Why a Seller May Reject Your Offer Even if it's Reasonably High
When buying a house, never assume that a seller will accept your offer just because it is reasonably high. Wise sellers know that there is more to buying a house other than the size of the bid. Here are some of the reasons a seller may reject your "attractive" offer:
They Aren't Sure You Will Get the Loan
A seller who doesn't think you will get enough loans to buy their house is likely to reject your offer. No serious seller wants to waste time showing you a house, negotiating with you and going through the motions of a property sale knowing that you aren't likely to afford the house. This is likely to be the case if you don't have mortgage pre-approval or even pre-qualification. It's even more likely if the house in question is priced above prevailing average property prices.
You Have too Many Contingencies
If you are in the market for a house, then you already know that the process isn't easy. What you may not know is that it isn't smooth sailing for the seller too. Including all the contingencies you can think of in your purchase offer will only complicate matters further for the sellers. Some sellers will reject such offers so that they can deal with less complicated buyers even if those buyers have slightly lower offers.
They Think You Are Just Testing the Market
Some people start looking for houses long before they are ready to buy. They may consider the process as an educational one or a test run so that they don't make mistakes during the actual purchase. Unfortunately, this is time wasting and costly for the seller. Therefore, a seller who doesn't think of you as a motivated buyer is likely to reject your offer. This may be the case, for example, if you are late to meetings, rush through the viewing or don't want to make a firm offer, among other things.
The Seller Has a Specific Demand That You Failed to Meet
Some people sell their houses with specific demands that the buyer must meet. For example, a seller who wants to sell their house on an "as is" basis is unlikely to listen to your offer if you want the seller to make some repairs on the house first.
Therefore, don't assume that making the highest bid on a home will automatically secure its purchase. Consult a real estate agent through resources like RE/MAX GOLD to help you strengthen your bid in different ways.
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