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Should You Reject a Homebuying Proposal?

by Sterling Realty Group LLC 02/11/2019

In some instances, it may be beneficial to reject an offer to purchase your home. Because if a homebuying proposal fails to meet your expectations, you may want to wait for another offer to come your way.

Reviewing a homebuying proposal and determining whether to reject this offer can be tricky. But we're here to help you evaluate an offer to purchase so you can decide the best course of action and feel confident about your choice.

Now, let's take a look at three tips to help you assess an offer to purchase and determine whether to decline.

1. Review the Local Housing Market

The housing market in your city or town is a major factor in the property selling journey. If you're selling your residence in a buyer's market, you likely face steep competition to sell your house and maximize its value. Comparatively, if you're operating in a seller's market, there may be an abundance of buyers and a shortage of sellers in place.

Take a look at the prices of recently sold residences and how long these properties were listed before they sold. You may want to consider the prices of currently available houses in your area that are similar to your residence too. With this housing market data in hand, you can differentiate a buyer's market from a seller's one and take a data-driven approach to decide how to proceed with an offer to purchase.

2. Weigh Your Home's Strengths and Weaknesses

You believe your home is great, but you also realize that your residence is far from perfect. As such, it often helps to weigh your residence's strengths and weaknesses relative to an offer to purchase and proceed accordingly.

For example, if a homebuyer submits a competitive offer to purchase your home in spite of its exterior damage, you may want to accept this proposal. On the other hand, if a buyer submits a "lowball" offer on your recently upgraded house, you may want to decline this proposal.

3. Consult with a Real Estate Agent

If you're unsure about whether to reject an offer to purchase, there is no need to worry. You can always hire a real estate agent, and this housing market professional can provide comprehensive support throughout the property selling journey.

A real estate agent is ready to help you in any way possible. If you need help listing your residence and promoting it to prospective buyers, a real estate agent can assist you. Or, if you want to find innovative ways to enhance your residence's curb appeal, a real estate agent can provide home exterior upgrade recommendations.

Of course, a real estate agent will work with you to review any offer to purchase your house. You and your real estate agent together can discuss the pros and cons of a homebuying proposal and make a decision that corresponds to your house selling goals.

Take the guesswork out of reviewing an offer to purchase – use the aforementioned tips, and you can decide whether rejecting a homebuying proposal is the best option.

About the Author

Author
Sterling Realty Group LLC

Here's what I can tell you as a tenured licensed associate real estate broker in Michigan. 

- Dedication and continuous real estate education keeps me at the top of my profession. 

*FOR SELLERS- Many qualified buyers are looking to buy a home like yours right now! We have more buyers than properties available.
Why don't you reach out to me and let me guide you in researching putting your home on the market? 

*FIRST TIME HOME BUYERS - Let me help you get pre-approved. Banks are offering low rates. Many loan programs are available, some Zero down. Owning a home could be cheaper than rent! Why don't you reach out to me and let's talk through the different financing options available. 

*INTERESTED IN PURCHASING A LAKE FRONT HOME? Sterling Realty Group LLC serves the hundreds of lakes in Hillsdale, Lenawee, Jackson and Branch Counties. Specializing in the "Irish Hills" (US 12 from the northeast corner of Hillsdale County, taking in the northern portion of Lenawee County and most of southern Jackson County into Washtenaw County) The beautiful Irish Hills contains many lakes, state parks, and Michigan International Speedway. What kind of lake are you considering? ( all-sports=speed boats/jet skis or a fishing=no wake rule) What acreage, depth, base, or lake chain do you want? Want kind of fish can be reeled in? Approximate distance from my metropolitan area? 

Here's what sets me apart from other real estate agents.

From saylesmm; Belle is fantastic, very personable, knowledgeable and she communicates in a very timely manner! She made selling our home an easy experience. We highly recommend her and would definitely use her services in the future.

From qlockwood; Belle did a wonderful job of managing the whole selling process for us. We had two houses listed with her and we closed on both of them at one location back to back same day. I recommend her to friends and family.

From user90038804; While it was a long drawn out process thanks to our lender, Belle hung in there with us and kept the sellers from pulling out. This was our dream home and it’s ours all thanks to her!

From misseann2003; I worked with Belle Stier to purchase my home and really can’t say enough good things about her. She is knowledgeable, approachable, personable, endlessly patient, and incredibly generous with her time (including mornings, evenings, and weekends over the course of several months 

From user14997761; Belle helped me buy a foreclosure home. Was very helpful and responsive. I actually recommended her to my grandparents when they were trying to sell their home. If I'm ever looking again I will definitely give her a call.

From Angie; We appreciate everything & have been giving your name out as a realtor.