Dear Phyllis,
We have been looking at houses for over seven months. We made offers on five different houses but no luck. Our agent just keeps telling us it’s a tough market for buyers and to be patient. We spend most of our weekends going to open houses because that seems the best and often only time to look. We are looking in La Crescenta, can pay around one million and just want a nice/decent house. Why can’t we get an offer accepted? We have a little over three hundred thousand and are pre-approved.
Feeling frustrated
Dear Frustrated,
I know it’s an emotional roller coaster writing an offer and waiting for the response only to be disappointed. It is a highly competitive market, therefore you have to be very aggressive both in price and in terms offered to the seller. Some common answers to your question “why can’t we get an offer accepted”:
1) The price offered was too low. Generally homes that sell within the first ten days are selling for asking price or higher.
2) The seller had specific terms that you didn’t accept. In some instances the seller’s terms are more important than the selling price. Often when a homeowner has been in a home for years, they are unwilling to vacate the same day escrow closes. Sometimes they want a few days, and in other instances they want a month or maybe more. Not agreeing to seller terms such as possession, long or short escrow periods, can be a deal breaker.
3) You had too many contingencies. I have had success getting offers accepted for a strong buyer such as you, where my client waived their loan and appraisal contingency. Discuss with your Realtor® the pros and cons of eliminating some of these contingencies.
4) Lastly, your offer was incomplete. You and your Realtor® did not provide a pre-qualification letter and current evidence of down payment. As a nice added touch submit a letter from you and your Realtor.
Keep in mind that when you attend an open house, the Listing Agent is interviewing you and your Realtor. You and your Realtor need to be like-able. You want the Seller’s Realtor® to want to open escrow with you.
Strategize with your Realtor® as to how you can make your future offers stronger. If your offer fails, have your Realtor® find out why. Was it because of a higher price or better terms?
Best of luck to you, I know the right home is out there for you.
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