Buying a home can be frustrating, time-consuming and tiring. It requires patience on your part as a buyer. There are process and procedures you need to go through after you decide to buy a house but before the ownership of a home becomes yours.
Getting a house that you love and would meet all your demands can be quite tricky. However, getting one and thinking you are finally sorted, only to get rejected can be heart-breaking. Below are a few reasons why your offer for that beautiful property met a rejection:
You Can’t Afford The Purchase Price
Among all the reasons below, this is probably the most common of them. Getting a house and the seller is requesting for an amount above what you intend paying would make your offer rejected. Many sellers can be difficult especially when they think their homes are worth more than the offer you are placing on the table. Ask your agents how much such houses have been selling for on the market to minimize your chances of running into this problem.
A Better Offer Is on The Table
Homeowner wanting to sell their property will go for the highest bidder. It’s not uncommon for a seller to withdraw an offer for purchase already given because he or she got a better offer. A house that gets a lot of attention would attract more than a buyer. What you as the buyer can do (since you can’t tell how much other buyers are bidding) is to keep your price as close to the selling price as possible, this gives you enough room for competition.
Time Frame Differs
Some sellers want the sale of the property concluded at a particular time. The seller of a property can reject your offer if you as the buyer cannot meet his time frame either because you do not have enough money yet or because of an unprocessed loan request. A seller can also reject your offer if you are trying to move in at a time that is not suitable or convenient. Inform your agent if you have a deadline to move into the new property and ask if it’s going to be possible.
Difficult And Unrealistic Sellers
Regardless of how good an offer might be, some sellers would still choose to be difficult. When looking to buy a property, you should expect to meet such sellers and come prepared for how to handle them, especially if they have a feature you would love to purchase.
In conclusion, finding your dream home is a small part of the property buying process. Often, buyers go through many rejections before finally getting a letter of acceptance.