The Seller Rejected Your Offer, Now What?
Finding the perfect home can be a trying process to say the least. You’ll encounter a number of houses and people before you finally come across that perfect match. Also, you may find yourself in a situation where you want the home more than the seller wants you to have the home. As heart breaking as this may be, there’s always more fish in the sea, or in this case…houses on the market.
So what can we do if we come across a situation where your offer was rejected? Well, if you’re set on this home then we’re going to have to do a little strategizing. Obviously theres no obligation for the seller to accept your offer if they don’t want to. They can reject your offer for literally any reason. Every seller you come across will have different motivations for selling and thats important to remember. Of course we can’t guarantee that the seller can be convinced to sell at the price point you’re willing to offer so make sure you’re not hung up on a property that just wasn’t meant to be.
Let’s dive right into the 3 best ways you can respond to a seller who has rejected your offer.
1. Don’t over analyze
Your first instinct might be to over analyze why the seller rejected your offer. Don’t spend your valuable time looking up the sales history and tax records and comparing everything the seller’s agent told you with everything you think you know. Before you know it you’ll find yourself in a deep hole more confused then you were at the start.
If you’re offer was rejected its best to speak with your agent and discuss further options. Be open to the idea that this house will remain out of your reach simply fro reasons you can’t overcome. I’m certainly not advocating that you just drop all interest in the house. However, if your first offer was your best possible offer and it was a no go consider moving on. If it wasn’t your best possible offer see option number 2 just below.
2. Go all in
If you made an offer and it wasn’t enticing enough to the seller consider upping your offer. Common practice is to make an offer with some room to increase if need be. So presumably you made an offer with a little room to increase, logically the next step would be to make your next best offer and hope this time you land a deal.
Make it clear this is your highest offer and put it in writing. If they still aren’t interested or they don’t respond to you its time to move on. Consult with you agent before you make your final offer and mentally prepare yourself to move on if it doesn’t go through.
3. Put the home behind you
Purchasing a home is an emotional experience, you might find yourself emotionally attached before you’ve even closed on the house. So its important to put that home out of your mind immediately if your best offer was rejected. Lingering on the home and questioning why you didn’t get it will distract you from finding a new one.
Take this time to reflect on the process and prepare yourself for the next one. Remember some of the features that made this home so inviting to you. Just because you didn’t get this home doesn’t mean you have to sacrifice those important qualities. Certainly not all homes we’re created equal but you’ll always find similarities across the board when house hunting.
So get out there and get to know more houses, each one has something new to offer you! So get out there paint the town red, or your new home red for that matter. Either way try to relax and enjoy the home buying process, as taxing as it may be. Your agent will be there to guide you through the whole process and make sure you don’t settle on a house lacking your dream requirements.
Odds are you’ll come across another home down the line that is even more perfect for you than you had ever imagined. For every seller to reject your offer there is one waiting to close on the house of you dreams. So let’s get out there and start house hunting, your dream home is waiting.
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