Your offer keeps getting rejected? Tired of getting your hopes up and it not working out? Below are the top reasons why an offer is rejected so you have a better chance at getting an accepted offer when your dream home comes along.
#1 You’re missing a Pre-Approval Letter.
Not only is it important to have a pre-approval letter so that you know how much you are comfortable spending, but sellers are unlikely to entertain offers without them. Taking the time to get pre-approved shows that you are serious about buying a home. The seller is not likely to risk taking their home off the market before knowing if you can even afford the mortgage on it. Reach out to a lender today, let us know if you need recommendations.
#2 You’re unrealistic.
This can mean a couple of different things. First asking for too many contingencies. Contingencies include things like having to sell your home in order to purchase a new home, difficult financing, asking for a large amount of closing cost, or extended close dates, to name a few. Having too many makes your offer appear not as strong as it should be. This is a risk to the seller and they could be turned off. Sometimes buyers do need contingencies, but limiting them or making your offer stronger in other places will help. I.E.: If you need to sell your home in order to buy a home, making an offer closer to list price may help outweigh this contingency factor.
Another way to appear unrealistic is a low-ball offer. Often buyers see a home sitting on the market for a longer period of time and assume the seller is desperate to sell. Sending a low-ball offer often offends the seller and they think you aren’t serious about buying their home. If you are serious and you have looked at the market data, speak with your agent about what is a fair offer and realistic price.
Lastly, a buyer can appear unrealistic if they give the seller too quick of a turnaround time to respond to their offer. Remember this is often a big financial decision for them just as it is for you. A short turnaround comes off as being pushy and could likely push the seller away from even responding at all. Focusing on a strong offer with realistic expectations makes for a smooth transaction.
#3 The seller is difficult or unrealistic.
Unfortunately, there are some sellers who are just going to be difficult to work with or unrealistic no matter how strong your offer is. Even if the price reflects the market and you have no contingencies, you’ll see that some sellers will always find something they don’t like. It’s important before starting your home search you understand that some sellers will be difficult to work with. Having the expectation that just because you put an offer in on a house not all sellers will agree with your offer. Coming into the process with this mind frame will eliminate some of your frustrations.
#4 Your Agent isn’t easy to work with
You maybe thinking “What does the agent have to with my offer?” The buyer’s agents and listing agents are the ones communicating with the buyers and sellers. Having an experienced agent negotiating on your behalf, paying attention to details, and not getting wrapped up in the emotional part of the offer will help you get your offer accepted and allow for a smooth transaction.
#5 You didn’t find out the seller’s timeframe or situation
When you find the perfect house and you decide to write an offer, it’s important that your agent gets the details on the sellers. What’s important to them? A quick closing or some extra time? What’s their deal breakers? You don’t want to put yourself out of the running due to a deadline or close date. Make sure your agent finds out how to make your offer more desirable to the seller.
Finding the right home is important, and when that day comes you want to make sure your offer successfully gets accepted or you’ll be disappointed. Many of the top reasons offers are rejected can be avoided by the buyer. Make sure your offer stands out! If you are considering buying a home and want to chat about how you can put yourself in the best position for getting an accepted offer on your dream home, please contact us buy@brunoswift.com.
