Home sellers are free to reject or counter
even a contingency-free, full-price offers, and aren’t bound to any terms until they sign a written real estate purchase agreement.
Can a seller not accept a full-price offer?
Sometimes, one party to a purchase agreement will sue the other party to force specific performance. … However, in California and
most every other state property sellers can refuse even ‘clean’ full-price offers devoid of any buyer contingencies
.
Why would a seller not accept a full-price offer?
Here are a few other reasons you may want to reject a full-price offer:
There are other bids on the table
. Your situation has changed, making you less motivated to sell. You think your home is now worth more than the original listing price.
Can a seller back out if they get a better offer?
To put it simply,
a seller can back out at any point if contingencies outlined in the home purchase agreement are not met
. … A low appraisal can be detrimental to a sale on the seller’s end, and if they’re unwilling to lower the sale price to match the appraisal value, this can cause the seller to cancel the deal.
What happens if a seller rejects an offer?
What Happens If A Home Seller Doesn’t Respond To An Offer? Typically, the
original offer will include a deadline that provides the seller with a date that you need a response
. If there’s no response to your home offer by that time, the offer expires. This means you can walk away without any contractual obligations.
Do sellers ever accept first offer?
Real estate agents often suggest
that sellers either accept the first offer
or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”
Do sellers always take highest offer?
The answer is
often “no
.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house. In reality, however, it doesn’t always end up that way.
Can a seller accept two offers?
Can a seller accept multiple offers off the bat? In a dream world, a seller could say yes to every offer that crosses their path. However, with only one
home to sell, it’s impossible to accept more than one offer on a property
.
Can the seller take another offer when the home is under contract?
A seller cannot accept another offer if the listing became “in-contract
.” A home is “in-contract” after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing.
Can a seller change their mind after accepting an offer?
Once the offer is accepted, the contract often binds both parties so
no one can change their mind without the consent of the other party
.
Do real estate agents lie about other offers?
In conclusion, yes,
real estate agents can lie about offers
. However, it is more likely they are using vague “sales speak” or being upfront about a specific proposal. It is up to you to discover which, retain control over your purchasing and to act in your own best interests.
Can I refuse to sell my house to someone I don’t like?
Rejecting an offer is entirely legal as long
as you do it for the right reasons. … But sellers cannot discriminate against individuals protected under state and federal law. For example, you can’t refuse to sell a home to someone simply because they have kids or are of a different race from you.
Can a seller keep my earnest money?
Does the Seller Ever Keep the Earnest Money? Yes,
the seller has the right to keep the money under certain circumstances
. If the buyer decides to cancel the sale without a valid reason or doesn’t stick to an agreed timeline, the seller gets to keep the money.
Why should seller pay closing costs?
Seller concessions are closing costs that
the seller agrees to pay and can substantially reduce the amount of cash you need to bring on closing day
. Sellers can agree to help pay for things like property taxes, attorney fees, appraisal inspections and mortgage discount points to lower your interest rate.
How much can you go over asking price?
Offers typically need to
exceed at least 1 to 3 percent over list price
when there are multiple competing buyers. For example, if a home is priced at $350,000, a winning offer might be as much as $3,500 to $10,500 above that.
