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Reasons, If Home Seller Decline Your Offer
Saturday, September 3, 2011
Home buyers often believe that in simply making an offer, the seller has to accept. This isn't true. After reading this article, you'll discover just a few reasons why sellers decline purchase offers on their homes. Some of the biggest reasons are that the offer is too low, there are too many contingencies and the buyer move in date is too far out in time for the sellers' comfort level.
If you're a buyer, you'll learn to make offers that stand a better chance of acceptance. If you're a seller, you'll know the tricks that buyers typically use in their offers. We can help you as we buy houses
that have a hard time getting sold.
PRICE TOO LOW
First, price is the bottom line. The seller needs a given price. If they can't get it, then they will decline. Its that simple. Here's an example. Let's say the seller has medical bills. They're going to sell and pay the bills with the proceeds from the home sale. If your offer doesn't provide them with enough money to pay their bills, then they wont accept your offer.
Another contingency is that the buyer needs to sell their existing home before they can move forward to purchase this home. For a seller, this isn't acceptable. They need a clear sale, quickly.
TOO MANY CONTINGENCIES
Another reason for an offer rejection is that the seller feels that they have their hands tied. For instance, one contingency might be termites. So if the termite inspector came back with termites, and this was in the offer to purchase as a contingency, then the buyer doesn’t have to buy. Most contingencies are reasonable, but if the buyer inserts too many clauses, then the seller will be discouraged and decline. Another type of contingency is roofing condition. Contingencies can come in just about any form you can think of. But the contingencies need to be reasonable for the seller to accept the offer.
MOVE IN DATE IS TOO LATE
Finally, the seller may need to move out quickly. In some cases, the buyer is ready financially, but not personally. One example might be that the buyer has a job and cant leave their location before moving. In this case, the seller doesn’t know when the buyer will be able to move. This uncertainty might be unacceptable. Another reason may be because of other family circumstances. For the seller, again, this offer might be declined because they don’t know how long the family situation may take to be resolved.
You have just seen 3 good and common reasons. The move in date is too far out, the price is too low and too many contingencies. Are you a home seller? Having a hard time getting offers on your home? We buy houses
that are having a hard time getting sold. Give us a call and we'll be able to help you out.