Selling your home has its obvious challenges, and one of them is deciding when or how to turn down an offer. Although it may initially seem easy to do, there are things to consider before making your final decision. You must reject an offer if:
- The sale price is so low that the buyer does not seem to be serious.
- Your ad is fairly new and deciding on a lower bid is too early.
- Your sales agent is not acting respectably and is offering unsafe offers based on threats or ultimatums
- The listing agent has a more competitive buyer willing to make an offer.
- The prospective homebuyer is not willing to wait until the closing date
- The potential buyer is not willing to make a deposit
- The potential buyer is unable to meet the agreed financing terms
- The prospective homebuyer is unwilling to accept the property as-is after an inspection is done and expects all renovations or repairs to be deducted from the sales price or done before accepting an offer.
- The potential buyer is unwilling to provide proof of financing with a pre-approved letter from their mortgage lender
You should always communicate your rejection of an offer in writing to the prospective buyer, as this is required by law. Then, you must explain why you declined the offer out of courtesy. The most important thing is to keep the letter professional, the negotiation process can take several rounds of offers and counter offers. By maintaining a pleasant demeanor, you may be able to come to an agreement after all.