Reasons to Turn Down an Offer on Your Omaha Home

In this long-continued seller's market in Omaha and several other locations across the country, many homebuyers have had success selling their homes at or above the list price. And for a homeowner selling their home to the first buyer to make an offer just days after listing for full price can seem like a great situation. But there are some times when it might make more sense to turn down an offer on your Omaha home even if it is for the full amount or more.

Here are some reasons to turn down an offer on your Omaha home

A pre-approval letter is missing

The pre-approval letter is an official document stating that the buyer making an offer on your home has already talked over the possibilities of qualifying for a mortgage loan with a reputable lender. The lender has given the buyer an official document stating that they have had a conversation with the home buyer and have discussed the possibility of loaning the buyer a certain amount of money.

It is smart for Omaha home buyers to include preapproval letters with their home purchase offer to communicate to a homeowner selling their home that they are serious, have explored their financial options, and know their probability of qualifying for a home loan at a certain price. If this letter is missing from the offer it could be concerning it could be a signifier that the buyer has not begun the mortgage application process and has a higher likelihood of not finalizing their purchase offer because of financing issues.

There are several contingencies

A contingency in a purchase offer for my buyer is not uncommon. A contingency is a situation that must be met during the home sale for the sale to continue on. For example, the most common contingency is the financing. This will state that if the buyer is unable to secure financing they can back out of their offer.

There are several other contingencies that can be included in purchase contracts. But on occasion, a home buyer might include a large number of contingencies and expect too much from the home sale. If the request list becomes excessive this could be a red flag that the transaction could be more of a pain than you need. If you receive an offer with too many contingencies it may be best to turn it down.

The closing date

The majority of closing dates will be requested somewhere between 30 and 60 days from making the initial offer on the home. This enables the buyer to get their financing approved and ready for money to transfer hands as well as gives the current homeowner time to get the home ready for the next owner.

These days are not set in stone and a buyer can request a different timeframe for closing. Sometimes a buyer may request a quick closing within 14 days, this often comes with a cash offer, and sometimes it could be a request for a longer closing period. If this closing request puts too much strain on you as the home seller then it is not worth accepting the offer. It could be better to counter the offer or if the request is too crazy to reject the offer.

Tips for turning down an offer

If you as a home seller need to turn down an offer there is a proper way to do so. The best approach for rejecting an offer is to make sure that you do so in a timely manner after receiving the offer and to be respectful and considerate of the buyer. Make sure to explain the general terms of why you are turning down the offer without going into great detail and without criticizing the offer. It is also best to work with a trustworthy agent who can handle the correspondence with the buyers for you.

If you are considering selling your home in Omaha please contact me. I am dedicated to my clients and help them to receive the best offer possible on their home as well as talk over every offer to help my buyers make the best decision for them.