If you are planning on purchasing a home, one fear you may have is thatReal Estate Terms Image the home seller may reject your offer. After all the work that goes into a house hunt, searching for the perfect neighborhood, the perfect home that you can afford, the idea that your purchase offer could be rejected is frightening.

If you find yourself in the situation of having your purchase offer be rejected, don’t panic. It’s not the end of the world if you find yourself having your purchase offer rejected. There are often several reasons that a purchase offer can be rejected and by knowing these reasons, you can often avoid being rejected and learn how to make a purchase offer that will be accepted eagerly.

The first reason many home sellers will reject a purchase offer is because it might be too much lower than the listed price. In situations like this, a seller might be offended and think that you are not a serious buyer, and will reject your offer outright instead of responding. The house might also have just come on the market and so the seller feels it is too early to consider an offer less than the listing price, hoping to wait for a higher offer.

Another reason purchase offers might be rejected is if the selling agent lacks experience and social grace. If your selling agent forgets to say please and thank you, or yells on the phone, it can be a huge turn-off to the seller and the listing agent.

Sometimes a listing agent can represent both the seller and a competing buyer. In a situation like this, a listing agent often has variable or dual-rate commission. This means if the listing agent ends up representing both sides of an agreement, they agree to reduce their commission. It’s a good idea to check MLS to see if the commission is variable.

Lastly, your offer may end up getting rejected because you aren’t meeting the seller’s specific needs. Sometimes a seller needs a long escrow or is concerned about repairs. In this case, what you need to do is ask what a seller needs. You can’t read minds and if they have certain issues that need to be addressed, the only way you will find out is by asking. You can offer a longer closing date or offer to take the house as-is if that will help close the deal.

Tags: , , ,

This is filed under Home Buying.


     Twitter It!