Home selling can be stressful as there’s so much to do. The seller has to determine the favorability of market conditions, ensure that the home is in good condition, and they have to wait for a good offer to come in. After all that effort, the thought of offer rejection may not be appealing, but it can be done. In this guide, home sellers can learn some legal and ethical reasons to refuse a purchase offer.
Reasons to Refuse a Buyer’s Offer
There are multiple reasons why a home seller would refuse a buyer’s offer, and a real estate lawyer in Mooresville, NC could explain the pros and cons of each choice and each offer. Valid rejection reasons are:
* The offer isn’t high enough. The seller shouldn’t sell the property at a loss if it can be avoided, and they have the right to reject any offer that does not reflect the home’s value.
* The seller is uncertain if the buyer can secure financing. If a prospective buyer’s finances are murky, they may be unable to obtain a mortgage. Accepting a buyer’s offer only for them to be denied financing is a waste of the seller’s time, and it could prevent them from accepting a more appropriate offer.
* The seller changed their mind. It’s up to them; they own the home, and they can remain as long as they wish. Putting a home on the market does not mean that the owner is required to sell.
Illegal Rejection Reasons
Even though a homeowner is legally permitted to reject a buyer’s offer, declining for the wrong reason could leave them open to litigation. The Fair Housing Act bars sellers from considering a prospective buyer’s gender, race, marital status or nationality when accepting or declining an offer. Simply put, a seller cannot reject a buyer’s offer solely because they live a different lifestyle, have dark skin, or practice a different religion.
Selling a home is a monumental decision, and some homeowners end up changing their minds. There are legitimate reasons to decline a homebuyer’s offer, and there are illegal reasons as well. A real estate lawyer in Mooresville, NC with Lake Law Office, PLLC can tell a seller or buyer whether the reason for rejection is within the confines of the law.