While you or your listing agent may acknowledge receipt of a buyer's offer, that’s not the same thing as responding to it. Here are several reasons why you may not respond:
- Offer is too high or too low
A lowball offer or an offer that is significantly below the asking price could be insulting and may signify that the buyer isn’t serious. Meanwhile, an offer that is too high may not be realistic, especially if the buyer will need financing. The lender will only approve a loan after an appraisal is completed and within the home’s market value.
- You want to review all offers at once
If you want to review all offers at once, it’s a good idea to wait until all offers are in before responding to buyers. The only downside is that other qualified buyers who are hoping for a quick reply may simply withdraw their offers.
- You’re waiting to hold a public open house
If you have an open house scheduled soon, it may be wise to hold off on reviewing offers until after the event to increase your chances of receiving the best offer.