Pat Starnes' Snippets: March 2013

15 Sure-Fire Ways to Get Your Offer Rejected!

If you're making an offer on a home in the Brandon, MS market, you may want to review 15 Sure-Fire Ways to Get Your Offer Rejected! A well-constructed, clearly written offer with the following tips in mind can make the difference between getting your offer accepted or rejected. Always discuss the terms and demands with your buyer representative. If you don't have a buyer rep, give me a call. I am a Certified Negotiation Specialist and can work for you!

You found your Dream House!  After weeks of looking at houses, this is it!  Your Agent prepares an offer; you sign it.  But wait - oh, No!  Your Offer has been Rejected!

 

Offer Rejected

 

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.

 

Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

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     Buying or Selling a Home in Tallahassee, Florida?  You need the services of a serious, dedicated Real Estate Broker when making the biggest financial transaction of your life.  Call Fred today!  850-339-4861

 

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Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

Written and Published by Pat Starnes REALTOR

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Pat specializes in Residential and New Home Sales 

Primary Service Area:

Brandon, Pearl, Ridgeland, Flowood and the Ross Barnett Reservoir area

 Pat Starnes, Broker Associate

Front Gate Real Estate, 6700 Old Canton Rd., Suite C

Ridgeland, MS 39157

601-278-4513 - Cell

 

Recent Blog Posts by Pat Starnes:

 

Rankin County Requires Utility Permit and Inspection When House Sells

What Does The ABR Designation Stand For?

We Want More, We Want More, Right?

Hot Temperatures and Hot Home Prices in Brandon MS 39047

Should You Consult a Realtor When Buying New Construction?

Homes for Sale in Scottish Hills ~ Brandon MS 39047

Homes for Sale in Hidden Hills Subdivision, Brandon, MS 39047

Homes for Sale in Castlewoods Subdivision, Brandon, MS 39047

Gardens of Manship Neighborhood Information - Brandon, MS 39047

 

Are you looking to buy or sell a home in the Brandon MS market? Call me!

Comment balloon 0 commentsPat Starnes, Brandon, MS • March 27 2013 04:23PM
15 Sure-Fire Ways to Get Your Offer Rejected!
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If you're making an offer on a home in the Brandon, MS market, you may want to review 15 Sure-Fire Ways to Get Your Offer Rejected! A well-constructed, clearly written offer with the following tips in mind can make the difference between getting… more