Rejection is never easy, especially when it’s about the home of your dreams. The worse letdown, however, isn’t the “no” from the seller, but the often-concealed reason they declined your offer. You’re left wondering what you did wrong, what you could have done better, or if there was just a higher bidder.
One thing’s sure though; the seller has their reasons. It’s wise to be aware of these if you’re about to hand in your offer. It will help you make a winning bid and at the same time, avoid pitfalls and turn-offs.
Your letter has too much information
At a competitive market, most buyers feel like if they get creative or too personal in their letter, they can earn the sympathy of the seller. Some, for example, disclose their renovation plans in the house, believing that the seller would see the commitment of taking care of the property.
That could indeed be the result in some cases, but often, this just insults the seller. It makes them feel that the property they put in the market isn’t good enough.
There’s also the possibility that the sellers have a deep emotional attachment to the home, and learning about the renovation firsthand from potential owners themselves may trigger pains of letting go. So, the lesson here? Don’t reveal too much. Think about every word, every statement you include in that letter and make sure they don’t disrespect your seller.
Your offer is too low or too high
A lowball offer can be just as insulting as well to the seller. They might think that you don’t place as high of a value as they do in the property they love. Again, remember that sellers may be sentimental about this transaction.
At the same time, too high of an offer may also be turned down. Yes, even though it’s tempting to get an offer that’s five times the asking price, the seller may not pick it up for fear that you won’t get a loan for that big of an amount. Take note that lending agencies will only let you borrow as much as the house is appraised for.
Stick to a realistic bid or stay close to it if you want to go higher. Reassure the seller that you can cover the difference. If you haven’t determined yet how much home you can afford, consult a mortgage company in Utah first.
You have some special requests
It’s not unusual to find great pieces of furniture and fixtures, like chandeliers, bookshelves and four-poster beds, at homes for sale. And so, a lot of buyers strike a deal in getting such along with the purchase of the home. Unfortunately, most of these things aren’t for sale.
More unfortunately though, there are buyers who are just so pushy with their requests. The result then? Offer denied. The simple takeaway here is if the seller says the items are off-limits, let it go. There are thousands of antique stores in your locale and online to get those pretty chandeliers you’ve been eyeing.
Rejections on home offers are hard to deal, especially when you’ve already imagined yourself entertaining guests at that big open kitchen or cute, little patio. So be aware of these reasons sellers deny offers. Avoid them at all costs.