What if your offer is rejected?
5 min. read by Jason Gelios REALTOR®
It can be daunting. It can leave you feeling frustrated. You or your agent present an offer only to be flat out rejected.
There are many reasons why an offer on a home get's rejected. We are going to explore some reasons here.
One of the reasons why your offer may have been rejected is because the home seller changed there mind. Sometimes this happens even with an offer in hand. It could be due to a personal reason or change. It could be that something new popped up in there life and caused them to take there home off the market.
Another reason your offer can get rejected is the offer itself. Maybe your offer was too low or had too many requirements that turned off the seller. Most sellers will provide a counter offer if they found your offer a possibility. Oftentimes if an offer is very low in price the seller will reject it versus countering the offer because they were offended. After all, buyers and sellers take there home very personal.
So what do you do if your offer was rejected?
The short answer is ask questions. Try to get more information or have your REALTOR® ask questions to see if anything can be done to resubmit your offer. That is if you still want the property. Asking the right questions just might get you back into the game and win you the house.
It's very important to make sure your offer is a fair one from the beginning. It is very easy to be blacklisted from a property due to a seller being offended. Even if it's a situation where the home is overpriced. Which in this case you may have to move on or wait until a price adjustment happens.
Asking questions and making sure your offer is fair up front will help avoid the possibility of your offer being rejected.
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Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.