Selling your house in Cincinnati or Northern Kentucky? Getting your home all prepared and finally putting it on the market can be a long process, and then offers to start coming in and add to the stress. Saying No to an offer is all right as long as you do it for an acceptable reason. These reasons may be because of legal reasons or the offer is just too low. However, sellers should not discriminate against individuals protected under state and federal law.
To keep your head on straight and strengthen your sales resolve, take a look at these 4 signs you should say no to an offer when selling your house in Cincinnati or Northern Kentucky.
The Price Is Wrong
Most sellers are already going to know not to jump on an offer that comes in way below your asking price, but finding the right price is a goldilocks situation – you want the offer price to be just right. No home sellers would want to take a loss on their property. They would certainly avoid it. If you don’t think that the offer reflects the value of your house then you can always reject an offer.
Keep in mind that any offers that come your way happen before an inspection or contingencies can be put into the mix. This means that the buyer’s already low offer could end up netting you even less if you’re required to spend more of your money on their contingencies.
On the opposite end of the offer spectrum, if your buyer is offering way more than the value of the property, an appraisal is very likely to alert the buyer’s lender to the precarious lending situation in which this would leave them. No lender wants to approve a loan that is substantially higher than the value of the property because it could leave them in a terrible position if the new owner defaults. This leads to the lender foreclosing on the property and trying to recover their losses by putting the home back on the market while almost certainly taking a financial hit on the future sale.
A buyer’s offer rarely consists of a monetary figure and nothing else.
Some buyers will request window treatments or a specific piece of furniture be a part of the sale – particularly if you were already suggesting they were available as part of the deal. However, some buyers may push the limits by making ridiculous demands, and then be entirely unwilling to budge throughout negotiations.
Both the buyers and sellers need to understand that negotiation consists of reasonable give and take on both ends, and meeting in the middle will likely give the greatest likelihood for securing financing and closing the deal successfully.
Don’t be a bully and, in turn, do not entertain a buyer’s inflated sense of ego. Simply saying no to an offer when selling your house in Cincinnati or Northern Kentucky is okay.
You might be asking questions like: How long does a seller have to respond to an offer on a house? Can a seller go back to an interested buyer after the seller rejected their offer?
How to handle multiple offers on a house?
Well, one thing is for sure. Once your house is on the market, the last thing you want to deal with is offers from potential buyers who just aren’t quite sure about what they want or if they’re actually interested in your home.
If a buyer is asking a long series of highly-detailed questions, chances are they won’t be satisfied with the results of an imperfect inspection.
Another indicator to keep your eyes out for is a buyer who has done three or more walkthroughs of your home and remains unsure if they want to move forward. At that point, likely, they aren’t really that interested in purchasing your property, and it would be best to look elsewhere.
They’re Clearly Winging It
Finally, be wary of the buyers who show up to an open house ready to throw an offer your way from the get-go.
If they claim that they just got started looking at homes – or do not have an agent representing them – take everything they say with a grain of salt, and be wary of any offers from them.
It’s also a good idea to make sure anyone who puts an offer in has at least done private viewing of the property to make sure they are truly interested, have gotten sufficient input from their agent, and aren’t just feeling around to see if they can work you over for a quick deal.
Your Partner When Selling Your House in Cincinnati or Northern Kentucky
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We believe in honesty, respect and servanthood. And when you work with Team Sztanyo for your real estate needs, you know you will have an expert who will serve your needs and be a strong negotiator on your behalf.
We help families all over the Greater Cincinnati area in not only Fort Thomas, but places like Florence, Erlanger, Milford, Mason, Loveland, Oakley, Fort Wright, and more. We would gladly help you so you can take control of your situation, end the hassles, and get back to living the life you want to live. Real estate can be stressful, but we aim to put your mind at ease. Let us worry about the details. If you want to chat real estate or even just connect for a quick coffee, reach out to us anytime!