Why Was Your Offer Rejected?
If you make an offer on a home on The Wasatch Front, there’s always a chance it will get rejected. To decrease the chances of getting your offer rejected, we are going to give you four different reasons why your offer could get rejected.
- Your offer price was too low. Sellers can easily feel insulted if a buyer offers too little for their home. They may believe the buyer isn’t serious and may even reject the offer outright. If the house just came on the market, it’s much too early for sellers to look at lowball offers or even offers that are more than 5% below asking price.
- The buyer’s agent is a jerk. They may scream or raise their voice on the phone, make demands and ultimatums, or insult the listing agent by printing out comparables and inferring that they don’t know what they are doing. Whenever a buyer’s agent fails to show professionalism, that’s bad.
- The listing agent represents a competing buyer. A little known agent practice among consumers is the variable or dual-rate commission. This is something that the listing agent has up-front with their sellers. During discussions, the listing agent might say that if they are representing a buyer that ends up purchasing the home, they will take less on their commission. If you’re competing for a home, and the listing agent wrote an offer for another buyer, you’re at a disadvantage. On our MLS in Utah, you can look to see if there is a variable-rate commission on the home. You can always call them and ask as well.
- The buyer didn’t meet the seller’s specific needs. The buyer’s agent should always call the listing agent to find out what’s important to the seller. It’s not always about the price. If the seller needs a longer escrow period or settlement time, write it in the offer. If they want more earnest money, give them more earnest money. Do whatever you can to stand out in the seller’s mind. It will help you get the home.
Thanks for joining us today. If you have any questions, or are looking to buy or sell a home on The Wasatch Front, give us a call or send us an email. We’d love to hear from you!