Sue Graves' Blog
Buying a home can be frustrating, time-consuming and tiring. It requires patience on your part as a buyer. There are process and procedures you need to go through after you decide to buy a house but before the ownership of a home becomes yours.
Getting a house that you love and would meet all your demands can be quite tricky. However, getting one and thinking you are finally sorted, only to get rejected can be heart-breaking. Below are a few reasons why your offer for that beautiful property met a rejection:
You Can’t Afford The Purchase Price
Among all the reasons below, this is probably the most common of them. Getting a house and the seller is requesting for an amount above what you intend paying would make your offer rejected. Many sellers can be difficult especially when they think their homes are worth more than the offer you are placing on the table. Ask your agents how much such houses have been selling for on the market to minimize your chances of running into this problem.
A Better Offer Is on The Table
Homeowner wanting to sell their property will go for the highest bidder. It’s not uncommon for a seller to withdraw an offer for purchase already given because he or she got a better offer. A house that gets a lot of attention would attract more than a buyer. What you as the buyer can do (since you can’t tell how much other buyers are bidding) is to keep your price as close to the selling price as possible, this gives you enough room for competition.
Time Frame Differs
Some sellers want the sale of the property concluded at a particular time. The seller of a property can reject your offer if you as the buyer cannot meet his time frame either because you do not have enough money yet or because of an unprocessed loan request. A seller can also reject your offer if you are trying to move in at a time that is not suitable or convenient. Inform your agent if you have a deadline to move into the new property and ask if it’s going to be possible.
Difficult And Unrealistic Sellers
Regardless of how good an offer might be, some sellers would still choose to be difficult. When looking to buy a property, you should expect to meet such sellers and come prepared for how to handle them, especially if they have a feature you would love to purchase.
In conclusion, finding your dream home is a small part of the property buying process. Often, buyers go through many rejections before finally getting a letter of acceptance.
If you're on the lookout for your dream house, it pays to operate as a competitive homebuyer. And if you find your ideal residence, you should not hesitate to submit a competitive offer to purchase this house.
Ultimately, there are many reasons why you should submit a competitive offer to acquire your dream house, and these include:
1. You risk alienating a seller.
Dozens of homes are available in cities and towns across the United States, yet an individual's dream house may only be available for a limited time. Therefore, when it comes to submitting an offer to acquire your dream house, it usually is a good idea to put your best foot forward. Because if you submit a "lowball" homebuying proposal, you risk receiving an instant "No" from a seller.
Although you likely want to avoid breaking your budget to purchase your ideal residence, you also should strive to avoid a lowball offer. Fortunately, an informed homebuyer can learn about the local real estate market and use this information to assess the prices of houses in a particular area. And with comprehensive housing market data in hand, this homebuyer can submit an offer to purchase that may match or exceed a seller's expectations.
2. You may lose your dream house to a rival buyer.
Once you discover your dream house, you should submit a competitive offer on it right away. If you wait too long to provide a competitive homebuying proposal, you risk losing your ideal residence to a rival buyer.
Remember, the housing market is fierce, and the top residences typically will sell quickly. But if you submit a competitive offer, you can reduce the likelihood that you'll squander the opportunity to acquire your dream house.
3. You may wind up having to spend more to acquire an alternative house.
The real estate market fluctuates constantly, and failure to submit a competitive offer on a house today may prove to be a costly mistake. In fact, if a buyer's market transforms into a seller's market, you may be forced to pay more to purchase your ideal home in the foreseeable future.
For those who are uncertain about what differentiates a competitive offer to purchase from an ordinary homebuying proposal, there is no need to stress. If you hire a real estate agent, you can get the help you need to submit a competitive homebuying proposal any time you choose.
Generally, a real estate agent will serve as an expert guide throughout the homebuying journey. This housing market professional will teach you about the real estate sector and help you narrow your home search. Then, when you discover your dream house, a real estate agent will help you put together a competitive offer to purchase. He or she will even negotiate with a seller's agent on your behalf to ensure you can get the best price on your dream residence.
Ready to simplify the process of buying a house? Collaborate with a real estate agent today, and you can receive extensive support at each stage of the homebuying journey.
If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.
Now, let's take a look at three tips to help you narrow your home search.
1. Define Your Dream Home
Think about the features you want in your dream home. Then, you can make a list of "must-have" home features and search for residences that offer these features.
Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.
2. Conduct a Preliminary Housing Market Review
Let's face it – searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.
Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.
3. Consult with a Real Estate Agent
When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.
A real estate agent understands what it takes to help you find a quality home that won't force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.
Let's not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.
If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.
An offer to purchase represents a key milestone in the homebuying journey. Ultimately, it helps to plan ahead to ensure you're ready to submit a homebuying proposal. Because if you know what it takes to put together a competitive offer to purchase a house, you can boost the likelihood that a home seller accepts your proposal.
Now, let's take a look at three tips to help you get ready to submit an offer to purchase.
1. Study the Housing Market
The housing market fluctuates frequently. As such, you may enter a real estate market that favors buyers but slowly shifts into sellers' favor, or vice-versa. But if you examine the real estate sector closely, you can differentiate a buyer's market from a seller's one and submit an offer to purchase that accounts for the current housing market's conditions.
If homes are selling quickly at or above their initial asking prices, you may be working in a seller's market. Comparatively, if houses linger on the real estate market for many weeks or months before they sell, you may be operating in a buyer's market. As you start to craft an offer to purchase a house, you should analyze the real estate market. By doing so, you can submit an offer to purchase that matches a seller's expectations.
2. Get Your Finances in Order
Entering the housing market with a budget in hand usually is beneficial. If you get pre-approved for a mortgage, you can narrow your house search and stick to a budget as you pursue your dream residence.
Banks and credit unions can teach you everything you need to know about fixed- and adjustable-rate mortgages. Perhaps best of all, lenders employ mortgage specialists who can respond to your mortgage concerns and questions. If you collaborate with a lender today, you can get the financing you need to buy a house. Also, you can conduct a search for homes that fall within your price range and reduce the risk of submitting an offer to purchase that surpasses your budget.
3. Avoid a "Lowball" Offer
Submitting a "lowball" offer to purchase a home may seem like a good idea at first. Yet submitting a homebuying proposal that falls short of a seller's expectations is unlikely to help you acquire your dream house.
In most instances, a seller will instantly reject a lowball offer to purchase. And if you receive an immediate "No" from a seller, you risk missing out on the opportunity to purchase your ideal residence.
Allocate time and resources to craft a competitive homebuying proposal – you'll be glad you did. Otherwise, you run the risk of putting together a lowball offer that will miss the mark with a seller and force you to look elsewhere to purchase a house.
Lastly, if you need extra assistance as you perform a house search, you may want to hire a real estate agent. By employing a real estate agent, you should have no trouble crafting a competitive offer to purchase any home, regardless of the housing market's conditions.
If you discover a house that you want to buy, it generally is a good idea to submit a competitive offer. That way, you can move one step closer to acquiring your ideal residence.
However, the hours after you submit a home offer can be stressful, particularly for a buyer who fails to plan accordingly. Lucky for you, we're here to help you stay calm, cool and collected as you wait to receive a seller's response to your offer.
Let's take a look at three tips to help you get ready to handle a seller's response to your homebuying proposal.
1. Plan for the Worst-Case Scenario
Even the worst-case scenario is not the end of the world for a buyer who is awaiting a seller's response to a home offer. In fact, if a seller rejects your proposal, you can always reenter the housing market and continue your pursuit of your dream home.
As you await a seller's response to your home offer, you should not stop searching for available houses. Because if you continue your home search, you'll have no trouble moving forward in the homebuying journey if a seller rejects your home offer.
2. Consider All of Your Options
If you submit a home offer and a seller says "Yes," what should you do next? Consider how you'll proceed if a seller accepts your proposal, and you'll be better equipped than ever before to enjoy a seamless homebuying experience.
On the other hand, it helps to prepare for a potential counter-offer from a home seller as well. If you are open to negotiating with a seller, you may be able to find common ground with him or her and finalize a home purchase.
3. Consult with a Real Estate Agent
A real estate agent knows all about the stress that is commonly associated with submitting a homebuying proposal. He or she can help you minimize this stress and ensure you can achieve the best-possible results throughout the homebuying journey.
Typically, a real estate agent will work with you to submit a homebuying proposal. This housing market professional then will keep you up to date as you await a seller's response to your offer. And if you have any concerns or questions during this time, a real estate agent is happy to respond to them.
A real estate agent will make it simple to streamline the homebuying journey too. For instance, if a home seller accepts your offer, a real estate agent will be ready to help you move forward with a property inspection and appraisal. Conversely, if a home seller rejects your proposal, a real estate agent will be prepared to work with you to help you discover another house that matches or exceeds your expectations.
The waiting period after you submit an offer on a house may prove to be a challenging time. Fortunately, if you plan ahead for this period, you can maintain your confidence and continue to move forward in the homebuying journey.