The process of buying a house can be extremely stressful. For starters, you need to secure financing, choose the right agent and look at different properties. After finding the right home for your family, you then need to submit a bid and hope that the seller will accept your offer.
However, there are times when a seller would reject your offer without offering any explanations. This can be frustrating, to say the least. So, what are the possible reasons why your purchase offer was rejected? Here are some of them.
Your offer is way too low. If you are serious about buying a house, stay away from properties that are way beyond your price range. Know what you can realistically afford and discuss it with your real estate agent. Falling in love with an expensive house and submitting a low-ball offer is very insulting and may cause the seller to automatically reject your offer without offering any explanations.
The seller received a better offer. If the seller received multiple bids on his property, there is a great chance that someone offered a better price or asked for fewer contingencies. If you ask for too many concessions (i.e. paid closing costs, unnecessary house repairs, etc.), the seller might pass on your offer and favor another buyer even if you put a higher bid.
You have not been pre-approved for a home loan. Unless you have enough money in the bank to make an all-cash purchase or have been pre-qualified for a home loan, most sellers will not take your bid seriously. Remember, sellers want to see proof that their potential buyers qualify for a home loan. If you don’t have it, you can expect to get one rejection after another.
For more valuable tips on selling or buying a home, please visit my main website at http://tammiecarter.crye-leike.com or my blog at https://tammiecarter.wordpress.com. You can also contact me at (678) 867-2345 if you need any help finding the best property that will suit your family’s needs.