The Top 3 Reasons Home Offers Get Rejected
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When you make an offer on a home, you want that offer to be accepted. But plenty of offers get rejected—so what, exactly, is it about those offers that make sellers say “no thanks?”
A recent article from realtor.com outlined some of the most common reasons home offers get rejected, including:
- The offer was too low. Many buyers think they should submit a low offer to leave room for negotiation. But sellers want to make money on their home sale—so an offer that’s too low is almost certain to get your offer rejected.
- The earnest money deposit was too low. The earnest money deposit shows sellers that the buyer is serious about the property. But if that deposit is too low, it could make the sellers nervous the deal might fall through—and cause them to reject the offer.
- The buyer asked for too many contingencies. For sellers, the simpler the deal, the better—so offers that come with a high number of contingencies could be rejected in favor of buyers with fewer requests.
So, what does this mean for you? If you’re planning on buying a home, it’s important to understand the most common reasons sellers reject offers—so you can avoid those mistakes and increase the chances of your offer being accepted.