Home Buying in 02148>Question Details

ben-latifa, Home Buyer in Malden, MA

what is the best way to make sure that the offer is going to be accepted?

Asked by ben-latifa, Malden, MA Sat Nov 24, 2012

I saw a house, I was not the only one, and my offer was rejected, why?

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Answers

14
Ben,
There are a thousand reasons. You very likely know why your offer was rejected. The lack of fabric in your question suggests you have ulterior motives other than making a competitive purchase offer.

You need to offer FMV and limit your contingencies. Buyers with FHA/VA backed loans are not competitive. Recognize that and compensate for this handicap if necessary. You need to be at the front of the line which means you need to make a commitment to your agent and get on the 'A-List." Do what you agent advises as opposed to soliciting the opinions of strangers on the internet and your chances of making a home purchase will improve.

Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Sun Nov 25, 2012
Price and terms.

Many times it is the terms more than just the price.

Did you have a pre-qualification letter? (a must)

Was your price at asking or higher? (higher wins)

How much money were you putting down? (all cash deals win - even if your going to finance it) I

Inspection? (no inspection wins)

Closing date? (quick closing wins)

So as you can see the more wins you have the better your chances of your getting the property.

Louis
1 vote Thank Flag Link Sun Nov 25, 2012
There are many things you can do to increase your chances of having an offer accepted. Consideration amount comes to mind when placing an aggressive offer. However, offering a high dollar amount isn't the only way to increase your chances of a successful deal. Financing and Inspection contingencies may also help strengthen or weaken an offer. An all cash offer without an inspection contingency can very well be an attractive offer. Flexibility on closing date is also important to note. The sellers may want to move quickly and be willing to take a lower offer just because the buyers are willing to close within the next week. The bottom line is to try to find out what's important to the seller whether it's money, closing fast, or promising to water their plants everyday, then you will be able to increase your chances of closing the deal.
0 votes Thank Flag Link Thu Jun 26, 2014
I think doing a lilttle homework before writing an offer helps. What do I mean? 1) what does the market look like? for example are homes selling for 98% of list? If so right away you know what kind of situation your getting yourself into. 2) Why are the sellers selling? Do they need the sale for the purchase of their next home...that is when closing dates come into play. There are more examples those are just some of my favorite "go to's" Good luck with the home search!
0 votes Thank Flag Link Fri Sep 20, 2013
Too many reasons to count why an offer can be rejected. Did your buyer's agent ask the listing agent why your offer was declined ? Offers are made up of many moving parts and its your agents job to help you determine your best possible offer. The market is extremely lop-sided and the advantage is on the seller's side in most cases.

The questions to ask yourself :

Are you working with a Realtor ?
Is this your dream home ?
Have I put the best possible offer together ? timeline, purchase price, contingencies etc

Good luck
0 votes Thank Flag Link Sun Jun 9, 2013
Full price, no contingencies, close at the convenience of the seller(s).
However, that rarely happens.

I would contact a local real estate professional to help with this answer and to save time and money.
(Not me, I'm on the Cape, but I can help you choose a local pro if you want help doing so.)


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Sat Jun 8, 2013
The best way for it to be accepted, in simple terms, is to make it the most attractive. When you are in a multiple bid situation, you really need to put your absolute best foot forward. Ask yourself, 'if I found out I lost the property over $xx, would I be ok with that?' Also remember that other terms count (cash? Mortgage contingency? Time to closing? Inspection?). Make sure you have an excellent buyers agent to help you through the process and give you solid advice on your offer while making sure you are protected.

Best of luck on future offers!
0 votes Thank Flag Link Fri Nov 30, 2012
Your offer price should be based on the fair market value at a given time and alot of that depends on inventory. We currently have low inventory with high demand which is driving prices up. Many buyers are watching MLS just waiting for a property to come on the market in a given area in their price range. (Here's a hint...when you become a seller, remember that Spring is not always the best time to sell!) The market is smoking hot right now. Not sure what you offered but, if it wasn't asking or above in a competitive market, that could be the reason it wasn't accepted. You should have a buyer's agent guiding you through this process, advising you and researching market value in a given area. Contingencies are very important as well. If you were competing with a cash buyer requiring no home inspection or a buyer putting down a larger amount of money, this could have hurt you as well. In order to be competitive if you are a first-time buyer with a low downpayment amount, you need to be compensating for this in offering a higher price for the home. There could be a variety of reasons your offer was not accepted but, in order to give you my best opinion of why, I'd need to know more about your offer. If you need some advice, I'd be happy to help. Just call me at 781-608-1157. I am a certified buyers' representative located in Medford and a veteran realtor. No pressure to work with me if you just want a question answered. Good luck!
0 votes Thank Flag Link Sun Nov 25, 2012
When looking at offers it is not just price that is being looked at. it is did you include a pre-quaification letter, is it a cash sale or mortgage, what type of mortgage are getting, what contingincies did you add. No contingincies are best. if you are having a home inspoection how long did you give yourself to do it, 7 days or less is best. How many days to close? conv loans should be 30 days and fha 45 days. Your agent should be guiding you and answering these questions to help you.
0 votes Thank Flag Link Sun Nov 25, 2012
Make an educated offer based on market data and what you truly feel the home is worth after seeing others in the area. If you feel the home is priced fairly then be aggressive and make your terms as desirable as you possibly can. Sometimes price isn't always the deciding factor for sellers, the terms can make it or break it.

Chris
0 votes Thank Flag Link Sun Nov 25, 2012
The seller will accept what was the best combination of price and terms. If your offer is the best combination on the table at a particular point, you have the best chance of Success!
0 votes Thank Flag Link Sun Nov 25, 2012
Ben;
If it was supposed to happen, it would have.
This one was not meant to be.
0 votes Thank Flag Link Sun Nov 25, 2012
There can be many reasons. Your offer was lower then others submitted, you had a condition the seller didn't like or another offer had better financing terms. These are just some of the possibilities. Many homes in Malden in some price categories have been selling over asking price and receiving multiple offers.
The market has been tipping more in favor of sellers in recent months. You may need to find a Buyer's broker who knows the market and can competently advise you on the price and conditions ro make your offer viable.
0 votes Thank Flag Link Sun Nov 25, 2012
An offer with a better price or better terms (or both) came in. If you did not receive a counter offer, the offering price was too low from what the seller would be willing to take.

If you can, try going back with a higher price.
0 votes Thank Flag Link Sun Nov 25, 2012
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