There’s more to an offer than just a dollar amount. Here’s what you need to keep in mind.
You found the perfect home, it’s in your budget, and you’re even willing to negotiate—why wasn’t your offer accepted? There can be certain items in your purchase contract that outweigh even the best offers, so today we’ll be going over three reasons why your offer wasn’t accepted:
1. You’re not flexible with your timeline. Customizing the length of your closing timeline should be more important than your bottom line. Sellers may be making arrangements to move, or they may be in a hurry. Find out what the seller’s motivation is before you write your offer.
2. You don’t have all of your paperwork together. Getting a pre-approval is incredibly important; without one, your deal will likely end before it’s even begun. If you don’t have the financing to cover closing costs and the down payment, the seller won’t make a deal—regardless of how much money you’ve offered. Pre-approval shows you’re qualified and ready to negotiate.
"In today’s hot market, a successful sale goes beyond the money."
3. You ask for too many contingencies or concessions. When you’re in a bidding war for your dream home, of course you’ve already put in your highest offer. However, it needs to be your cleanest offer, as well. If your offer is contingent on your current home’s sale, it can be a deal breaker; the seller would have to wait for your home to sell before you bought theirs. And instead of asking for a large concession, such as all of your closing costs, ask for the bare minimum or add it to the purchase price. This way, you’re not dipping into the seller’s proceeds.
In today’s hot market, a successful sale goes beyond the money. If you keep these three things in mind when you write your next offer, you should have an easier time getting it accepted.
Stay tuned for part two, where we’ll look at a few more ways to get you to the closing table. In the meantime, feel free to reach out to us if you have any questions or need more information. We look forward to hearing from you soon.