Why Home Offers Get Turned Down

If you thought your home search had finally come to an end but just found out your bid for the perfect home was turned down, you're not alone. The happens to plenty of buyers for a number of reasons. To find out what may have gone wrong, keep reading.

Your Offer Was Too Low

Some sellers will flat out reject a bid without being open to negations if your offer was too low. Bidding lower than the asking price can work in some situations, such as when the home has been on the market for a long time, but it won't always be a success. Avoid looking at homes that fall out of your budget in order to prevent falling in love with a home you simply can't afford. It's also advisable to stick to what you think the home is worth in order to avoid overpaying.

Someone Made a Better Offer

Even if you went about the asking price, you may be surprised your bid wasn't the winning bid. This can mean a number of things, including that someone bid more than you or another buyer was able to meet more of the seller's stipulations. It doesn't always come down to money, since most seller's tend to have a long list of demands they want met.

You Haven't Prequalified for a Home Loan

Prequalifying for a home loan may not seem like the most important part of looking for a home, but it can make a huge difference when it coms time to make an offer. By prequalifying before making an offer, sellers can be sure you can realistically afford their home and make payments on time. This will ensure they are able to consider you a serious candidate instead of discarding your bid in favor of someone who has taken the time to do this.

Purchase Title Insurance in Plainview, Texas

If your offer has finally been accepted, don't forget to include title insurance in your contract. To learn more about why this is so important, contact Countywide Title Company in Plainview, Texas at (806)293-8363.


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