How to Handle your Offer Rejected by Home Seller?
The process of trying to find the right home, for many home buyers, can
be quite similar to trying to Mr. or Ms. Right. Much time is often spent
attending open houses, viewing possible matches with a real estate and
in general, trying out various options. In most cases, prospective
buyers often have a few qualities in the 'right' house they are
searching for. This could be the number of baths or bedrooms in the
home, the home's location, price or certain other amenities. During the
course of trying to find the property that meets all of those criteria,
home buyers may often even go on what could be termed a 'second date'.
Multiple viewings of the same property are quite common for many buyers.
Just as many people say they just 'know it' when they have found the
perfect life partner, most buyers feel they will simply 'know' when they
have found the perfect home to settle down in. Just as in love, that
feeling may not be returned. In other words, the seller may not be as
'into' the buyer as the buyer is in love with their home.
As surprised as many buyers may be to hear it, home sellers do retain the
right to reject offers from buyers and to do so for any reason. In many
instances, this is because the buyer and the seller are not able to
agree on a price. The buyer may have offered a price less than the
asking price and the seller may be firm on that price. There are also
circumstances in which the buyer makes contingencies on their offer and
the seller refuses to accept those terms. Of all of the possible
contingencies made on an offer, one of the most common is the need for
the buyer to sell another home before being able to purchase the home on
which they have recently made an offer. In other cases, the seller may
be uncertain that the buyer will be able to obtain the financing
necessary to complete the purchase. This can be quite common when the
buyer is not pre-approved or pre-qualified through a lender prior to
making an offer.
Naturally, all of this can be quite heartbreaking for a home buyer who thinks
they have found 'the' house, only to learn the seller is not willing to
accept their offer. When this happens, it is important to know how to
properly handle the seller and convince them to come around.
One of the best tips for buyers who find themselves in this type of
situation is to stop playing hard to get. This can be particularly
important for buyers who have already made multiple offers on a home at
less than the asking price. In this type of situation, continuing to
make and receive counter offers will typically be counter-productive.
Instead, it is time to step up your game and make the maximum offer
possible on the home. If you have determined this is THE property you
want, offer the maximum amount you can afford.
Another option would be recognize that there is more fish than one in
the sea, so to speak and prepare yourself to simply move on to another
house. Of course, this can be somewhat difficult if you have truly set
your heart on one property, but if you have offered as much as you can
on the home and the seller is still not interested in your offer, there
may not be much more you can do. Continuing to try to haggle with the
seller will typically only result in wasting your time and may cause you
to miss out on another wonderful property. There is also the chance that
the heart will grow fonder with absence and the seller may be more
interested if you suddenly express interest elsewhere.
If you do find that you need to begin looking at other available
properties, it is important to learn from earlier experiences. Take the
time to analyze the situation and try to determine where things went
wrong. Were mistakes made that you can avoid in the future? As difficult
as this may be, ultimately it can be helpful in future home buying
In addition, try to bear in mind that this may be a case of "it's not
you, it's me" on the part of the seller. There is often simply no way to
know what a seller is thinking and the real reason why they rejected
your offer. It could be that they never really wanted to sell in the
first place. Perhaps they changed their mind for personal reasons.
Whatever the case might have been, do not let it deter you from staying
in the game and finding your ideal property.