I would add one additional caveat to what has been written- if they have receive a CASH, full price offer that meets all the terms of their agreement to list the property for sale, they may be obligated to pay a commission to the agents who have done their job and brought the offer. But that is an issue between agent and client, not between buyer and seller.
That being said, check with an attorney for legal advice re whether a seller has a legal obligation to fulfull an offer to sell.
Any attorney out there who would chose to comment?
Yes, a seller can reject an offer. Some of the reasons why seller might not want to accept a good (asking price) offer would be:
-not sure if buyer really qualifies for a loan, their pre-approval sounds weak. If this is the case it might be helpful to get a different mortgage consultant that can do a better job communicating.
-seller does not want to accept a buyer with FHA financing or give closing credits.
-seller needs more time to move, and buyer needs to close quickly (or the other way around)
-seller does not want an offer with a home sale contingency
No, it doesn't make sense. But that is the way it is. Has this happened to you?
All it is until the Seller signs it is an offer to purchase and not a fully executed contract...
Just curious why you asked the question...