Capurro & Reid Real Estate,LLC

Should You Decline an Offer to Purchase?

by Kevin Reid 12/17/2018

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

Kevin Reid

Thank you for visiting my website. I have created it to be informative, interactive and helpful to both buyers and sellers alike.

I am a Broker/Owner of Capurro & Reid Real Estate, LLC. I have been active/licensed by the State of Nevada for the past 32 years, and a broker for the past 18 years. I am a lifelong native of the Reno-Sparks area, and I have the local experience and knowledge to assist you in your real estate needs.

If you own real estate that you're thinking of selling, I would be happy to provide you with a Free Market Analysis. Send me an email, and I will gladly provide you with current market statistics, and a market analysis of your property.

Whether you are buying or selling, hire professional like myself, who wants to earn your business. I am an e-Pro Certified Internet Professional, a designation recognized by the National Association of Realtors. I believe that technology as it relates to real estate, and how to manage it, is a crucial element in today's market.

In addition, if you have any general questions about buying or selling real estate in Reno/Sparks Nevada, please contact me, as I am more than willing to help. I invite you to contact me. I am happy to assist you with these very important transactions.

Sincerely,

Kevin Reid
Capurro & Reid Real Estate, LLC
9645 Gateway Drive, Suite "A"
Reno, Nevada  89521
[email protected]
775-850-5000 Office
775-722-0121 Mobile
866-394-1772 fax