Having a stronger bid from others is one of the main reasons why a seller may reject your offer to purchase a their home. There are more reasons why the seller may rejects your offer and we are going to discuss possibilities behind it.
Here are the factors which can make a seller reject your purchase.
- Received a higher offer.
It is common for the seller to receive a higher offer from a new batch of purchase offers because they check and review offers that respond to them. For example, they receive some on Monday to Friday and on weekends, they will have to choose the one which has the strongest purchase offers. They have one thing in common and it’s all about who will offer them a bigger amount of money.
- Unreasonable expectations.
Sellers have different ideas and goals and you have to know the type of a seller that you’re dealing with. You will encounter sellers who will ask for more to pay their mortgage balance and other types of debts so no matter fair your purchase offer is, they will reject it.
- They have a problem with your finances.
Before you decide to purchase a home, make sure to ask yourself if your finances will never ever be a problem. Check if you can be preapproved for a home loan and analyze if your money in the bank is enough to make a purchase offer. Sellers always want to see proof and capabilities that you can pay up, otherwise, you’ll get rejected.
- They don’t like your too many concessions.
Do not ask the homeowner to pay more than the purchase price, it is called “concession.” Whatever terms you call it, the homeowners will not like it. In short, do not ask for too much.
- You offered too little.
If you have a purchase offer which is below or too little compared to the asking price, then do not expect that the seller will accept it. The seller might feel insulted of your low-bid because they know that they can have other purchase offers higher than yours.
Read more: http://www.homebuyinginstitute.com/sellers-reject-offers.php
