Does a seller have the right to refuse to consider a new offer from a buyer who made a lowball offer that was not accepted?
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Does a seller have the right to refuse to consider a new offer from a buyer who made a lowball offer that was not accepted?
The buyer is trying to go too far under asking price and then would like to come back with a stronger offer if the seller rejects initial offer. Does the seller have the right to not look at any other offers that a buyer would make after the initial offer was made?
Asked on September 21, 2019 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
A seller is under no legal obligation to accept an offer or counteroffer. Further, these negotiations do not constitute a contract and without a contract, niether party is obligated to act. That having been said, a contract is formed when an offer (counteroffer) is accepted.
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
A contract requires an offer and an acceptance. A party can reject offers and counteroffers .
Therefore, the seller can reject offers and counteroffers from the buyer. Offers and counteroffers are preliminary negotiations which do not constitute a contract. The contract requires an acceptance of the offer or counteroffer.
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