Any deal has a probability of getting rejected and when it comes to home buying, the probability increases. This complication is common to many people and so do not get discouraged if you have been through it. We have listed below 4 major reasons why the sellers may refuse your purchase offer.
1. Lower priced Quote:
The lower-priced quote has a greater chance of getting refused since from the side of the seller, a low ball offer means you don’t value the property or the seller enough to offer its worth. This makes the seller not even consider your offer.
Many people have the habit of waiting for better to come. Your seller might also be one of them. They would hold out in hopes of a better offer. The newest property listed is usually in no hurry to sell so other higher offers would replace the lower offers. This might be another reason for your offer getting refused.
2. Attitude:
Attitude plays a major role in any deal. In an ambitious business like Real Estate where more individuals like agents, buyers and sellers are involved, any show of rude and unethical behaviour could ruin the deal. As the scenario is highly competitive, poor attitudes from either side could cause the deal to collapse.
3. Share of Listing agent:
There are situations in which the real estate broker would speak for both buyer and seller. In such cases, the broker accepts a commission from both ends.
Now competition increases because the Realtor gets the major share of commission from the buyers only. The higher commission brings the deal to its side. Attractive offerings from other competing buyers could snub you out.
4. Needs of seller:
Sometimes, the seller may have extended requirements such as extended bonds, refusal to make maintenance upgrades, higher deposits and require a preapproval letter from your loan provider. You might not include all these additional expenses involved but you have to be ready for these and more.
The seller could have much more requirements and as a property buyer, one should do your research and express the interest in making the offer inclusive of all the seller’s needs. This act could increase the probability of closing a deal successfully.
If you have recently proposed a deal that got refused or denied, the above one or more factors may be the reason.
Purchase deals in Real estate are no less than a bet. If you want to make a deal successful, be ready to accept all requirements
