If you have thought that I need to sell my house fast for cash, reach out to us for information and best practices.