Ignite FB Tracking PixelShould You Reject a Homebuying Proposal? - Comfort Usukumah Team
Should You Reject a Homebuying Proposal?

by Comfort Usukumah Team 03/04/2019

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
Comfort Usukumah Team
Comfort is a professionally qualified post-graduate trained and experienced Real Estate Broker who has been in the housing business since the eighties. She was a former Chief Executive of one of United Kingdom's Housing Group based in Central London. Comfort Usukumah holds a BSc. (Hons.) in Political and Administrative Studies. She is a corporate member of the United Kingdom's Chartered Institute of Housing ( MCIH); and a former Principal Officer of a Central London Local Government Authority. Comfort was appointed a member of the Barking, Brentwood and Havering Health Authority Board under the Premiership of Tony Blair. Comfort was also appointed the first Chairman of the London Borough of Havering's Race Equality Partnership. Comfort is a Certified Buyer Representative (CBR), Commercial & Investment Real Estate Certified (CIREC) and a professional Property Manager with a Post Graduate Diploma (PGDip.) in Housing from Middlesex University, Enfield, United Kingdom. Currently, Comfort is the President and CEO of Comfort Homes & Property Management LLC. CHPM is headquartered in the city of New Rochelle, NY, USA. She is a New York State Licensed Real Estate Broker, a member of the New York State Association of Realtors (NYSAR) and National Association of Realtors (NARS). Areas we cover include Westchester County, City of New York, State of Connecticut, Long Island, Rockland, Putnam, Bronx, Pennsylvania, and Georgia. Apart from the superior services and extraordinary results we provide to our property Buyer and Seller clients, we also specialize in relocation services, serving Ambassadors, Diplomats and Senior Corporate Executives from all parts of Africa, Europe and the rest of the world. We manage commercial buildings, rentals, and properties on behalf of Owners. Why don't you call Comfort today and experience the first class services yourself and in comfort?