A house has got to be everyone's dream goal. However, it isn't an easy achievement to obtain. So once you get the opportunity to send a seller your offer, give it your best shot for the highest chance of winning his "yes."
But what if the answer to your high hopes is a resounding "no?" Do you get back up and try again? Should you search for more listings and try your luck with other sellers? Or is it best to evaluate why you may have been rejected and try to address that area?
If you think you'd want to try option three first, here are a few things that can help you pinpoint why you failed with your offer.
1. You Gave A Price That's Too Low
When you offer your price, keep in mind that you would want your listing to be respected if you were in the seller's place. That means you want prospective buyers to take your listing seriously and not waste your time with things like low-ball offers.
But in cases that the buyer does send a price that's too low, most sellers will often get annoyed or insulted. They can immediately turn down your offer with no explanation at all. If you think this is the reason, take a look at your price offer, make some adjustments, and maybe try again.
2. Someone Beat You To It
Just like how there are multiple takers on a product available in the market, there could also be a few other people eyeing that property you like. And if the seller turns down your offer but still sells it off, you might not be the buyer he was waiting for.
READ: How to Save for a Down Payment on Your Dream Home
Let's say you already gave a great purchase price, and there's no way that that's why the seller is turning your offer down. However, it could be due to other matters that the seller opted for another buyer. Either way, the seller is under no obligation to inform you why.
3. You Failed To Align With Seller's Needs
Your agent should keep close contact with the seller. This way, you can be informed if he has any sensitive demands and conditions that you need to meet.
If you fail to find out about those demands and abide by them, some other buyer may be able to do what you couldn't. That's why getting a good agent can also play a big role in successfully buying properties.
4. The Seller May Be Expecting Too Much
People can have unrealistic expectations at any time, which is no different in the real estate industry. In times like these, there isn't a lot you can do. You can try and sort things out with your agent or just walk away from the listing.
For example, if a seller puts up their listing and immediately receives multiple offers, they might get the impression that they're pricing their house too low. So instead of accepting an offer, they decide to put up the listing for longer and a higher price.
