Picture this: You find the perfect house, start creating all of your Home Décor Pinterest boards, and BAM – you find out that the sellers didn’t accept your offer.
Now, your dreams of making dinner in the beautiful farmhouse kitchen are crushed and you’re wondering what you did wrong.
If you’ve had that happen to you, you’ll want to keep reading.
There are a few reasons your offer could’ve been rejected and knowing why can help you the next time you find a house you want to write an offer on.
PS – I promise your real estate dreams aren’t crushed. There will be another one!
Now, your dreams of making dinner in the beautiful farmhouse kitchen are crushed and you’re wondering what you did wrong.
If you’ve had that happen to you, you’ll want to keep reading.
There are a few reasons your offer could’ve been rejected and knowing why can help you the next time you find a house you want to write an offer on.
PS – I promise your real estate dreams aren’t crushed. There will be another one!
Reason #1: You’re Missing a Pre-approval Letter.
Not only is it important to have a pre-approval letter so you know how much house you can afford, but sellers are unlikely to entertain offers without them.Why?
Can you think of a reason why the seller would risk taking their house off the market before knowing if you can even afford the mortgage?
Taking the time to get pre-approved goes a long way toward showing sellers how serious you are about buying a home.
How to Correct This - Talk with local lenders about your options and get a pre-approval letter from them so you can have it in hand, ready for your Real Estate Agent to scan over with the offer.
Reason #2: You’re Being Unrealistic
This could relate to a few things, one of them being that you have too many contingencies.
Do you have a home sale contingency before even having your house up for sale with an accepted offer?
Did you include a long list of items that your offer is contingent on in addition to the absolutely necessary ones?
Did you ask for the wine fridge and pool table when the sellers said they are not included?
Many items can be negotiated but if you really want the house, you need to be realistic – not over the top.
Another way you can appear unrealistic is to lowball the sellers with your offer price.
When this happens, the sellers may get offended or think you’re not serious.
One more way you might be being unrealistic is that you gave the sellers an extremely short turnaround time to respond to your offer.
This is a MAJOR turn-off.
Even if you are in a competitive offer situation, you should focus on strengthening your offer and submitting what you feel is the best you can do rather than pushing the sellers to respond in an unreasonable amount of time.
How to Avoid This - Stick to what is the most important to you when it comes to writing offer contingencies.
Make sure you’re going over market data with your Real Estate Agent so you’re able to back up the offer price you’re putting out there.
Lastly, give the sellers a reasonable turnaround time. Pushing them into a corner will not result in getting what you want and it will only get you off to a bad start with them.
Do you have a home sale contingency before even having your house up for sale with an accepted offer?
Did you include a long list of items that your offer is contingent on in addition to the absolutely necessary ones?
Did you ask for the wine fridge and pool table when the sellers said they are not included?
Many items can be negotiated but if you really want the house, you need to be realistic – not over the top.
Another way you can appear unrealistic is to lowball the sellers with your offer price.
When this happens, the sellers may get offended or think you’re not serious.
One more way you might be being unrealistic is that you gave the sellers an extremely short turnaround time to respond to your offer.
This is a MAJOR turn-off.
Even if you are in a competitive offer situation, you should focus on strengthening your offer and submitting what you feel is the best you can do rather than pushing the sellers to respond in an unreasonable amount of time.
How to Avoid This - Stick to what is the most important to you when it comes to writing offer contingencies.
Make sure you’re going over market data with your Real Estate Agent so you’re able to back up the offer price you’re putting out there.
Lastly, give the sellers a reasonable turnaround time. Pushing them into a corner will not result in getting what you want and it will only get you off to a bad start with them.
Reason #3: the Seller is Difficult or Unrealistic
This one isn’t necessarily something you can do much about but it could be the reason your offer didn’t get accepted.
Unfortunately, there are some sellers who are going to be very difficult to work with or are unrealistic no matter how strong your offer is.
How to Avoid This - While this one isn’t entirely avoidable, it’s important that before starting your home search you understand that some sellers are just going to be difficult.
Having the expectation that not every seller will agree to what you offer will help eliminate a lot of frustration for you as a buyer if your offer is rejected.
Unfortunately, there are some sellers who are going to be very difficult to work with or are unrealistic no matter how strong your offer is.
How to Avoid This - While this one isn’t entirely avoidable, it’s important that before starting your home search you understand that some sellers are just going to be difficult.
Having the expectation that not every seller will agree to what you offer will help eliminate a lot of frustration for you as a buyer if your offer is rejected.
Reason #4: Your Buyer’s Agent Isn’t Easy to Work With
You might be wondering what the buyer’s agent has to do with how much you’re offering the seller.
Well, the buyer’s agent actually plays a very crucial role in this process because whoever you choose is going to be the one communicating with and negotiating with the listing agent and therefore the sellers, throughout the entire transaction.
If the listing agent has had bad experiences with them in the past, they may share this with the sellers, making your offer less appealing.
How to Avoid This - Make sure you meet with and interview your Buyer’s Agent before committing to working with them.
Find out what their negotiating style is and get a feel for their personality.
Do they seem easy to work with or like they’d make others mad?
Well, the buyer’s agent actually plays a very crucial role in this process because whoever you choose is going to be the one communicating with and negotiating with the listing agent and therefore the sellers, throughout the entire transaction.
If the listing agent has had bad experiences with them in the past, they may share this with the sellers, making your offer less appealing.
How to Avoid This - Make sure you meet with and interview your Buyer’s Agent before committing to working with them.
Find out what their negotiating style is and get a feel for their personality.
Do they seem easy to work with or like they’d make others mad?
Reason #5: You Didn’t Find Out the Seller’s Timeframe or Situation
If you and your agent write an offer without asking the listing agent what is important to the seller – such as their timeframe for closing or any other factors that might be deal breakers – you might put yourself out of the running when the seller has to decide whether or not they want to accept your offer.
How to Avoid This - Make sure your agent has taken the time to get in touch with the listing agent to find out any details that may help you write a more desirable offer.
If your first offer got rejected, there is likely a reason.
The best way to make sure your next offer is accepted is to go in fully prepared.
Following these guidelines will not only prepare you for what to expect but can help set you up for success!
Soon, you’ll be enjoying the beautiful home you’ve been dreaming of!
How to Avoid This - Make sure your agent has taken the time to get in touch with the listing agent to find out any details that may help you write a more desirable offer.
If your first offer got rejected, there is likely a reason.
The best way to make sure your next offer is accepted is to go in fully prepared.
Following these guidelines will not only prepare you for what to expect but can help set you up for success!
Soon, you’ll be enjoying the beautiful home you’ve been dreaming of!
