5 Reasons Why Your Offer on South Tampa Homes for Sale Was Rejected
Anyone who was dead set at
buying homes for sale in South Tampa area would get disappointed if their offer
was rejected. Although this little hurdle won’t mean you can’t ultimately
succeed in home buying, it is important to understand what went wrong. Knowing
the reasons why your offer for a home was rejected can help you in preparing a
better offer the next time around. There are numerous reasons for a rejection,
but these are the most common ones:
It did not meet the seller’s
requirement
It is common that a seller
of a luxury home for sale in South Tampa has a list of conditions upon
negotiation. It is the duty of your agent to find out what these things are so
you can consider them in your offer. Sometimes an offer is rejected because
there are requirements expected by the sellers which were not part of the
offer. These can be very different things like a longer closing date,
willingness to buy the home “as is”, or a significant earnest money deposit.
You priced your offer way
too low
Generally, sellers are not
required to answer when buyers offer a lower price than that of a listing
price. There are instances when sellers get furious upon getting a “lowball
offer” that they give out their “No” outright. Others may not be insulted or
angry, but they might think of you as a non-serious buyer and would therefore
just ignore the offer. Other sellers may not be open to the idea of
entertaining a lower offer price simply because their homes have just been
listed and they don’t feel like negotiating yet with a low offer. Keep these
things in mind before you make a lowball offer.
You have no pre-approval for
a loan
It is easy for some sellers
of real estate listings in South Tampa to reject an offer just because a
pre-approval letter is not included. Naturally, a seller would only feel secure
if they know that the buyer is financially capable of buying a home. The trick
is to talk with a lender early on and get pre-approved for a mortgage loan. You
can then include your pre-approval letter upon submitting an offer.
There’s a listing agreement
in place
Sometimes, the listing agent
and the seller sign an agreement stating that when the agent would also
represent the buyer, his commission with be reduced. This means it is more likely
that the seller would decline an offer made by a buyer who has a different
agent simply because he will avoid paying more. Check out our article at
http://www.TampaTodayRealEstate.com/ on the responsibilities of a listing
agent.
You’re competing with a
better offer
Ultimately, even if you have
done everything perfectly to submit an competitive offer, if there is a lot
better option available to the seller, yours could just get rejected easily.
This is especially true when the home gets the attention of many homebuyers.
The best thing to do is to bid the best price you can afford and be comfortable
with (within market value) and to throw in conditions meeting the seller’s
requirements as much as you can.
Don’t get discouraged if
ever your first offer got rejected. You can always talk to your real estate
broker and try to get that South Tampa area real estate for sale through
further negotiations. Just try to learn from your experience and get to know
the possible reasons why your offer was rejected so you can prepare a more
irresistible offer next time.
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