Nobody likes being rejected. Even if it’s not personal, like when a seller turns down your offer on a house, rejection is still a major bummer and it can really bruise your ego.
“What did I do wrong?” will probably be the first question you ask your agent when she breaks the bad news. But in almost every case it has nothing to do with you. Sure, there may be someone out there who will reject your offer because you have the same last name as the jerk that stood them up on prom night. But it’s likely that a seller’s reason for turning down your offer has more to do with money than anything else.
In particular, here are a few common reasons your offer may get rejected:
You made a lowball offer.
Simply put, you offered less money than the seller thought was reasonable.
You were outbid.
The seller received a higher offer from another buyer (or multiple buyers).
There were financing issues.
Maybe the seller had a preference for all-cash buyers and, though you were pre-approved for a loan, you weren’t qualified in the seller’s eyes.
Specific terms were not met.
Your offer amount may have been fine, but perhaps the seller needed to close quickly and you couldn’t agree to those terms.
In any case, the disappointment of a rejected offer can be difficult to deal with. If you find yourself repeatedly having your heart stomped on by seller after seller, here are some tips that will help you cope and (ideally) turn your luck around.
1) Don’t take it personally. Remember that each seller needs to make decisions that will be in his or her best interests.
2) Talk to your agent. Ask her questions about the negotiation process and find out what went wrong and why your offer was rejected.
3) Re-evaluate your strategy. It’s possible that you misread the market and will need to work with your agent to do something differently going forward.
4) Widen your options. Explore different neighborhoods and consider adjusting your price range to give yourself a better chance at finding your future home.
5) Take a deep breath. When you repeatedly get rejected, it can be tempting to settle for any house that’s available. Don’t let desperation take over. Be patient and wait for a home you love.
6) Stay optimistic. Buying a home can take several months, and the process will be so much more enjoyable if you take setbacks in stride and keep moving forward.