Dale Sorensen Real Estate, Inc

3 Factors to Consider Before You Reject an Offer to Purchase

by Debbie Caldwell 02/23/2020

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

Debbie Caldwell

When you first meet Debbie Harris-Caldwell, you are immediately drawn to her charming Welsh accent and the twinkle in her eye. The well-traveled transplant from Wales is quick to set you at ease and time spent with her promises to be time well spent.

Debbie has been a real estate agent for 40 years and takes great pride in her customer service skills. "I make myself available to my customers when they need me, whether it's on a Sunday Evening or after their long day at work. I make my schedule fit theirs. I also keep my customers updated on everything happening with their listings or purchase, I am their conduit for information." She has built a business following her key principles of clear communication, attention to detail, client advocacy, and comprehensive knowledge of the area. Debbie comes to every new transaction with positive energy, determination, a strong understanding of the currents driving the market, and the expertise that comes from a lifetime of experience. She knows the importance of marketing and whether a home is for sale for $200,000 or for $2 million, she always has professional photography done and creates a listing presentation that best shows off her customer's home.

Debbie joined Dale Sorensen Real Estate five years ago when the company was opening its Indialantic office. "I saw the marketing capabilities of this company and the caliber of the marketing materials and knew they were in a class by themselves. I'm able to take advantage of their exclusive relationships with Mayfair International and Leading RE of the World to best market my customer's listings. My customers love this. After all, we have a common goal in mind, to sell their home."

Debbie has been involved in two pet projects for many years. She is a Member of the Board of Directors for the Brevard Symphony Orchestra and serves on the committee to find a new home for the organization. She is also a member of the Coastal Poodle Rescue league.

She recently completed a trip to Paris and is planning her next trip to her native home of Wales. She is a doting grandmother of a two-year-old granddaughter. 

Although she sold over $5 million in real estate transactions in 2017, her proudest moment was when she received the DSRE award for her Community Service. "It's one of the reasons I love this company so much, they put a lot of value in giving back to the community."

When asked what makes a good day in her world of real estate, Debbie is quick to respond. "When I see my seller's smile at an offer or when I see that sparkle in a buyer's eyes when we've found the perfect home, that's a good day for me."

Debbie also finds great pride in the fact that nearly one-hundred percent of her business is by referral. "Honestly, I can't ask for better than that."