You’re trying to buy a house and you have your heart set on a specific one. Then, you make an offer and the seller doesn’t counter or try to negotiate. Instead, they simply reject your offer. What do you do next? Here are three ways to deal with a rejected offer from a seller.
Make Your Best Offer
Maybe you went in too low and it was insulting to the seller. You may have just been trying to leave some room to negotiate, but you went just a little too low. If this is the case and you can afford more, it’s time to put your best foot forward.
Making the top dollar offer for what you can afford is a great way to deal with a rejected offer. Now, all of your cards are on the table and you will be able to get right down to it. If the seller comes back with a no-so-great counter, you’ll know they are looking for more than you can pay.
However, if they accept your offer, that home you have your heart set on, will be yours. After a rejected offer, make the maximum offer you can afford immediately in writing. If the seller doesn’t respond positively, it’s time to move on.
Don’t Over-analyze the Seller
Sometimes, a rejected offer will cause you to become a bit obsessive about the seller. You may spend hours of your time looking at the tax records, the sales history for the home and other types of data to figure out why they rejected your offer. This is a waste of time and often, the reason for the rejected offer has nothing to do with the data you can look over.
You don’t want to waste time and sometimes, the seller simply isn’t that into you and your offer. Maybe they are very firm on their price or they are emotionally attached to the home. Whatever the reason for the rejected offer, you will probably never know the truth. Don’t waste your time obsessing over it.
It’s a bit like a break up and it’s time to move on. If you’ve done everything you can (made your best offer) and the seller still won’t budget, you need to put the house behind you and start looking for a new one. This happens sometimes and it’s important to chalk this up as an unmotivated seller or someone with unrealistic expectations.
There are several reasons why a seller might reject an offer, but buyers don’t always get the true reason. Sometimes, it’s really as easy as your offer was simply too low. Other times, it’s far more complicated.
Regardless of the reason, a rejected offer should be handled properly so that you have an opportunity to put your best foot forward and move on. Whether you’re moving on because your best offer was accepted or back to searching for the right home for you, it’s only fair that you have the opportunity to move on.