If you've been house hunting for a while and you find a place you love, getting rejected can be very discouraging. To learn why your offer may be getting rejected, read this post by Speedy Title and Escrow Services, LLC in Clinton Township.
Reasons Why Your Offer Got Rejected
Reasons Why Your Offer Got Rejected
The house-hunting process is a long and overwhelming one. This is why it's a relief when you finally find a place you love and that you want to invest your money in. However, while you may think that the hardest part of the process is behind you, it may be that you won't be able to become a homeowner just yet. The seller has the power to accept or reject your offer. While getting rejected may hurt, it's a good learning opportunity that can help you correct mistakes and prevent this from happening again. To learn why your offer may have gotten turned down, continue reading the post below.
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Why the Seller Rejected Your Offer
You Went Too Low With Your Offer
More often than not, the reason why your offer wasn't accepted is that you went too low and offered too little. The seller places a price on the property, but it's often suggested that you lower your offer a little bit from the asking price, so as to get the negotiations started. Especially when the property has been on the market for a long time, lowering the offer is common. This can be a double-edged sword, as the seller may not take you seriously if you go too low below the asking price (some may not even respond to your offer). Talk to your real estate agent, an assessor, and a home inspector to suggest an appropriate offer.
There Was a More Attractive Offer
It's highly likely that you won't be the only one to loves the property you have your eye on. In fact, if it's an awesome estate, it's probable that there will be more than one interested party. When that happens, the seller holds all of the power, as they can consider all of the offers and opt for the one that will benefit them the most. In some cases, you may still have a way to sway their decision in your favor (for example, you can offer more money). Still, the seller will have the final say on the situation, and you should accept whatever decision they make.
The Seller's Agent Also Works With The Buyer
In the real estate business, networks are everything. It is through them that agents match up buyers and sellers, get better deals, and navigate through the real estate world. For that reason, it makes sense that agents will find it easier to pair up their own sellers and buyers (or to pair theirs up with other agents in their company). This is not only a matter of ease, but the seller and buyer with the same agent can split the agent's commission between them. In the end, everybody wins in this arrangement.
You're Asking for Too Much
As a buyer, you also have the right to make certain demands in order to go through with the purchase. For instance, you can ask to get your own home inspection or appraisal on the property, or you can request the seller to cover the cost of title insurance and transference. However, if you start asking for too much, the seller can also back up from the sale. The moment they decide that your demands won't benefit them in the least, they will be free to reject your offer. It's important for you to put your foot down in some issues, but have some leeway in others.
Your Real Estate Agent Is the Problem
Lastly, it may be that your offer got rejected because your real estate agent isn't really working for you. Unfortunately, sometimes agents are overworked and they have to split their attention between several clients. In other cases, agents don't have the right expertise to negotiate the offer. Whatever the case may be, if you suspect that your real estate agent isn't doing the job, then you're free to work with someone else. At the end of the day, this deal should be benefitting you, and if it isn't, you can make a change.