Why Your Offer Was Declined

by Vipul Pawani 02/10/2019

Once you decide to buy a home, you need to buckle in because you’re in for an emotional roller coaster. You need to be prepared for any type of situation. You’ll need to hunker down and save a significant amount of money for a downpayment. Securing the financing for your home will be at the top of your list. You just don’t want to find the home of your dreams only to find out that your offer is rejected, leaving you in a giant puddle of letdown. 


If you have already experienced the pain of having your offer rejected on a home, fear not. Below, you’ll find some of the most common reasons why offers get rejected and what you can do about it. 


You Can’t Afford The Home


If you try and get a house that you can’t afford, chances are that your offer will be rejected. You need to find a reasonable price point to shop for a home. Make sure that your real estate agent understands your budget and won’t show you homes that are above your budget. If you know you won’t be able to resist, you definitely shouldn’t risk finding a home that you love and is above your budget. 


There Was A Better Offer


Especially in highly competitive markets, it’s easy for bidding wars to arise. A “war” may be avoided if buyers offer an amount far above the asking price. You always want to keep your offer as close to the asking price as possible. Never assume that other buyers will bid lower than the asking price. If you think like a seller, you’ll have a better shot at getting the home of your dreams.     

 

Don’t Ask For Too Much


Nothing annoys a seller more than too many contingencies. Many buyers can get carried away here. It’s a good idea to speak with your realtor about the reality of what you hope to get in return for purchasing the home. Your agent can help you to figure out what’s a necessity to ask to be done in the home and what isn’t. 


You Didn’t Get Pre-approved


Getting that pre-approval letter is oh so crucial to finding the right home. The seller wants the process to go as smoothly as you do. That means you need to get pre-approved before you even head into the field to search for a home. Some sellers may also only consider bids made by buyers who have been pre-approved. 


If you do your research, you’ll be able to compete in any type of housing market. All you have to do is be prepared!  

  


To get your offer accepted on a home you love, you need to do your homework. As a buyer, you want to keep the needs of the seller in mind. Although you want the best deal for yourself, you're more likely to get a property that you want if you compromise a bit. 


About the Author
Author

Vipul Pawani

Vipul (Veep) M. Pawani, to his clients and friends, is an optimistic and upbeat agent who is assertive and exceptionally motivated to deliver on his clients’ goals. Exclusively serving Woodridge, Prince William County and, Fairfax County, Veep has experience in sales and marketing, which benefits his clients greatly. Currently partnering in a family business of hotel development, Veep draws upon his multifaceted corporate and professional skills when working with real estate. An area resident for 25 years, he credits the friendly people and the family atmosphere as a few reasons why it’s a great place to call home. He is active in his community and is a member of the National Association of REALTORS® The combination of Veep’s honest approach, commitment to customer satisfaction and his knack for business confirm the decisive edge. Professional and experienced, Veep Pawani is here to offer you nothing but top quality service, dedication and success in all of your real estate needs. My website has a ton of resources that can help you search for your new home. Feel free to use my website, free of charge and with no strings attached. If you need representation or just have any questions at all, I’m always here to help. Please call me today at 703-980-0249