Maybe you viewed a few right one’s – but the difference between this time and the other times is you are ready to have your realtor make the offer for you.
After a few days you find out you did not get the property.
You return back to the search and viewing homes in person.
Again, you find the “right one” and have your agent write the offer.
You then get notified you did not get the property, it’s back to the drawing board and viewing homes and real estate.
Wash, Rinse and Repeat… Real Estate Case 7
Could this be a problem with the agent you selected? Maybe they are not as strong as they need to be? It could be their reputation stinks and they are not trusted amongst the other local real estate agents? Maybe they are new and have no standing and their experience and knowledge is lacking to a fault?
Rarely, this is the case. Offer’s being denied typically are a result of the buyer’s qualification and supportive paperwork which accompanies the offer.
Real Estate Case 6
A real estate buyer’s denial could also be reflective of said buyer not offering as much to the home seller as the buyer whose offer was accepted.
Real Estate Case 5
The choice could have also been FICO score dependent. The other buyer’s may have had a higher FICO score than your’s.
Real Estate Case 4
Sometimes the real estate lender is the reason why a buyer’s offer lost to the competition. If the lender is “out of the area” and “Not recognized” by the agent representing the seller, it could be an impactful influence on the buyer’s offer being accepted.
Real Estate Case 3
In some cases, it’s the POF – proof of funds, which are from non-reliable sources. The POF is the showing of proof where the buyer’s down payment is coming from. Account printouts showing the amounts for the down payment and the buyer is needing for the financing they are selecting.
Real Estate Case 2
A Home buyer asking for the seller to pay for that buyer’s closing costs will sometimes cause their offer not being selected over other offers received.
Real Estate Case 1
There have been cases when we are representing the home seller where we get a horribly constructed offering package from an agent. We look deeper into their offer to see if they are new, unlearned, or are attempting to mislead our seller on purpose.
If the real estate agent seems to just be new, we call to have them secure up their buyer’s loose ends. Even in a market where we have received multiple offers, the agent being new and inexperienced is no reason why their buyer should miss out on the home they want to buy.
If we are dealing with a real estate agent who has a reputation of trickery and deceit, we look at their offer as carefully as the other offers received. We vette them as we do the other offers and keep a close eye on them. However, just because they are dishonest, does not mean that their buyer’s should be punished and given a non equal shake as compared to the other offers received.
A savvy seller’s agent can ensure that every home buyer gets fair and equitable treatment when making offers on real estate listings. It has been my experience gleaned since 1998 that most listing agents with a few hundred transactions under their belt are of the same mindset when it comes to receiving and presenting offers to their home sellers.
Don’t fret and lose hope. Typically your agent is going to have the reason why your offer wasn’t accepted. Usually it will be for one of the 6 of the 7 reasons outlined above.
I’m Connor MacIvor and I’m glad to be of service to you and yours related to all your real estate needs.