There are many reasons why a seller rejects an offer to buy their home. Many of these reasons boil down to mistakes made by the buyer before or during the transaction. These mistakes can be avoided and can serve as learning curves when the buyer considers other homes to buy.
Here are the top 5 reasons why a seller pulls out of a real estate transaction:
The buyer has no pre-approval
Pre-approval is the first step a buyer should complete in the home-buying process. An offer made without a pre-approval (or at least a pre-qualification) gives the impression that the buyer doesn’t have the means to afford their home.
To show the seller one’s seriousness in buying their home, the buyer should find a bank or lender to get pre-approved for a mortgage house loan. This should be done before the home search starts.
The price offered was too low
The amount offered also makes a huge difference to the seller. An offer that’s too low may offend the seller, one who has an emotional attachment to their property.
Instead, work with a real estate agent to come up with a reasonable asking price based on comparable sales and local market conditions.
The offer did not meet the needs of the seller
One of the most common reasons why sellers reject an offer is because their needs don’t match. For example, if the buyer and the seller cannot agree on the desired time of the move (one wants to move in immediately; the other wants to move after a few months), it might cause the seller to reject the offer.
The offer had too many contingencies
Contingencies – the conditions a seller must meet before the deal closes – are commonly found in the purchase offer. Some of these contingencies typically involve home inspection, mortgage financing, and home appraisal. But if too many are listed down, the seller ends up doubting the buyer’s willingness to purchase the home. This ultimately reduces the buyer’s chances of getting their offer accepted.
Two important contingencies should be written in the purchase offer – the home inspection and the mortgage financing. Other contingencies such as the home sale contingency (which requires sellers to find a buyer during a specified period of time) are a huge turnoff for sellers.
The buyer has an attitude
A buyer’s attitude can also make or break a transaction. Sellers will think twice before selling their beloved property to a buyer who is unrealistic, rude, and difficult to work with.
A buyer’s real estate agent is also not spared from a seller’s opinions. If the buyer is working with an agent who’s unprofessional, pushy, and takes long to reply, it could leave a bad impression on the seller. They are more likely to gravitate toward buyers and their agents who are courteous, respectful, and approachable.
Ensure home buying success with Karafotias Realty. Hailed as one of the best Realtors in Atlanta, GA, the team has over 39 years of real estate experience that can help you land the perfect Atlanta luxury home for sale in no time. Contact Karafotias Realty today by calling 404-321-0030 or send an email to karafotiasrealty(at)karafotiasrealty(dotted)com.