If your home offer got rejected, you may be left scratching your head and wondering what went wrong. This post can help you understand some of the main reasons your bid was rejected.
Why Home Offers Get Rejected
If you’ve been in the market for a new home for some time now, you know just how stressful the whole process can be. It’s easy for potential buyers to get discouraged by the whole process, especially after they put in an offer on their dream home only to have it rejected. If you’re not sure what went wrong with your bid, this post can help you figure it out.
Your Offer Was Too Low
One of the most common reasons a seller won’t accept an offer is because it is significantly lower than what their home is priced at. If your offer is way too low, it may even offend the seller. It doesn’t simply come down to the money, a low ball offer will make a seller feel like they wasted time and resources on someone who clearly isn’t serious about purchasing their property. If the home you’ve fallen in love with doesn’t fall within your budget, avoid making an offer. To avoid falling in love with a home you can’t afford, don’t consider homes outside of your budget. Even if your real estate agent insists that you view the home, let them know you’re not interested.
If you want to attempt making a low ball offer, there are some strategies you can use to make it a success.
The Seller Got a Better Offer
If you’ve fallen hard for a home, chances are other potential buyers are also interested. If there is a lot of competition to win the home, your chances won’t be as great. It’s hard to be sure how much other buyers are offering for the property, but avoid assuming they are bidding low. As you decide how much to offer, remember to stay close to at the asking price, and try not to make your offer too high simply because you feel pressure from other buyers. Your offer should always reflect what you think the house is worth. If you don’t win the home, it’ll be ok, there are plenty of other houses on the market.
You Skipped an Important Step
If you’re serious about acquiring property, don’t forget to get pre-approved for a home loan. Going through this process will let you know how much home you can afford so you can build a realistic home budget. It will also let buyers know that you are completely serious about purchasing their property. If they are trying to decide between a buyer who has been pre approved for a mortgage loan and one who hasn’t, they are more likely to choose the person who they are sure will be able to pay the mortgage. Don’t lose out on your dream home simply because you ignored this step!
Once your offer has finally been accepted, don’t forget to add title insurance to your list of needs. Learn about the benefits of title insurance in Shrewsbury by contacting Home Key Title at (508) 475- 5502.
You Haven’t Met the Seller’s Demands
If you made a solid offer and have been pre-approved for a home loan and your bid still got rejected, it may come down to more than finances. The seller may have certain stipulations you don’t meet, making it impossible for them to sell you their property. For example, if you need to move in right away but they won’t have the home ready for another month, it won’t work out for either of you. You can try to negotiate certain things, but some things are impossible to sort out.
The Seller Has Unrealistic Standards
If the seller has unrealistic standards, there isn’t much you can do. For example, some sellers may be reluctant to let their home go or they may be asking way too much of you. Others may be getting tons of offers and will prefer to wait for even higher bids that don’t align with the condition of the home. Whatever the case, this is completely out of your hands. Don’t feel like you have to bend over backwards to meet the seller’s needs and instead move on.
What Can You Do?
If your offer was rejected for whatever reason and the seller doesn’t want to negotiate, there isn’t much more to do. However, you can use this as a learning opportunity for your next offer. Do your best to figure out what went wrong and continue on in your search for the perfect home.
After your offer gets turned down, you may be feeling a bit discouraged. To help you move forward, check out these tips.
Purchase Title Insurance in Shrewsbury
When you’ve finally secured your dream property, don’t forget to protect your rights to ownership with title insurance in Shrewsbury. To learn more about what title insurance can do for you, contact Home Key Title at (508) 475- 5502 to learn more.