Once you’ve found a home fitting your household’s needs, you may jump to put in an offer letter, only to find out
later it’s been rejected.
Getting a home offer letter rejected can feel discouraging, however, taking time to review why it may have been
rejected can help when preparing to send in the next one.
Contingencies discouraging the home seller
Even if you present a fair monetary amount in your offer letter, the document may be rejected if the home seller
doesn’t find your contingencies agreeable. Contingencies can be propositioned by each party during the homebuying
process to protect their best interests.
For example, some homebuyers may want the deal to be contingent on when they can sell their own home first before
moving forward with purchasing a new property.
This may sound good in theory, but it can take weeks, months or even longer before the buyer can sell their own
property. This ties up the home seller and can cost them money and time.
Lowball offer
Purchasing a home is a big financial investment, so finding ways to save money during the home purchasing process can
be valuable. However, a low offer amount may end up costing you big time on the property of your dreams.
A low ball amount may be seen as half-hearted effort, and the seller may also feel their property is being
undervalued on your end.
Not meeting requirements
Some sellers may have specific requirements they’re searching for in a potential homebuyer you may have not been
aware of.
For example, they may require a hard set closing date because they are on a tight home selling schedule. Or, perhaps
they only want offers using financing from a lender they prefer over others.
It’s essential to work with your realtor to do research on the property to see what’s the best course of action to
appeal to the home seller. With the right preparation and knowledge, you’ll increase your chances of receiving
acceptance of your offer letter.