Acceptance of the offer An accepted offer is not legally binding until the contracts are exchanged. This means that a buyer can withdraw from the sale at any time until the contracts have been exchanged.
How do I politely decline an offer?
Declining an offer is perfectly legal as long as you do it for the right reasons. There are many legitimate reasons, including low bids and concerns about the buyer’s financial situation. But sellers must not discriminate against people protected by state and federal laws.
Can you turn down a home offer?
The seller might think that the buyer is not serious about buying the property if the offer is too low. Sellers can easily get offended and too angry to respond. You will immediately decline the offer without further discussion.
Why would a seller not accept an offer?
Even if buyers make an offer at the seller’s asking price and with no contingencies, there is no guarantee that they will get the house. … Home sellers are free to refuse or object to even a no-obligation, full-price offer, and are not bound by any terms until they sign a written home purchase agreement.
Can you decline a requested price quote?
Home sellers are free to decline or object to even a no-obligation, full-price offer, and are not bound by any terms until they sign a written home purchase agreement.
How much of the asking price should I bid?
Many people place their first offer 5% to 10% below the asking price, as many sellers value their homes above the actual estimate to create room for negotiation. Don’t go too low or too high on your opening bid. If you bid far below the asking price, you will not be taken seriously.
Can you turn down an offer for your house?
Declining an offer is perfectly legal as long as you do it for the right reasons. There are many legitimate reasons, including low bids and concerns about the buyer’s financial situation. But sellers must not discriminate against people protected by state and federal laws.
Can I offer 30 less than the asking price?
If it’s been on the market for two months or more at the same price, we recommend being more aggressive and offering 8-10% less than the asking price. And if the property is great but we have hard data showing a much lower price, we would happily recommend selling it for up to 30% below asking price.