Selling property is an enormous undertaking, and after all of the hard work and effort most people put into the process, it might feel counterintuitive to reject an offer to buy. However, there are several very good reasons for doing just that. Here are a few situations in which it might be appropriate to decline a real estate purchase offer.
Home values can be tricky to determine and fluctuate regularly. Things like the housing market, neighborhood and even area of Louisiana in which a house is located can all influence what a home is worth. If an offer rolls in that is significantly less than a property’s current value, saying “no” to avoid a loss is understandable. It is also perfectly acceptable to decline an offer if the seller believes that the potential buyer might not be able to secure a loan because of his or her economic position.
Another reason to decline an offer is if the seller changes his or her mind. There is no rule that says once a home has been listed for sale that it must absolutely be sold. Sometimes a property owner thinks that selling is the right choice until faced with the reality of an offer, at which point he or she decides it’s better to stay put.
Louisiana property owners should be cautious in how they approach turning down offers. There are a number of instances in which declining an offer is illegal, including when the decision is based on the potential buyer’s sex, national origin, race or familial status. Those who are considering turning down an offer but are unsure of their decision may want to consider speaking with an attorney who is experienced in real estate law.