7 Reasons Why Your Offer To Purchase A House Was Rejected
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Do you know the reason your offer to purchase a house was rejected? Having the knowledge as to why your offer was rejected will hopefully result in you making your next offer more attractive!
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7 Reasons Why Your Offer To Purchase A House Was Rejected
- 2. There are quite a number of reasons why your offer to purchase a house was rejected! Having the knowledge as to why your offer was rejected will hopefully result in you making your next offer more attractive! www.NorthcliffRealEstate.com
- 3. Home sellers want the most money for their property, with the least amount of inconvenience. If you were to find out later that the property went for an amount you could easily have trumped, will you regret not having put in a better offer from the start? www.NorthcliffRealEstate.com REASON #1: THE SELLERS RECEIVED A BETTER OFFER
- 4. Most of the time, home buyers have done their homework (with or without help of a real estate agent), and have a pretty good idea of how much your house is worth. A Comparative Market Analysis (so-called CMA) goes a long way in preparing oneself prior to putting an offer in, as your offer more than likely is now considered to be reasonable, and negotiations can commence! www.NorthcliffRealEstate.com REASON #2: YOUR OFFER WAS LOWER THAN THE ASKING PRICE
- 5. What I mean by that is, if you’re thinking of putting an offer in which isn’t at full asking price, but it includes a number of contingencies, don’t be surprised to see that your offer got rejected by the seller as they might have accepted an offer with a slightly lower price than yours, but doesn’t have as many demands! www.NorthcliffRealEstate.com REASON #3: YOUR OFFER CONTAINED TOO MANY CONTINGENCIES
- 6. Hopefully, your real estate agent has explained to you beforehand that sometimes it’s possible to run into difficult and/or unrealistic home sellers, so this shouldn’t come as too big of a surprise (and/or disappointment) to you! www.NorthcliffRealEstate.com REASON #4: THE SELLERS HAVE UNREALISTIC EXPECTATIONS
- 7. If you’re a serious home buyer, by now you should be aware of the importance of getting pre- approved for a mortgage! Don’t be fooled into thinking that getting pre-qualified is the same as pre-approved! www.NorthcliffRealEstate.com REASON #5: YOU DON’T HAVE YOUR FINANCING FIGURED OUT
- 8. Depending on your location, it may not allow for a dual agency, which is defined as “a real estate transaction in which the listing agent represents both the seller AND the buyer.” www.NorthcliffRealEstate.com REASON #6: THE LISTING AGENT HAS A DUAL ROLE
- 9. Your time frame as the home buyer could potentially be conflicting from the home seller’s time frame! Unless the seller is in hurry and needs to sell sooner rather than later, odds are stacked against you that the home seller will agree to the terms stated in your offer! www.NorthcliffRealEstate.com REASON #7: THERE IS A MISMATCH IN TIME FRAME
- 10. In the end, you as a home buyer need to come to terms (pardon the pun) with the reality of offers being rejected by the home seller! It might take you a couple of purchase offer attempts before there’s one that’s accepted! www.NorthcliffRealEstate.com READ THE ENTIRE BLOG HERE.