It’s no secret that buying a home can be a stressful experience. From securing financing to scouring online sites for the perfect home, touring open house after open house and finally submitting an offer, there are many “hold your breath” moments as you hope for the desired outcome.
But what happens when that offer is rejected and your dream suddenly crumbles? In the best case scenario, the seller has given some sort of indication as to why your offer wasn’t accepted, arming you with the knowledge you need to ensure that it doesn’t happen again.
Here are five reasons why your offer may have been rejected:
Too many conditions: It’s pretty common to include a home inspection and financing as conditions on your offer. But if you have also made the offer conditional on the sale of your own home, you might be asking for more than the seller is willing to deal with.
No pre-approval: A seller wants to be sure that you can actually afford the home they are selling, especially if there are other offers on the table. While a pre-approval doesn’t guarantee financing, it shows the seller you have done your due diligence in preparing to buy a home and aren’t just making an offer on a whim.
The offer was too low: Let’s face it, everyone wants to get a good deal. But if a home has been fairly priced according to market value and you come in with an offer thousands of dollars below asking price, there’s a good chance the seller won’t even entertain it. The current market is pretty hot, with many homes selling above asking price, so offer the top price you are willing or able to pay for a home off the get-go and hope for the best!
Inconvenient closing date: If you’re asking for a closing date in less than a month or perhaps longer than 90 days, it may be a deal breaker for some sellers.
Asking for inclusions the seller doesn’t want to include: It’s fairly common for items like appliances and light fixtures to be included in a home sale. But if you have asked for the crystal chandelier in the dining room that the seller clearly stated was excluded in the sale, don’t be surprised if your offer gets rejected.