Previous < Multiple Offers
Seller’s Options
I do not recommend that my sellers ever reject an offer. But it is their prerogative to do so. A seller can do any of the following with your offer:
- Accept
- Counter
- Reject
- Ignore
Dealing with Rejection
If your offer is rejected, it was probably because it was a “low ball” (generally a low ball is defined as an offer at least 10% off the seller’s asking price). Just because your offer might have been under the asking price doesn’t mean it was a bad offer, though. They may be listing their home high.
If your offer was not a low ball, then hopefully the listing agent communicates why the seller did not like it.
If your offer has been ignored, your agent needs to pursue it. Generally, you should hear some sort of update within 24 hours. If it is going to be a while before the seller can respond, the listing agent should at least let you know a reason for the delay. Also, remember to withdraw an offer that has not been responded to before you move on and make offers on other homes.
Next Steps
Try Again
If you find out what the seller didn’t like and can fix it, do so and resubmit.
If you low balled them, consider offering your “highest and best”, even if it is still under the asking, and see if there is a deal to be done. Unfortunately, the relationship may be some damaged if they took offense at your original offer, but hopefully they are reasonable about it.
Move On
Well, your #2 favorite was a solid home, too, so it might be time to move on it instead. It is unlikely that this home is the only home for you (and if it is, you will probably have to be more aggressive in trying to get it). The Fort Hood area is a big market with a lot of options.
Remember, low balling a home is only advisable in certain situations. Don’t expect to go from home to home offering ridiculously low prices until one sticks and you “get a deal”. You are going to wear out your agent and yourself doing that. If you want deals way below the market price, look at foreclosures and investor strategies for finding them.
Wait Them Out
Sometimes it is not you but the seller who was being unrealistic about the price. They may need the home to sit on the market a little longer without a buyer with the terms you had, and you can try reapproaching them in a month or two after their heels have cooled a bit and your original offer starts to look much more attractive. Of course, you may not have that kind of time, and it is not a sure thing. But that may be an option depending on your situation.
Next > Step 6: Due Diligence
