9 Reasons to Reject an Offer on Your Home
Selling your home has its obvious challenges, and one of those is deciding when or how to reject an offer. Though initially it may appear to be easy to do, there are things to consider before making your final decision.
Rejecting an offer should be done if:
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The selling price is so low that the buyer does not appear to be serious
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Your listing is fairly new and settling on a lower offer is too premature
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Your selling agent is not acting reputably and providing less than secure offers based on threats or ultimatums
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The listing agent has a more competitive buyer willing to make an offer
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The potential buyer is not willing to wait until your closing date
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The potential buyer is not willing to put down a deposit
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The potential buyer cannot meet the financing terms agreed to
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The potential buyer is not willing to accept the property as it is after an inspection is done and expects all renovations or repairs to be deducted off the listing price or to have them done prior to agreeing to an offer
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The potential buyer is not willing to provide proof of financing with a preapproved letter from their mortgage lender
You should always put your rejection of an offer in writing to the potential buyer as this is required by law. You should explain the reason for the rejection out of courtesy and most importantly keep the letter professional.
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