When you’ve found the home that is just what you are looking for and you make an offer that you feel is fair, rejection can send you reeling. It is common for first offers to be rejected by the seller. They naturally want to get the best possible offers from the most qualified potential buyers so the seller may be holding out. This isn’t the end of the world, although it may seem like it at the time. There are still things that you can do to influence the final outcomes. It is important to have a plan in place to deal with rejection effectively.
Find out why your offer was rejected
It is perfectly acceptable to ask the realtor the reason for the seller rejection of your offer. Once you find out why it was turned down, you may be able to come up with a plan to address the problem. If you lowballed the seller, you may improve your chances with a higher offer. In some cases, the seller may make a counter offer and if this is something that is within your budget and you feel that is reasonable, the problem may be solved.
If there are multiple bidders involved, the seller may have received a higher offer. Work with your agent in these cases to make a reasonable offer that is higher than the other bidders. If the bids exceed what you consider to be reasonable it may be time to pull back. This doesn’t necessarily mean that you’re out of the ball game. For a number of reasons, the sale may not go through and you may be the next highest bid. It’s not advisable to exceed what you or the agent feels is a reasonable offer or one that is beyond your financial means.
Eccentricity in sellers is also a major roadblock. Sometimes there are no sound reasons for the rejection of an offer. There are people who consider selling their homes but when they receive a serious offer, they look for reasons to reject them. It could be that you’ve done nothing wrong and in these cases, you could either wait and see or move on to another prospect.
Dos and Don’t after a rejection
You should always talk to your agent to get the lay of the land about the seller and advice about the next best step to take in the process. It’s possible that the agent is responsible for the rejection. Avoid becoming emotional and taking it personally. This may be the hardest part but this is business and emotional responses won’t do you any good, in fact, they can work against you. Do re-evaluate your strategies and decide if you need to take a different approach. You may want to consider broadening your options or just waiting it out to see if the seller changes their mind.
Whether the final outcome is in your favor or not, the negotiation process is filled with learning opportunities. As a first time homebuyer, you will gain new insights from every negotiation. Your experiences will serve to make you more knowledgeable about the process and give you a greater insight into the best strategies to use with sellers.