You find the perfect Denver area home and make an offer and the seller rejects it. It can be heart breaking. There are some common reasons why they didn’t accept your real estate offer, and if you know what they are ahead of time, you can avoid setting yourself up for disappointment.
One reason sellers reject offers is because the offer is way too low
Regardless of whether you think it was fair or not, a super low offer can be rather insulting to a seller, or may convey the message to them that you aren’t a serious buyer. If it’s a new listing the seller may reject it because it would be too early to accept a lower than list offer. If the home is truly overpriced, you might want to rethink whether it’s truly the home for you.
A better offer tendered
Another reason is that a better offer could have been tendered to the seller that they are considering. If a home is getting a lot of attention and your Realtor feels that there may be other offers, your best bet is to keep your offer as close to list as possible, and keep contingencies to a minimum.
Not prequalified for a mortgage
A big reason offers are rejected is because you are not prequalified for a mortgage. Pre-approval of a mortgage is something that sellers prefer because it means that 1) you are a serious buyer and 2) you can complete settlement and purchase the home. Be sure to include your pre-approval letter with your offer.
A long escrow period
Requiring a long escrow period can also be a deal killer. The reasons for this could be because you need to sell your current home or time to save your down payment. Whatever the reason sellers usually don’t want to be strung along for months. Your best bet is to begin your search after you have your down payment together, or once your current home is at least listed or closer to selling.