Why Your Offer Was Declined

by Jodie Franklin 11/03/2019

Once you decide to buy a home, you need to buckle in because you’re in for an emotional roller coaster. You need to be prepared for any type of situation. You’ll need to hunker down and save a significant amount of money for a downpayment. Securing the financing for your home will be at the top of your list. You just don’t want to find the home of your dreams only to find out that your offer is rejected, leaving you in a giant puddle of letdown. 


If you have already experienced the pain of having your offer rejected on a home, fear not. Below, you’ll find some of the most common reasons why offers get rejected and what you can do about it. 


You Can’t Afford The Home


If you try and get a house that you can’t afford, chances are that your offer will be rejected. You need to find a reasonable price point to shop for a home. Make sure that your real estate agent understands your budget and won’t show you homes that are above your budget. If you know you won’t be able to resist, you definitely shouldn’t risk finding a home that you love and is above your budget. 


There Was A Better Offer


Especially in highly competitive markets, it’s easy for bidding wars to arise. A “war” may be avoided if buyers offer an amount far above the asking price. You always want to keep your offer as close to the asking price as possible. Never assume that other buyers will bid lower than the asking price. If you think like a seller, you’ll have a better shot at getting the home of your dreams.     

 

Don’t Ask For Too Much


Nothing annoys a seller more than too many contingencies. Many buyers can get carried away here. It’s a good idea to speak with your realtor about the reality of what you hope to get in return for purchasing the home. Your agent can help you to figure out what’s a necessity to ask to be done in the home and what isn’t. 


You Didn’t Get Pre-approved


Getting that pre-approval letter is oh so crucial to finding the right home. The seller wants the process to go as smoothly as you do. That means you need to get pre-approved before you even head into the field to search for a home. Some sellers may also only consider bids made by buyers who have been pre-approved. 


If you do your research, you’ll be able to compete in any type of housing market. All you have to do is be prepared!  

  


To get your offer accepted on a home you love, you need to do your homework. As a buyer, you want to keep the needs of the seller in mind. Although you want the best deal for yourself, you're more likely to get a property that you want if you compromise a bit. 


About the Author
Author

Jodie Franklin

I love helping people find their dream home or sell their house in order to achieve their next goals. I have been working hard for my clients for over 13 years throughout southeast Michigan. I have experienced every kind of transaction there is. 

Helping my community and being involved is extremely important to me. I was 2017 and 2018 President of the Michigan Ability Partners board, which helps Veterans and people with disabilities reach independent, self-supported, and satisfying lives. I am passionate about helping our Veterans and a portion of all my sales goes to MAP. I am served on the board of Uptown Village of Milan HOA for over 12 years, a member of the City of Milan Tax Review Board and Zoning Board, and involved in Milan Main Street. I am Paddock PTO Vice President for the 2019-2020 school year. 

I had the privilege of being one of 14 Realtors in the state to be chosen for and complete the 2017 Michigan Leadership Academy. I was honored to be the 2018 President for the Ann Arbor Area Board of Realtors, where I have sat on many committees over the years. I was humbled to be named the Ann Arbor Area Realtor of the Year in 2016 and a State of Michigan Realtor of the Year Nominee. 

I have lived in Milan since 2003 with my husband Cliff and my son Evan, who goes to Paddock Elementary, and dog Rosie.