{"id":1508,"date":"2021-07-03T10:00:27","date_gmt":"2021-07-03T14:00:27","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1508"},"modified":"2024-04-25T23:20:00","modified_gmt":"2024-04-26T03:20:00","slug":"sellers-rejected-your-offers-get-back-on-track-to-closing","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/sellers-rejected-your-offers-get-back-on-track-to-closing\/","title":{"rendered":"Sellers Rejected Your Offers? Get Back on Track to Closing"},"content":{"rendered":"\n

Making a Strong Offer in 3 Strategic Stages<\/em><\/strong><\/h1>\n\n\n\n
\"Person<\/figure><\/div>\n\n\n\n

You\u2019re financially ready. You\u2019re excited to be shopping for\nyour new home. But you\u2019re getting slammed by the competition! Now, how do you make\noffers with confidence and get your home purchase goal back on track? <\/p>\n\n\n\n

There are three key parts of this home-buying adventure. You\ncan break them down into: <\/p>\n\n\n\n

1. Preparing your finances.<\/p>\n\n\n\n

2. Choosing homes you\u2019d like to buy, assessing\ntheir value and appropriate pricing.<\/p>\n\n\n\n

3. Negotiating with sellers.<\/p>\n\n\n\n

When the going gets tough, a few competitive tips might help\nstrengthen your hand in each of these three stages. Then we offer a few\nlesser-known ideas. What follows is a range of possible strategies to work\nwith, so you can choose what resonates with you.<\/p>\n\n\n\n\n\n\n\n

Phase 1. Prepare Like a Champ<\/strong><\/h2>\n\n\n\n

Every home-buying success is based on good preparation. This\ninvolves readying your loan pre-approval. When you find the right house, sellers\nand their agents look for preapproval documentation to judge an offer as reliable.\n<\/p>\n\n\n\n

Optimally, you want to have a down payment money of 20% or\nmore. Are you in the position to offer cash? If so, you\u2019ll be quite likely to\nwin out when a seller gets multiple offers. In any case, stick to the amount\nyou\u2019re prepared to spend. Sticking to a plan helps avert buyer\u2019s remorse.<\/p>\n\n\n\n

\u261b<\/em><\/strong> Shopping for an\nattractive, desirable, well-maintained house? You\u2019ll thank yourself later. See\nour guide to Owning\nWithout Remorse \u2014 Including 6 Questions to Ask Yourself Before Buying a Home<\/a>.<\/em><\/strong><\/p>\n\n\n\n

Phase 2. Short-List the Homes and Prepare Your Offers<\/strong><\/h2>\n\n\n\n

Assess the value of the homes on your short list. Sit down\nwith your agent and compare notes on each home\u2019s condition, how long each\nseller has been waiting to sell, and how well each seller\u2019s price conforms to\ncomparable sale prices in the area. <\/p>\n\n\n\n

Don\u2019t neglect the importance of\nmaking a backup offer to a seller who has a buyer lined up. The seller\u2019s first\nchoice of deals could fall through. In hot markets it\u2019s not unusual for a buyer\nto bid well over the fair value, only to find the agreed-upon price slashed by\nthe appraiser.<\/p>\n\n\n\n

\u261b<\/em><\/strong> It can happen. A\nseller who has overvalued the home might need to lower the price if the\nappraisal does not support it. Learn more about the\nbuyer\u2019s experience with a home appraisal<\/a>, and what to do if the appraisal\nvalue falls short.<\/em><\/strong><\/p>\n\n\n\n

And some buyers submit high offers, then try to get\nconcessions after the inspection report comes back. The buyer may start asking\nfor non-essential changes and cleanup tasks. The psychology? \u201cI\u2019m offering to\npay more than the asking price, so I expect to get everything I want!\u201d<\/p>\n\n\n\n

When you\u2019re not being \u201cthat buyer\u201d but market competition keeps\ngetting the best of you anyway, it might be time to change course. Try:<\/p>\n\n\n\n