You’ve got your heart set on that 3-bedroom charmer, however the seller rejects your offer. Now what? Trying to find a home can be a lot like looking for true love. You may meet many prospects before you find the one. And sometimes, you could possibly wish for a prospect a lot more than they long for you. The same holds true with homes. But homes don’t have feelings – their sellers do. And it’s these sellers you will need to grapple with before making the love connection. If you’ve fallen in love with a house, made the best offer and the seller won’t cooperate, you will probably find yourself trying to figure out what to do.
What to Do After a Seller Rejects Your Offer
There’s no policy or decree that says the owner must accept your offer, no matter how great it is compared to the market. Unlike a retail business that prices products based on inventory levels and market conditions, each seller is independent and has different selling motivations.
Listed here are three ways to cope with a seller who’s keeping you from your perfect home.
1. Don’t spend time over-analyzing the owner
It’s very easy to obsess over the possible reasons why the owner rejected your offer. You could potentially spend hours researching a home’s sales history and tax records, then combining that data with the information you received from the sellers’ agent about their situation or motivations.
Don’t do it. Racking your brains on the owner won’t get you anywhere. Worse, the time spent trying to get inside the head of someone you don’t know is precious time spent away from your home search. If the sellers “just aren’t that into you,” it could be time to go forward. For all you know, like that elusive crush, they will come back once you pull away. Just don’t count on it.
2. Put your best offer on the table
Maybe you haven’t offered the maximum you can afford yet, attempting to keep some room for negotiation. In the event that the sellers aren’t responding positively to the offers so far, it could be a sign that they are not motivated to sell. Even though you’re a real and active buyer attempting to purchase their house doesn’t mean they have to accept your offer. If they’re not responding, or they come back with a not-so-great counteroffer, cut to the chase. Make your maximum offer immediately and put it in writing. Then, if they still don’t respond, begin looking elsewhere.
3. Put the home behind you
Because purchasing a home is usually both practical and emotional, it’s entirely possible that a buyer (particularly a new one) to get hung up on a single house and also have trouble moving on. But this can only prevent you from finding the house you want. To be a savvy buyer, consider each experience as well as lessons learned. Chalk up unrealistic or unmotivated sellers to experience. Use that to your advantage the next time you are making an offer.
At the closing table weeks or months down the road, you’ll likely look back on that home you “had to have” and realize that the house you ended up with is much better in the long run. Never forget that, regardless of how much you believe this one was meant for you, there is always another great house.
Nick & Cindy Davis have a proven track record for assiting our buyers get the home of their dreams here in teh Tampa Bay and surrounding areas. Don’t you want an experienced negotiator working for you? If you are ready to find your new home. We are always just a call to 813-300-7116 or simply click here and we will be in touch with you shortly.