Read This BEFORE you write your next offer and WIN the House!

15 Ways to Get Your Offer Rejected

 

1.   Offer Price is Low!

     This is the first thing that a Seller looks at when in an Offer comes in!  If you believe that a Lower Price is justified, have your Agent present some comparables or an appraisal to back up your offer.

 

2.  Fail to understand your Local Market

     Is it a Buyer’s Market, a Seller’s Market, or just a Market?  Look at actual sales data, including time on market, inventory (number of houses for sale), and sales price to list price ratios.

 

3.  Fail to understand the Seller

     Moving out of town, moving up, investor unloading an asset, bank owned, short sale, Court-ordered sale…  does your Agent know the motivation or reason of the Seller?

 

4.  No Pre-Approval Letter or Proof of Funds Letter

      Is the Seller supposed to wait a week or two to see if you can afford it?

 

5.   Ask Seller to Pay All Closing Costs

     Asking the Seller to pay $$$ Thousands of Dollars in Costs is effectively lowering the Price!

 

Offer - Sellers Pays All Closing Costs

 

6.   Low or No Deposit

     In some States (including Florida) there is no monetary deposit required.  Your “promise” is considered valuable consideration.  But how do you think those Goose Eggs on the Deposit Line look to a Seller? 

     Or maybe you presented a whopping $500 or $1000 deposit.  The strength of your Offer is reflected in your Deposit!  Even with a 100% USDA Rural or 100% VA Loan, you should still offer a significant deposit.

 

7.   Contingencies

     Financing and Inspection contingencies are common and expected.  But for how long?  Five days looks better than 14 days or 21 days!

     Other Contingencies can be detrimental to an offer.  For example, “Buyer’s Home Must Sell First”.

 

8.   Asking for Personal Property

     The Seller has volunteered to leave the light fixtures, window treatments, and the appliances.  You decide to ask for the Pool Table, the Flat Screen TV, and the Furniture.

 

Offer Rejected over Personal Property Included

 

8.   Closing Date

     The Seller has already moved out.  Your Offer shows a Closing Date several months from now.

 

9.   Asking for Repairs

     Especially before Inspections have been done!  Or, when the MLS Listing reads, “As Is, Subject to Inspections”.

 

10.  Trying to Get a Deal on a Foreclosure

     Forget it!  The hucksters on those “Get Rich Quick in Real Estate” Infomercials are either in prison or under indictment. 

 

11.  Asking for Early Possession

     There is a lot of risk and potential liability for a Seller who allows Occupancy Prior to Closing.

 

12.  “Creative Financing”

     Asking a Seller (who has not volunteered) to carry Owner Financing, or asking a Seller to do a Lease Option or Lease Purchase, or a Contract for Deed, or other “Creative Financing”.

 

13.  Ignoring Seller Requests

     Seller has made specific requests in the MLS Listing (preferred Title Closer, length of Closing, days for Acceptance, etc.) and your Offer blatantly disregards those requests.

 

14.  Not Understanding “Multiple Offers” if you are in a Hot Market

     If you are in a Market where Multiple Offers are typical, you MUST come in with your Best at the very beginning!  A low-priced, contingency-filled offer will not warrant a second look!

 

15.  Your Offer is Never Presented  (yes, it happens)

     It may be illegal and/or unethical, but sometimes Agents do not present Offers!

  •     Your Agent may be “embarassed” over your Low-Ball Offer, so he pretends it was rejected. 
  •     An unethical Listing Agent has multiple Offers; she only presents the Offers that will net her both sides of the commission!

       It is up to you to verify that your Offer was presented!

House for Sale Tallahassee Florida

 

     Every Real Estate Market is different, every Seller and every Property will be unique.  But the same general principles apply.  A Buyer must present an Offer that is attractive to the Seller. 

     Don’t do any of the 15 Things that will get Your Offer Rejected!

___________________

 

Disclaimer:   The author of this blog article is not an attorney; the author of this blog article is not a certified public accountant. Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Provided by Guest Blogger: Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

Haute Residence Newsletter

HAUTE LIVING REAL ESTATE NETWORK

Haute Living Real Estate Network March 19, 2013 | www.hauteresidence.com

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Questions to ask when choosing a Custom Home Builder

When choosing a custom home builder, asking these questions to each builder you interview will provide an apples to apples comparison.

 

  • How many years have you been in business? How many homes have you  built?
  • Are you licensed (where required) and insured?
  • How do you compare yourself to other builders? What are the most important benefits of the homes you build?
  • What type of warranty do you offer?
  • Can you give me references from prior home buyers? Do you build model homes I can tour? If not, can you help me make an appointment to see a home you built for another customer?
  • What are the major energy-saving features of homes you build?
  • Do you build only from home plans you supply? Or can I provide my own  set of plans?
  • What standard features do your homes include? What options and upgrades can I  select?
  • Who will oversee the construction of my home? Who should I contact with any  questions I may have?
  • How and when can I make changes or upgrades before and during  construction?
  • How and when will the final price for my home be determined?
  • How often (and when) will I have access to the home during the building  process?
  • How long will my home take to complete?
  • Does the community have a Home Owners Association and/or an Architectural  Review Committee? If so, may I get a copy of their rules and the amount of any fees?
  • What’s your process for inspection at key points of construction, at final  walk-through, and to address any matters that need to be corrected or  finalized?

Of course, there are many more questions that one could ask, feel free to add any you’d like. Following a framework for the builder selection process will provide confidence down the road when you are frustrated, and wondering, did I make the right choice?