Sue Revis' Blog
What happens after a home seller rejects your offer to buy his or her home? Ultimately, there are many questions to consider in this scenario, including:
1. Why did the home seller reject my offer?
A home seller may reject an offer for a number of reasons. And if you work with a real estate agent, you may be able to gain insights into a home seller's decision.
Typically, your real estate agent will submit an offer to a home seller on your behalf. This real estate professional also may work directly with a home seller's real estate agent. As a result, your real estate agent may be able to find out why a home seller rejected your proposal.
2. Is there anything else I could've done?
Were you an informed homebuyer? If so, you've probably done everything you could to submit a proposal that would meet or exceed a home seller's expectations.
In most instances, an informed homebuyer will go above and beyond the call of duty to submit a competitive offer from the get-go. He or she will understand the ins and outs of the housing market and prepare an offer accordingly.
Furthermore, an informed homebuyer will learn about the condition of a home and the prices of comparable residences in the same city or town. By doing so, he or she will be able to differentiate a seller's market from a buyer's one.
An informed homebuyer also will do everything possible to avoid a "lowball" proposal.
If a homebuyer submits a lowball offer, a home seller is likely to dismiss his or her offer immediately. In addition, this homebuyer risks missing out on the opportunity to purchase a great home.
3. What should I do next?
After a home seller rejects your proposal, you can submit a new offer to the home seller. Or, you can always continue to browse the housing market. Regardless of which option you select, it is important to stay optimistic.
Remember, there are plenty of fish in the sea. Much in the same vein, you're sure to find a terrific house that satisfies your lifestyle and budget needs if you continue your home search.
When it comes to discovering the right home at the right price, hiring an experienced real estate agent is paramount.
An experienced real estate agent will work with you throughout the homebuying process. He or she will learn about your homebuying needs and budget and ensure you can check out a broad array of high-quality residences.
Moreover, an experienced real estate agent will take the guesswork out of buying a home. This real estate professional will keep you up to date about new houses as soon as they become available, set up home showings and much more. That way, you can accelerate the process of going from homebuyer to homeowner.
Employ an experienced real estate agent to help you with your home search – you'll be thrilled you did. An experienced real estate agent will make it simple for you to find a stellar residence that you can enjoy for years to come.
For a first-time homebuyer, it is important to realize that a home seller's acceptance of your initial offer provides no guarantees. In fact, a homebuyer will still need to complete a home inspection before a home sale is finalized.
A home inspection is a valuable opportunity to learn about any potential issues with a house. After the inspection is finished, a homebuyer has the opportunity to submit a counter-proposal, rescind a proposal or keep his or her current offer intact.
Ultimately, hiring the right home inspector can make a world of difference for a homebuyer. With an expert home inspector at your side, a homebuyer can gain insights into a house's pros and cons and determine whether a house is a viable long-term investment.
So what does it take to employ the right home inspector? Here are three tips to help a first-time homebuyer do just that.
1. Conduct an Extensive Search
Search far and wide for a home inspector – you'll be glad you did. If you allocate the necessary time and resources to locate a skilled home inspector in your area, you can boost your chances of identifying potential home problems before you complete a home purchase.
A first-time homebuyer can begin a search for an expert home inspector online. A simple web search is sure to provide plenty of results, and a homebuyer then can perform an in-depth review of local home inspectors' credentials.
Furthermore, don't hesitate to ask family members and friends for assistance. If a loved one recently sold a house and had a great experience with a home inspector, it may be worthwhile to hire this same professional to perform your home inspection.
2. Look at a Home Inspector's Background
How many years of industry experience does a home inspector have? What are past clients saying about a home inspector? And how does a home inspector approach each job? These are some of the questions that a first-time homebuyer should consider as he or she assesses a home inspector's background.
In addition, a homebuyer can always reach out to a home inspector directly to learn more about this professional's experience. A face-to-face or phone conversation with a home inspector may require only a few minutes to complete and can help a homebuyer make an informed decision.
3. Consult with a Real Estate Agent
A real estate agent can help you discover your dream house as well as put you in touch with the top home inspectors in your area. As a result, this housing market professional will ensure you can purchase a first-rate house that matches or exceeds your expectations.
If you're uncertain about whether to hire a particular home inspector, it never hurts to consult with a real estate agent. By doing so, you can gain honest, unbiased tips to determine whether a home inspector is the right person to evaluate your residence.
Employ the best home inspector prior to completing your home purchase – use these tips, and a first-time homebuyer should have no trouble hiring a superior home inspector.
The homebuying journey may require many weeks or months to complete. As you approach the finish line of this journey, there are lots of things you can do to ensure a seamless conclusion.
Now, let's take a look at three tips to help you quickly finalize a home purchase.
1. Conduct a Home Inspection
A home inspection generally is performed after a seller approves your offer to purchase his or her residence. At this time, a home inspector will walk through a house and identify any underlying problems. Next, a home inspector will provide you with a report that details his or her findings.
For homebuyers, it is important to review a home inspection report closely. If a home inspector identifies major problems with a residence, you may want to modify your initial offer to purchase or rescind your homebuying proposal.
You also should attend a home inspection. Although you are not required to attend an inspection, doing so may enable you to gain insights into a home that are not included in a house inspector's report. Then, you can use all of the insights at your disposal to determine whether to proceed with a home purchase.
2. Maintain Flexibility
You may want to close on a home by a specific date, yet the homebuying process offers no guarantees. Delays may happen without notice, and you need to be able to adjust your homebuying timeline accordingly. As such, you should maintain flexibility as you try to finalize your transaction.
Remember, both you and a home seller share a common goal – to complete a property transaction as quickly as possible. If you maintain open lines of communication with a seller, you can reduce the risk of miscommunications that otherwise could slow down the homebuying journey.
3. Collaborate with a Real Estate Agent
Navigating the homebuying journey is rarely simple, particularly for individuals who want to acquire a terrific house at a budget-friendly price. Thankfully, you can collaborate with a real estate agent to achieve the best-possible results throughout the homebuying cycle.
A real estate agent will learn about you and your homebuying goals and do everything possible to make your homeownership dream come true. He or she is happy to provide recommendations and suggestions as you conduct a home search. And when you find your dream residence, a real estate agent can help you put together a competitive offer to purchase it.
Of course, a real estate agent provides comprehensive assistance during the final stages of the homebuying journey as well. Reaching a home closing date may seem impossible at times, but a real estate agent helps take the guesswork out of finalizing a house purchase. Therefore, he or she will go above and beyond the call of duty to ensure you can reach your home closing date without delay.
Simplify the process of buying a house – use the aforementioned tips, and you can minimize the risk of encountering homebuying hurdles and streamline the homebuying journey.
Buying a house is a life-changing decision. As such, you should perform extensive home evaluations before you make your final purchase decision.
There are many questions to consider as you review houses, and these questions include:
1. Does a home match my expectations?
Entering the housing market with homebuying criteria usually is a good idea. If you know what you want to find in your dream house, you can tailor your home search accordingly. As a result, you can speed up the homebuying journey.
When it comes to establishing homebuying criteria, it helps to consider your short- and long-term goals. For example, if you want a house that is close to your current office in the city, you can search for residences in towns and cities near your workplace. Or, if you are willing to upgrade a house on your own, you may want to focus on "fixer-upper" properties.
2. Can I afford a house?
Home prices vary based on many factors. Fortunately, if you create a homebuying budget, you can narrow your house search and review properties that fall within your price range.
Oftentimes, it helps to get pre-approved for a mortgage. Banks and credit unions are happy to provide you with a wide assortment of mortgage options. Once you assess the different types of mortgages, you can choose one that will ensure you can acquire your dream home in no time at all.
3. Will a home require in-depth repairs in the near future?
How a home looks today may not match how this residence looks in the years to come. As you evaluate residences, it may be beneficial to consider potential repairs.
For instance, if a house likely will require a new roof in the next few years, you may need to budget for this expense. Conversely, if a home is brand new or recently has been upgraded, you may be able to avoid costly, time-consuming repairs in the foreseeable future.
If you want to streamline your home search, you can hire a real estate agent too. In fact, if you employ a real estate agent, you can receive comprehensive support throughout the homebuying journey.
A real estate agent has a simple goal: to help you find a great house at a budget-friendly price. To accomplish this goal, a real estate agent will learn about you and your homebuying criteria and craft a personalized homebuying strategy. Plus, a real estate agent will set up home showings, offer expert homebuying recommendations and help you submit an offer to purchase your dream residence. And if you have homebuying concerns or questions, a real estate agent is available to respond to them at your convenience.
Lastly, be careful as you evaluate available homes in your preferred cities and towns. Keep in mind that no house is perfect, and any residence you buy may increase or decrease in value over time. And if you find a home that you want to buy, prepare a competitive offer, and you can boost the likelihood of receiving an instant "Yes" from a property seller.
A home showing is a valuable opportunity for a buyer, as it enables him or her to walk through a residence and find out what a house is all about. At the same time, a single home showing may be insufficient.
Ultimately, there are many reasons why you may want to schedule a follow-up house showing, and these include:
1. You can get responses to any unanswered home questions.
A second home showing gives you the chance to gain additional insights into a residence. Thus, if you failed to get answers to certain home questions during an initial showing, you may want to schedule a follow-up showing.
Of course, it often helps to craft a list of questions prior to a showing. This list will help you learn about all aspects of a residence.
2. You can analyze any potential problem areas in-detail.
If you want to get a close look at various home issues, you may want to schedule a second showing. That way, you can assess these problems in-detail and determine your next step in the homebuying journey.
Sometimes, it helps to bring a home improvement professional with you during a house showing. If you have a friend or family member who is a home improvement expert, for example, you may want to bring him or her along for a follow-up property showing. This home improvement expert then can provide comprehensive insights into the condition of the house.
3. You can determine if a house matches your expectations.
If you are still on the fence about a home following an initial showing, it never hurts to take a second look at this house in-person. Because if you attend a second home showing and find a house matches your expectations, you then can submit an offer to purchase this residence. On the other hand, if you discover a home is not a great fit for you during a second property showing, you can continue your search for your dream residence.
As you navigate the homebuying journey, it generally is a good idea to hire a real estate agent, too. This housing market professional will go above and beyond the call of duty to help you find a terrific residence that you can enjoy for years to come.
Typically, a real estate agent will teach you about the homebuying journey and offer tips to help you prepare for property showings. He or she also will attend a home showing with you and respond to your concerns and questions. Plus, if you want to schedule a follow-up home showing or submit an offer to purchase a residence, a real estate agent is happy to help.
When it comes to navigating the homebuying journey, it usually is beneficial to err on the side of caution. Therefore, if you strive to learn as much as possible about a home after an initial showing, you should schedule a follow-up showing. By doing so, you can perform a full home analysis and determine if a house is right for you.