Why Won’t The Seller Accept My Offer?
There are a lot of terms in a contract. There are just as many emotions involved when you are buying a home. Some people have compared it to death and divorce. But, if you really want the house, the main things to pay attention to are: Price, Closing Cost Assistance, Closing Date, & Home Inspections.
- Did you offer full price? In this market, homes that are priced right and look good, sell fast. Most homes are getting multiple offers on them because we have low inventory and tons of buyers. The best way to know if a house is priced right is for your agent to do a market analysis of the house you are interested in buying. If you have been looking a while, you will be able to tell yourself if a house is priced right.
- Did you ask for too much closing cost assistance? You want to be competitive and right now seller’s are still paying closing costs, for the most part and they run about 3-3.5% of the sales price. If you want the house and you can pay it on your own, that is a great way to be competitive.
- Did you make an offer the same day you saw it? I hate this, but homes are selling fast and if you like it, then others are going to like it too and you might not be able to sleep on it. It happened to one of my buyers today. She wanted to wait one day. I left the agent a message letting him know there was interest in the property. Meanwhile, he received TWO offers on the property. Both good offers. She missed out. I bought her Starbucks.
- Did you ask for an acceptable close date? If you are in a lease, start looking about 2 months before your lease is up. Physically looking. Before that, look on the web and get familiar with the schools, neighborhoods, etc. Learn about the market. Sellers are usually looking for a 3o day close date.
- Did you ask for home inspection in a reasonable time frame? A reasonable time frame is 10 days once the contract is ratified. Some investors will skip a home inspection all together. So, if you are competing with them, you may want to consider foregoing one. Or at a minimum, ask for one, but just for informational purposes only.
This video speaks to both buyers and sellers:
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