I have received an offer on my home, which is for sale by owner. Do I need to submit a refusal to offer in writing if she wants it by 5 pm today, and just submitted the offer at 1pm?
2007-01-15 10:31:40 · 5 answers · asked by Dreamer57 2 in Business & Finance ➔ Renting & Real Estate
No, you don't have to formally refuse the offer. For a contract to be valid both parties have to consent. If only one party consents the contract is void.
2007-01-15 10:37:31 · answer #1 · answered by RN 2 · 1⤊ 0⤋
You are not required to formally refuse an offer on your home. What ever you do please do not make a counter offer. Making a counter offer is telling your potential buyer that this is the price I will sell my home for and if you sign, the house is yours.
If you should get a better offer after the person has signed the counter offer you are legally bound to the signed counter offer.
Accept all offers that come to you, if you need more time that is given on the offer, always tell the person making the offer is I reserve the right to a 24 hour period in which to make a final decision.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-19 18:12:07 · answer #2 · answered by Skip 6 · 1⤊ 0⤋
No, you do not have to give a written refusal, or a verbal refusal, or any kind of response at all if you don't like the offer. Also, yes, it can hurt to give a written counter offer.
Tell the buyer that her offer is not acceptable - she should resubmit one that includes..... (tell her what he should change) ... and you will re-evaluate her offer at that time. Let her know that the house is still on the market.
A written counter offer binds you to this buyer if she should happen to sign it. This would be bad if she signs it after you've gotten a better offer and have not rescinded your counter to her.
2007-01-15 19:40:59 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
If she's only giving you four hours to reply she's either not serious or doesn't know the appropriate length of time to consider an offer (most people at least give you 24 hours to respond.)
You can let the offer expire, or reject it in writing, or make a counter offer.
2007-01-15 19:53:26 · answer #4 · answered by operababe_61 3 · 1⤊ 0⤋
No, by allowing the time to expire, that is generally considered a refusal. However, it never hurts to write a counter-offer!
2007-01-15 19:14:14 · answer #5 · answered by Mary 3 · 0⤊ 0⤋