Shopping for a home is a long, arduous process. When you finally find one that you love, think you can afford, and spend the time to formulate an offer, it can be crushing when your offer is rejected.
However, getting rejected is simply part of the process. If you’ve ever applied to college, you might be familiar with this process. You send out applications that you poured your heart and soul into. Sometimes to get accepted, other times you don’t.
Making an offer on a home comes with one big advantage over those college applications, however--the opportunity to negotiate. As long as the house is still on the market after your offer is rejected, you’re still in the game.
In this article, we’re going to talk you through what to do when your offer is rejected so you can reformulate your plan and make the best decision as to moving forward.
One of the most common fallacies we fall into as humans is to think the outcome is worse than it really is. First, remember that there are most likely other houses out there that are as good if not better than the one you are bidding on, even if they’re not for sale at this moment.
Next, consider the rejection as simply part of the negotiation process. Most people are turned off by rejection. However, you can learn a lot when a seller says no. In many cases, you can take what you learned and return to the drawing board to come up with a better offer.
Don’t spend too much time scrutinizing the seller’s decision. Ninety-nine percent of the time their decision isn’t personal. You simply haven’t met the pricing or contractual requirements that they and their agent have decided on.
Now it’s time to start thinking about a second offer. If the seller didn’t respond with a counteroffer it can mean one of two things. First, they might be considering other buyers who have gotten closer to their requirements. Alternatively, your offer may have been too low or have had too many contingencies for them to consider.
Regardless, a flat-out rejection usually means changes need to be made before following up.
This is your chance to take what you learned and apply it to your new offer. Make sure you meet the following prerequisites before sending out your next offer:
Double check your financing. Understand your spending limits, both on paper and in terms of what you’re comfortable spending.
Check comparable houses. If houses in the neighborhood are selling for more than they were when the house was previously listed, the seller might be compensating for that change.
Make sure you’re pre-approved. Your offer will be taken more seriously if you have the bank’s approval.
Remove unnecessary contingencies. It’s a seller’s market. Having a complicated contract will make sellers less likely to consider your offer.
Sometimes you just can’t make it up to the seller’s price point. Other times the seller just can’t come to terms with a reasonable price for their home. Regardless, don’t waste too much time negotiating and renegotiating. Take what you learned from this experience and use it toward the next house negotiation--it will be here sooner than you think!
Photo by Gerd Altmann via Pixabay
Many homes have two and a half or more bathrooms. If you want to move to Waldron Island in Washington, you’ll have to give up the idea of having a bathroom for every bedroom or even having that extra half bath. Waldron Island is very small and has a small population. Since the residents want to keep it that way, they have a law that says you can’t have more than two toilets in any building.
In Washington state, it is illegal to kill a Sasquatch. The real question is, how many people have actually seen a Sasquatch? Maybe those same people have seen the Loch Ness monster.
If you’re selling real estate in Texas, it’s probably better to empty your house before you put it on the market. It’s either that or have a super long purchase contract to list all the exclusions. In Texas, any accessories or improvements that are shown to buyers go with the house. That includes personal photos and artwork on the walls, above-ground pools and even artificial fireplace logs.
Many people like fences for privacy, especially in cities. People who live in rural areas often fence in their property to keep wildlife out or to keep animals in. This is all good, as long as those fences are no taller than 6 feet. Anything higher is considered a “spite” fence, at least if you’re in Rhode Island. Yes, that’s ‘spite’ as in, “I’m building a 10-foot-high fence just to spite my neighbor.”
Sometimes, you just have to have burglar bars on the windows. But, Ridgeland, Mississippi says you can’t put them on the outside of the windows. You can put them on the inside of the windows, though.There's uncertainty as to why that law was put into place, but putting the burglar bars on the inside is probably not going to keep someone from breaking your windows.
In Missouri, you can’t have three female roommates. Even if you decide to live with your three sisters, you won’t be able to do that. Arkansas has a similar law, but theirs says you can’t live with five women. Many years ago, lawmakers were trying to put an end to brothels. The law is very outdated and probably not enforced, but if you and your sisters plan on getting an apartment together or plan on buying a home, you might want to check.
Photo by Javani LLC via Shutterstock
Before you ever place your home on the market, start working on curb appeal. What’s curb appeal? It’s the first thing that makes people want to take a second look when they drive by. If they’re house shopping or just dreaming for the future, a home with curb appeal will bring them back once it has a “For Sale” sign in the yard.
Now that you’ve completed the basics, move on to the more intricate — and costly — items. These include painting the front door a bold, brilliant hue, and while you’re at it, paint the house trim. Even if you can’t paint the entire house, freshening the door and window trim gives your house the “cared for” feeling that buyers want.
Change out the bulbs in the carriage lights and keep them brightly lit. Do the same with the porch lights. As the seasons change, homebuyers may be seeing your home in the early evening, so illuminate pathways with solar lights or place lights at the base of trees, bushes or architectural details of your home.
If your gutters sag, call out a service technician and get them realigned or repaired. Do the same with the downspouts. If they are dented or smashed on the ends, replace them, so they don’t detract from your home.
If you have time to replant your flower beds, add seasonal blooming flowers or colorful foliage to attract the eye. Even if you can’t replant your beds, set out pots of colorful flowers in the front of your home.
If the front of your home has a long driveway or walkway, consider concrete acid stain to give it a beautiful, new surface. And, if the door at the end of that driveway is dented, droopy or bulges, get it replaced. The R.O.I. is worth it.
