The time has finally come to sell your house on the market and review offers from homebuyers. What if an offer comes in and it’s the opposite of what you were hoping for? Rejecting an offer doesn’t have to be a negative experience for homebuyers and sellers. 5.9 million homes were sold in 2022 alone – that means there are plenty of opportunities for sellers to accept offers on their homes.
Learning how to respectfully reject a house offer is an art form. Before doing anything, express your gratitude for receiving an offer. Sellers can be thankful, politely decline an offer, and provide a genuine reason for the rejection. There’s always the possibility of a counteroffer or a more suitable offer coming your way in the future, so don’t lose hope. Plus, maybe that perfect buyer is just around the corner, ready to make an offer you can’t refuse.
Here are several actionable tips on how to respectfully reject a house offer from a homebuyer.
3 Effective Ways to Decline a House Offer
1. Politely Decline the Offer
As a homeowner, receiving a house offer can be quite exciting, unless it’s a lowball offer with multiple contingencies in the contract. Not all offers are made equal! When it comes to respectfully declining an offer, honesty is always the best policy. Be sure to thank the potential buyer for their interest and the time they spent putting together the offer. Then, explain your reasoning behind the rejection in a clear and concise manner.
Sellers can effectively decline a house offer without burning any bridges in the real estate industry.
“You can’t handle the truth!”
Homebuyers have tough skin and can handle the hard truth that you are declining their offer to purchase your property. If you’re worried about coming off as too harsh, remember that rejection is a normal part of the real estate process. The average homebuyer looks at 10 properties over a period of 10 weeks before making an offer. Don’t take it personally if your house doesn’t receive an offer from local homebuyers shopping for properties.
Especially if the homebuyer is experienced, they should be aware of your urgency (or lack of) to sell. Homeowners that are behind on mortgage payments likely need to sell sooner to avoid penalties. In these situations, homeowners are more likely to sell for lower amounts to avoid foreclosure. A lowball offer has a better chance of being accepted when sellers are forced to bite the bullet and sell quickly.
Another effective way to decline a house offer is by offering a counteroffer. If the offer is close to what you were hoping for, but not quite there yet, consider proposing a counteroffer with slightly different terms. First, consider these factors before counteroffering:
- What contingencies didn’t you like in the original offer?
- Did the buyer allow rent-back if you needed it?
- Who is paying the closing costs for the transaction?
- How quickly can they buy your house and close?
- Are they paying with a mortgage, hard money loan, or cash?
- Is this lowball offer the highest the buyer can pay for your home?
Selling a house can be both exciting and nerve-wracking. When you finally receive a solid offer, it’s tempting to jump at the chance to sell. You can do this by explaining why you think your home is worth more and offering a reasonable explanation. Don’t be afraid to send them comparable home sales in the area. Also, lean on your listing agent to negotiate terms for your counteroffer.
Try to find common ground and offer a counteroffer that works for both parties. Don’t forget to use humor to lighten the mood! For example, “I appreciate your offer, but I’m not ready to sell my dream home for the price of a used car.” Highlight the selling points of your property. Solar panels and inground pools typically add value to properties, enabling homeowners to command higher offers.
By following these tips, you can reject a house offer with grace and professionalism. Home sellers are surprised how far rejecting an offer and countering can get them! Shoot for the moon but don’t scare away your buyers either.
3. Accept the Offer to Purchase Your Home
Instead of including a third way to refuse an offer to purchase your home, let’s focus on the positive routes that this real estate sale can go. Accepting – rather than rejecting – an offer on your house when selling it is exciting. It’s the moment homeowners dream of, especially when there are multiple offers to review. There are mountains of memories and emotions tied to your home. Selling it is the end of an old chapter and the start of a new one.
Receiving an offer to purchase your home that is actually good can be a challenging journey. It often involves countless showings, negotiations, and the occasional disappointment. Amidst the rollercoaster of emotions, there’s a sense of relief and excitement in accepting an offer. It signifies that you’re ready to embark on new and exciting chapters in life.
Accepting an offer and selling your home means embracing change, exploring new neighborhoods, and creating fresh memories. It’s an opportunity to reimagine your living space and discover a place that aligns with your evolving dreams and aspirations. While saying goodbye to your beloved home might be difficult, accepting an offer represents the beginning of an exhilarating new adventure filled with endless possibilities.
Reasons To Refuse a House Offer
Rejecting Lowball Offers
Picture this: a homeowner’s heart, beating with anticipation as they put their cherished property up for sale. The thrill of possibilities dances in the air, mingling with the scent of fresh paint and nostalgia. But alas, amidst the flurry of eager buyers, there lurks a common foe: the lowball offer.
These daring individuals waltz into the lives of sellers, armed with audacity and a poker face that would make Lady Luck blush. They swoop in, seeking to snatch our beloved haven for a fraction of its worth as if it were a yard sale trinket instead of a sanctuary built on dreams and hard work. But let me tell you, dear readers, we homeowners are no pushovers. We won’t let our aspirations crumble at the sight of a paltry number scrawled on a piece of paper. No, we’re holding out for the knight in shining armor, the one who recognizes the true worth of our home and presents an offer with terms so appealing, they make the angels sing.
So, to all the ‘lowballers’ out there, take heed: homeowners won’t settle for anything less than what this house deserves. The battle rages on, and we await the arrival of the rightful buyer, ready to unlock the doors to a future filled with mutual satisfaction and the sweet sound of a sold sign.
Reject lowball offers unless you desperately need to sell your house and don’t have any other options. For example, upcoming military deployment may force you to sell your home within a specific timeframe. Let time dictate how low you go with accepting an offer. It’s easier to refuse offers that are for embarrassingly low amounts. Have confidence when declining offers on your house if you have time!
Rejecting a Cash Offer
A cash offer in real estate is an enticing proposition that can make any homeowner jump for joy. Professional homebuyers pay cash for houses to make their offers more competitive. Imagine the sheer thrill of selling your home swiftly and effortlessly, without the tedious hassle of waiting for mortgages to be approved by the homebuyer’s lender. Additionally, there can be financing contingencies that can turn the deal sour later. As a jubilant homeowner, the idea of a cash offer brings a wave of relief and certainty.
Not only does it eliminate the uncertainty of a potential buyer’s financial situation, but it also speeds up the entire selling process, allowing you to move on to your next chapter. Cash offers help provide a seamless transaction that promises security, peace of mind, and a smooth transition to a new home.
However, not all cash offers are made equal. Make sure to look for contingencies and clauses in the offer regarding inspection periods and due diligence periods. These contingencies allow homebuyers to back out of the deal depending on certain findings within the property. Rejecting the cash offer would have saved you time originally if you knew the buyer was planning to back out.
Reject a Real Estate Offer with Confidence
Have confidence when deciding what to do with the offers you’ve received during the sale of your home. Sellers can refuse a real estate offer when they know it has contingencies written into it that make it less appealing. Don’t accept an offer on your home if it’s not worth it. At least counteroffer a buyer if you think there’s a chance they can adjust the contract to be more favorable to the seller side of the transaction. Reject a house offer if there is a better opportunity around the corner.