Why Was Your Plano Real Estate Offer Rejected?
Rejected Plano real estate offers cause home buyers heartache and disappointment but a seller doesn't have to rip the buyer's offer to shreds for buyers to feel like their dreams have been crushed. All a seller has to say is "NO," and your offer is rejected. Here are the top reasons home purchase offers are rejected: #1: Objection to a Lower Than List Price Offer 1. The seller may be much too angry to respond to the offer and, therefore, will reject the offer outright.2. Sellers can easily feel insulted. If a buyer offers too low a price, the seller might also believe that the buyer is not serious.3. If the home has just come on the market and is a new listing, the seller may feel it's too early to look at a lower than list price offer. 4. In many states, sellers are not required to respond to offers any offer especially a less than list price offer. #2: Selling Agent is, shall we say, a JerkReal estate agents who possess the social graces of a monkey should have their real estate licenses taken away because nobody wants to work with them. These non-professional agents are wasting everybody’s time and making their clients miserable. If a selling agent is a jerk to the listing agent, especially during a multiple offer situation, it unfortunately reflects poorly on that agent's buyer. Make sure your agent doesn't do any of the following: 1. Makes demands and issues ultimatums 2. Screams or raises voice when talking to the listing agent 3. Insults the listing agent by inferring the listing agent is stupid or ignorant 4. Has a demeaning attitude 5. Approaches the listing agent in an aggressive or pushy manner 6. Does not display any level of professionalismThere is nothing illegal or unethical about a listing agent taking two identical offers to a seller and telling them, "Working with Agent A is going to be a big problem, but Agent B is professional and easy to work with. Do you really think the seller will choose Agent A's offer? Don't ever forget that being polite and respectful earns points many times over. Don't let your agent sabotage your chances from the very beginning. #3: Listing Agent Represents Competing BuyerA little known practice among real estate consumers is the variable or dual-rate commission discussion that sometimes goes on between listing agents. What this means is that the listing agent makes an agreement with the seller that if the listing agent ends up also representing the buyer, the listing agent will reduce her commission (because she's earning both sides of the commission). Therefore, if your own real estate agent writes your offer, the seller will pay more and net less. Ask your Plano Realtor to check MLS to see if the commission is variable or not. #4: The Buyer Did Not Meet Seller's NeedsSelling agents should always check with the listing agent to find out if the seller has any specific needs or requirements. If so, write them into the offer and your offer will shine above the rest. 1. If the seller wants to see a large earnest money deposit, then increase the deposit. 2. If the seller needs a long closing period, then offer a longer closing date. 3. Sometimes the financing terms stated in MLS are not met. For example, if the seller will accept only cash offers, don't expect an offer with FHA terms to get accepted. 4. If the seller is concerned about making repairs, offer to buy the property "as is". You can still have a home inspection to look for deal killing repairs. 5. Maybe the seller wants a strong preapproval letter; the point is you can't know how to satisfy the seller's demands if you don't ask. Keep all of this in mind when it comes time to write a successful Plano real estate offer. Stay tune for articles about Dallas Relocations and articles about Dallas We Buy Houses Companies.
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