Get Your Offer Accepted By Avoiding These Common Mistakes

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There’s a number of reasons why an offer you make on a home might get rejected. I wanted to give you the top four reasons, so you can avoid them in the future when navigating the Palm Springs Area real estate market.

1. The offer is way too low. Especially if the property just came on the market, a seller might not be willing to entertain an offer lower than list price. If it’s way below, the seller might feel that the buyer just isn’t serious, and get angry or reject the offer altogether. A good rule of thumb is to look at what properties are selling for relative to their list price in the area you’re looking in. This can be found through a comparative market analysis, which gives the buyer a range of price from which a seller may respond.
   
   
   
2. The buyer’s agent is a jerk. Agents with the social graces of a chimp should have their real estate license suspended. No one wants to work with someone who has a bad attitude and no manners! This is especially true in a situation with multiple offers. Choose an agent with a collaborative attitude and a good reputation in the business.
3. The listing agent is representing a competing buyer. A little-known practice amongst consumers is the “dual-rate commission” discussion that some listing agents have with their sellers and write into the listing agreement, that if the listing agent also represents the buyer, the commission gets reduced by a certain amount. This creates a higher net proceed for the seller.
4. The buyer didn’t meet the seller’s specific needs. In our MLS system, we have private remarks where we can comment to other agents about specific needs that a seller is requesting when an offer is submitted. This could include a specific closing time frame, a specific cross-qualification with another lender, or it can include other specific terms that the seller would like written into the contract. When a buyer’s agent blatantly disregards these, sometimes the offer can get rejected.

I hope this helps when you’re looking for homes in the future. If you have any question, please feel free to call me or email me. I look forward to speaking with you!