Fonville Morisey Realty/Chapel Hill Sales Office

Key Factors to Consider Before You Reject an Offer to Purchase

by Mitzi Powell 02/05/2020

If you receive a "lowball" offer to purchase your house, your first reaction may be to respond with an immediate "No." However, it is important to evaluate any offer to purchase your house closely. Because if you weigh the pros and cons of rejecting an offer to purchase your home, you'll be better equipped than ever before to make an informed decision about any homebuying proposal you receive.

Now, let's take a look at three factors to consider before you reject an offer to purchase your residence.

1. Your Home's Price

What you may consider to be a lowball offer to purchase your home may actually be a competitive homebuying proposal – it all depends on the current state of the housing market. Thus, if you analyze the housing market, you can find out how your home's price stacks up against the prices of comparable houses and review an offer to purchase accordingly.

If you find your home's price falls in line with similar houses in your city or town, you likely have a competitive initial asking price in place. And if a buyer's offer to purchase your home falls short of your house's initial asking price, you may want to decline the proposal.

On the other hand, if your home is priced much higher than comparable residences in your area, you may want to adjust your home selling expectations. In this instance, you may find a lowball offer to purchase turns out to be a competitive homebuying proposal. As a result, you may be more inclined to accept the proposal based on the current housing market's conditions.

2. Your Home's Condition

Oftentimes, buyers will account for potential home repairs or upgrades they will need to complete if they acquire a house. This means a buyer may submit an offer to purchase below a seller's initial asking price due to the fact that a house may require assorted repairs or upgrades in the near future.

Take a look at the condition of your home – you'll be glad you did. If you find your home is in need of significant repairs or upgrades, you may want to consider these projects before you reject a buyer's offer to purchase your house.

3. Your Home Selling Goals

It generally is a good idea to start the home selling journey with goals in hand. That way, if an offer to purchase your house allows you to achieve your home selling goals, you can accept the proposal. Or, if an offer to purchase your house moves you further away from accomplishing your home selling goals, you can reject the proposal.

As you get set to complete the home selling journey, you may want to hire a real estate agent too. This housing market professional can help you assess any offers to purchase your house, at any time. By doing so, a real estate agent can help you determine how to proceed with an offer to purchase and ensure you can make the best-possible decision.

About the Author
Author

Mitzi Powell

TRUSTED REAL ESTATE SPECIALIST
Mitzi Powell is a native of North Carolina and a graduate of UNC-Chapel Hill. Her ties to the University are still strong, and she is an avid Tar Heel fan. Mitzi grew up in the Goldsboro area and currently resides in Chapel Hill. A Triangle resident for most of her life, she knows the area thoroughly. Before obtaining her real estate license, Mitzi was a Public Information Officer for the North Carolina Department of Transportation. The skills she developed in this position forming and maintaining associations has enabled her to create lasting relationships with clients and customers in the real estate industry. Clients always have confidence in Mitzi and know that she will go above and beyond for them.

In her time as a broker, Mitzi has earned a reputation for being committed to the best interests of her clients. As part of the Fonville Morisey team, Mitzi has enormous resources at her disposal. Fonville Morisey provides all of the services a home buyer or seller requires. FM Lending, Fonville Morisey’s in-house mortgage company, makes financing your home readily available. FM also has an in-house title company, Guaranty Title, which backs FM listings through an exclusive in-house warranty program that covers sellers from the date of listing at no cost. Trust Mitzi and Fonville Morisey with your real estate needs and see why so many others have counted on them.