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Acceptable reasons to reject an offer to buy

On Behalf of | Sep 4, 2020 | Real Estate Transactions

Selling a house is a big undertaking. From getting your home valued and inspected to holding open houses for potential buyers, the process is a significant financial, emotional and time-consuming investment. Putting in all of this effort does not make much sense if a Texas homeowner decides to simply accept the first offer even if it is not reasonable. Unfortunately, some people do so because they are not sure when it is acceptable to reject an offer to buy.

It is important to understand that there are situations in which it is not legal to reject an offer. A seller cannot refuse to sell for any reasons that are protected by state or federal law. For example, he or she could not reject an offer based on the buyer’s race, national origin, religion, sex or familial status.

However, rejecting an offer because of financial reasons is acceptable. A seller can reject an offer if it is too low or does not adequately reflect the value of the house. It may also be a good idea to reject an offer from a buyer who might not be in the financial position to secure a mortgage.

Of course, a seller might simply change his or her mind about selling altogether. No one is required to sell his or her home just because it is on the market. Indeed, homeowners who are on the fence about whether to sell might realize they are not ready to do so when they receive their first offers.

Residential real estate is more complicated than some may realize. For example, there are buy-sell agreements, taxes, closing costs and more. Even deciding whether to accept or reject an offer can be a significant undertaking. Since homes are often the biggest investment that people in Texas make, it might be a good idea to speak with a knowledgeable attorney rather than leave things up to chance.