Patrick Degnan's Blog
What happens after a home seller rejects your offer to buy his or her home? Ultimately, there are many questions to consider in this scenario, including:
1. Why did the home seller reject my offer?
A home seller may reject an offer for a number of reasons. And if you work with a real estate agent, you may be able to gain insights into a home seller's decision.
Typically, your real estate agent will submit an offer to a home seller on your behalf. This real estate professional also may work directly with a home seller's real estate agent. As a result, your real estate agent may be able to find out why a home seller rejected your proposal.
2. Is there anything else I could've done?
Were you an informed homebuyer? If so, you've probably done everything you could to submit a proposal that would meet or exceed a home seller's expectations.
In most instances, an informed homebuyer will go above and beyond the call of duty to submit a competitive offer from the get-go. He or she will understand the ins and outs of the housing market and prepare an offer accordingly.
Furthermore, an informed homebuyer will learn about the condition of a home and the prices of comparable residences in the same city or town. By doing so, he or she will be able to differentiate a seller's market from a buyer's one.
An informed homebuyer also will do everything possible to avoid a "lowball" proposal.
If a homebuyer submits a lowball offer, a home seller is likely to dismiss his or her offer immediately. In addition, this homebuyer risks missing out on the opportunity to purchase a great home.
3. What should I do next?
After a home seller rejects your proposal, you can submit a new offer to the home seller. Or, you can always continue to browse the housing market. Regardless of which option you select, it is important to stay optimistic.
Remember, there are plenty of fish in the sea. Much in the same vein, you're sure to find a terrific house that satisfies your lifestyle and budget needs if you continue your home search.
When it comes to discovering the right home at the right price, hiring an experienced real estate agent is paramount.
An experienced real estate agent will work with you throughout the homebuying process. He or she will learn about your homebuying needs and budget and ensure you can check out a broad array of high-quality residences.
Moreover, an experienced real estate agent will take the guesswork out of buying a home. This real estate professional will keep you up to date about new houses as soon as they become available, set up home showings and much more. That way, you can accelerate the process of going from homebuyer to homeowner.
Employ an experienced real estate agent to help you with your home search – you'll be thrilled you did. An experienced real estate agent will make it simple for you to find a stellar residence that you can enjoy for years to come.