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Is it legal to reject an offer to buy my home?

On Behalf of | Sep 3, 2020 | Residential Real Estate

There are many factors that go into a homeowner’s decisions to accept or refuse an offer to buy. However, some sellers in Delaware might be worried that they have to accept the first offer they receive, even if the amount falls short of what they are hoping for. While it is true that rejecting an offer because of a buyer’s race or other protected status is illegal, there are many legitimate reasons one might reject an offer.

While homes are often safe locations in which families and loved ones can create memories, they are also significant financial investments. For the average homeowner, it does not make much sense to accept an offer that does not reflect the value of his or her house. Rejecting an offer because the amount was too low is completely reasonable.

There may still be reason to reject a buyer even if his or her offer is reasonable. If the potential buyer’s economic position is in question and the seller believes it will be difficult for him or her to secure a mortgage, it makes sense to turn down the offer. Accepting an offer only to have it fall through wastes a homeowner’s time and may even cause him or her to miss out on better offers.

A homeowner can also choose to reject an offer because he or she simply does not want to sell any more. There is no obligation to sell once one has put a home on the market. For some Delaware homeowners, receiving that first offer makes them realize that they are not ready to part with their homes just yet. Rejecting an offer can still be tricky, even when doing so is acceptable, though. As such, speaking with an attorney about one’s options for turning down an offer to buy might make a homeowner feel more secure in his or her decision.