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5 Reasons Your Purchase Offer Might Be Rejected

Here in Las Cruces, it is a definitely a seller’s market right now. As a home buyer, you need to understand the possibility of your offer being rejected by the home seller!

Buying a home needs to be a win-win situation.  Before you and your Realtor write an offer to purchase, you need to take into consideration these 5 common reasons your offer might be rejected. 

The Bruder Real Estate Team has put together the 5 most common reasons that sellers reject offers.  These are the things you should know to help get your offer accepted.

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5 most common reasons that sellers reject offers


After you watched the video, take your time and read the video transcript below


Here in Las Cruces, it is a definitely a seller’s market right now. As a home buyer, you need to understand the possibility of your offer being rejected by the home seller!

Buying a home needs to be a win-win situation.  Before you and your Realtor write an offer to purchase, you need to take into consideration these 5 common reasons your offer might be rejected. 

 

#1. The Seller Got A Better Offer

If there’s one thing about home sellers you ought to remember as a home buyer, it is that: Home sellers want the most money for their property, with the least amount of inconvenience.
Besides the price level of the offer to purchase, you might also be looking at home buyers with offers containing better terms than yours: Simply put, the home seller received a better offer than yours..

 

#2. Your offer was too far below the asking price

Your offer was lower than the asking price If you genuinely have an interest in purchasing the property, making a “low ball offer can immediately alienate the home seller. So think before you act!

Whereas low offers are a common reason for rejection, they are second only to offers having better terms, or offer more money, or both! Most of the time, home buyers and their Realtors have done their homework and have a pretty good idea of how much the house is worth. A really good Comparative Market Analysis goes a long way in determining the fair market value for you to offer. Your offer is now considered to be reasonable, and negotiations can commence!

In a seller’s market, you need to know as much as possible when you sit down to write-up an offer to the seller. Choosing the right agent to represent you is a must. Your realtor is crucial in a seller’s market. If you want to make an offer, a good realtor will know the prices and values of all of the comparable competing homes currently available and recently sold, and the Realtor can advise you as to the fair market value of the home. Your realtor will guide you in making an offer with the best price and terms for you, and at the same time  one that will be attractive for the seller.

Finally, you need your realtor to be an expert negotiator so that you end up with the best deal for the home you really want to buy.

#3. Your Offer Contained Too Many Contingencies

Something most home buyers aren’t aware of is the fact that the best price doesn’t always win!
If you’re thinking of putting in an offer at the full asking price, but it includes a number of contingencies, don’t be surprised to see that your offer gets rejected as the seller might have accepted an offer to purchase with a slightly lower price than yours, but doesn’t have as many demands!

Don’t misunderstand me here: there’s nothing wrong with putting a couple of (reasonable) contingencies in the purchase offer but with a lot of contingencies you’re reducing the likelihood of your offer to purchase being accepted!

#4. The sellers have unrealistic expectations
Even though the conversation about receiving multiple offers quickly may have taken place at the time of signing the listing, once some home sellers are exposed to high activity, they’ll change their minds! Your offer to purchase a house might be at full asking price, without any particular unreasonable contingencies, yet the home seller deems the offer to purchase too early, too little! In such a scenario, there’s not too much a home buyer can do except continue searching until you find your next gem! 

#5 You Don’t Have Your Financing Ready to Go.

If you’re a serious home buyer, by now you should be aware of the importance of getting pre-qualified. If, you were the home seller will you risk accepting a full asking price offer, from a buyer that still has to go through the mortgage approval process? You are less likely to reject the pre-qualified buyers even if the offer is slightly less. We cannot emphasis strongly enough that as a home buyer the importance of getting your financing approved prior to house hunting.

 

Closing thoughts
In the end, you as a home buyer need to understand the possibility of your offer being rejected by the home seller! Buying a home needs to be a win-win situation before both parties will agree to a deal. Before you and your Realtor write an offer to purchase, make sure you’ve all done your homework, understand the seller’s situation, know what’s included and what’s not, so that your purchase offer has a better chance of being accepted!
If your offer is rejected find out why, and if possible, what you can do to remedy the problem.
If you still end up with your offer being rejected, learn from experience so that your next offer will be received more favorably!

Contact The Bruder Real EstateTeam at any time.
OUR GOALis to provide you with any information or assistance that you may need.
Ron Bruder : 575-312-7330
Evelyn Bruder: 575-650-7224
www.homesforsaleinlascruces.com
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