Why would a seller accept a lower offer?
The earnest money you offered may have been so small (say, $500, for example) that you weren’t taken seriously.
Perhaps your offer had an expiration date; an expired offer would then have to be re-activated and the sellers may have needed to move fast at a certain point and took the path of least resistance..
Can a seller reject a full price offer?
Even when buyers submit an offer at the sellers’ asking price and with no contingencies, there’s no guarantee they’ll get the house. … Home sellers are free to reject or counter even a contingency-free, full-price offers, and aren’t bound to any terms until they sign a written real estate purchase agreement.
What percentage of asking price should you offer?
Many people put their first offer in at 5% to 10% below the asking price as a lot of sellers will price their houses above the actual valuation, to make room for negotiations. Don’t go in too low or too high for your opening bid. If you make an offer that’s way below the asking price, you won’t be taken seriously.
Can a seller refuse to sell a house?
This means that homeowners may not refuse to lease or sell property based on race, religion, gender, color, or national origin. … This does not mean, however, that sellers must sell you their home. It means that you could take legal action if the seller refuses to sell and you believe it was due to discrimination.
How long does a seller have to accept or decline an offer?
around 48 to 72 hoursHow long does the seller have to accept or decline an offer? It depends, but it is typically around 48 to 72 hours after the offer has been submitted. A standard real estate purchase contract specifies how much time a seller is given to consider and act on an offer.
Can a listing agent tell you about other offers?
Your agent can be certain that if a listing agent says there are offers on a house, there are really offers. What you want to know as a buyer is what the other offers are. Unfortunately, listing agents won’t tell your buyer agent what those other offers are.
What happens if a seller doesn’t respond to an offer?
What Happens If A Home Seller Doesn’t Respond To An Offer? Typically, the original offer will include a deadline that provides the seller with a date that you need a response. If there’s no response to your home offer by that time, the offer expires. This means you can walk away without any contractual obligations.
Do Sellers usually accept first offer?
As a seller, you probably won’t want to accept a potential buyer’s initial bid on your home if it’s below your asking price. Buyers usually expect a back-and-forth negotiation, so their initial offer will often be lower than your list price—but it may also be lower than what they’re actually willing to pay.
Can a seller counter two offers?
Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others.
What is a lowball offer?
By strict definition, a lowball offer is one that is significantly below market value. In practice, an offer is considered “lowball” if it is significantly below a seller’s asking price.
Can you offer 10 below asking price?
Unless there is a significant number of people interested in the property, start low. Around 5% to 10% below the asking price is a good place to begin. Make your offer in writing as there’s less chance for confusion and only offer more than the asking price if you know that someone else has already offered that much.
Can a seller refuse to sell to someone?
Rejecting an offer is entirely legal as long as you do it for the right reasons. There are many reasons that are legally acceptable, including low offers and concerns about the buyer’s financial position. But sellers cannot discriminate against individuals protected under state and federal law.
Should you offer asking price?
There are other reasons for going in with an offer lower than the seller’s asking price. … Remember that the asking price is not set in stone. If you feel as though the property is worth less than what the seller is asking, go in lower, but be fair. Offering half isn’t likely to go down well!
Do houses usually sell for asking price?
In most cases, a property that has been listed for over two weeks at a given price will sell within 5% of the current asking price (and usually it’s within 3%). … Bidding usually favors the bold, so if you can’t afford to lose, you should probably start bidding at asking price.
What should you not tell a Realtor when selling?
Among the things home sellers should not say, the lowest price you are willing to take is probably a no-no. “The primary thing I tell people not to discuss is the minimum price they will accept,” notes Babbitt. “When you tell your agent your lowest price, they are going to shoot for that price in the contract.
Should I accept the first offer on my house?
Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”
Do sellers lie about other offers?
Those rules and laws would prohibit the real estate agent from lying, but the agent has the ability to market the property to get the seller the best price possible. … If we know that bidding wars are possible, the listing agent may not even tell your agent about other offers until they actually come in.
Should a seller always counter offer?
“It’s not a good idea … to counter higher than your asking price unless you started your marketing and your listing with a discounted price,” he said. … One thing to keep in mind: if you as the seller are going to counter above asking price, you had better be confident that the property will appraise for that amount.
What is a reasonable offer on a house?
A good rule of thumb though is to offer 5% to 10% lower than the asking price. Don’t forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.
Can a seller accept multiple offers?
While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.
How do I convince a seller to accept my offer?
11 Ways To Get Your Offer Accepted In A Seller’s MarketYou’re finally ready to take the plunge and put in an offer on your dream house. … Make Your Offer As Clean As Possible. … Avoid Asking For Personal Property. … Write A Personal Letter To The Seller. … Offer Above-Asking. … Put Down A Stronger Earnest Money Deposit (EMD) … Waive The Appraisal Contingency.More items…•