What if my offer is rejected?

Asked by Rhayward, Brooklyn, NY Fri Mar 8, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Barbara Ann Rogers’ answer
Barbara Ann…, Agent, Brooklyn, NY
Fri Mar 8, 2013
BEST ANSWER
An increasingly common occurrence, given the intensity of the current market. Did they just reject your offer outright? If so, that means that your offer and the seller's desired price were most likely too far apart to even make it worth their while to make a counter-offer. Did they counter and you decided not to move up? Or did you get to a situation where there were multiple offers and the seller declared a "best and final" deadline, allowing people to improve their offers if they felt so inclined? In that case, if your offer was not selected, most likely the sellers went with another offer, that they perceived as better (either higher, or all cash, or both).

If the seller has accepted another offer, it's not likely you can do anything about it, unless you are prepared to offer a much higher amount and/or forgo some protections like the mortgage contingency (meaning that if your offer is accepted, and you were unable to get a mortgage, you would lose your 10% contract deposit - I really wouldn't recommend this to anyone unless you were 1000% sure your mortgage would be approved).

If either of the first two scenarios is the case, and the property is still available, you can always try going back with an offer closer to the seller's asking price.

Check out this recent Real Deal article on current market conditions - this is not a time to go it alone. An experienced real estate agent or broker will be able to advise you in preparing your offer and guide you through the process.
0 votes
Dan Tabit, Agent, Issaquah, WA
Fri Mar 8, 2013
Rhayward,
Then you need to decide what to do better the next time. When you write an offer the seller can accept it, counter it (which is a rejection of some portions but not the offer entirely) or reject it in favor of another offer.
If they counter your offer you can accept the changes they've made reject it or counter back. This can continue until everyone is satisfied or one party walks away.
If the seller's take another offer over yours, your agent can ask about it and you can consider amending your offer and becoming a back-up, in case something happens to the other buyer.
Does this help?
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Fri Mar 8, 2013
Dear Rhayward:

I am not quite sure what you are asking here... the bottom line is that when a purchaser makes an offer, one of three things can happen... a) the offer is accepted, b) the offer is rejected or c) the homeowners give the purchaser a counteroffer (in essence asking the buyer to raise their offer to make a deal).

If you offer was rejected it simply means that your offer was either too low or unacceptable for some other reason. In order to know for sure why it was rejected, we would need to have more details from you. Either way, if you still want to pursue the property, you are going to have to better your offer otherwise you will have no shot at the property and you will simply have to move on.

If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Fri Mar 8, 2013
Hi Rhayward - what if ? Well did they give you a reason? They must have given you a reason?
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more