Top Reasons Why a Home Offer May Get Turned Down

Why Your Home Offer Got Turned Down

There are many reasons why an offer on a home may be turned down. Some may come down to mistakes on the buyer's part while others may simply be the seller's preferences. If your offer was recently turned down without explanation, these reasons may help you understand what went wrong.

It Was Too Low

One of the most common reasons home offers are rejected is because they're simply too low. If your offer is much lower than the asking price, the seller may think you're not serious and won't even be open to negotiating. It simply won't be worth their time or resources. To avoid making offers that are too low, avoid looking at homes that are clearly out of your price range.

You Haven't Gotten Pre-Approved for a Home Loan

Getting pre-approved for a home loan is a must before you even start visiting potential properties. If you've skipped this step, you may lose out on quite a few properties. Even if you have great credit and the means to buy a home, a seller won't know this without the right paperwork. If they are choosing between you and someone who hasn't skipped this step, they're more likely to choose the person they know will be able to keep up with mortgage payments. Don't lose out on another property and just get the paperwork done.

They Received a Better Offer

If you've completely fallen in love with a home, chances are you're not alone. When there is a lot of competition for a home, even if you make a great offer, someone else may have made an even better one.  You can't know for sure what someone else is bidding, but it's best to avoid thinking they're bidding low. Stick to what you think the home is worth and try to meet the seller's other stipulations.

Title Insurance in Plainview, Texas

Once your offer finally gets accepted, don't forget to invest in title insurance to secure your investment. Contact Countywide Title Company in Plainview, Texas at (806)293-8363 to learn why you need title insurance.