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![]() Offer Rejection Hurts ©2006 Elizabeth Weintraub, Licensed to About.com Weintraub's Home Buying TipsWhat's Hot in Design for Home Buyers?Three Major Home Buying MistakesHow to Find the Right Home More Home Buying Advice from WeintraubHow to Write a Purchase OfferDealing with Counter OffersHome Disclosures & Material Facts Weintraub's Real Estate Tips You Won't Find Anywhere Else on the WebSingle Women Buy Homes, TooFHA Loans Bounce BackWhere to Get a Mortgage Why Was Your Offer Rejected?Why Did the Seller Refuse to Accept Your Offer?Rejected offers cause buyers disappointment and heartache. A seller doesn't have to rip the buyer's offer in half for buyers to feel like their hearts have been ripped out. All a seller has to say is "NO," and your offer is rejected. Here are the top four reasons purchase offers are rejected:
Agents who possess the social graces of a chimp should have their real estate licenses suspended because nobody wants to deal with them. Agents without manners are wasting their time and making their buyer's lives unknowingly miserable. If a selling agent annoys the listing agent, especially during a multiple offer situation, it reflects poorly on that agent's buyer. Make sure your agent doesn't commit any of these sins:
There is nothing to prevent a listing agent from taking two identical offers to a seller and saying, "I don't like Agent A, but Agent B is professional. Choose which offer you want." Do you really think the seller will choose Agent A's offer? Don't ever forget that this is a networking business; being polite and respectful earns kudos many times over. Don't let your agent sabotage your chances from the get-go. If it's not the price, often it's the agent!
A little known practice among consumers is the variable or dual-rate commission discussion that listing agents sometimes specify and negotiate into listing agreements. What this means is the listing agent makes an agreement with the seller that if the listing agent ends up also representing the buyer, the listing agent will reduce her commission (because she's earning both sides of the commission). For example, if the listing agent is going to receive 7% commission, 4% for listing and 3% that she gives to the selling broker, she might agree to take 6% total if she represents both sides of the transaction. Therefore, if your own agent writes an offer, the seller will pay more and net less. Ask your agent to check MLS to see if the commission is variable.
Selling agents should always call a listing agent to find out if the seller has any specific requirements or hot buttons. If so, write them into the offer.
Weintraub's Home Buying TipsWhat's Hot in Design for Home Buyers?Three Major Home Buying MistakesHow to Find the Right Home More Home Buying Advice from WeintraubHow to Write a Purchase OfferDealing with Counter OffersHome Disclosures & Material Facts Weintraub's Real Estate Tips You Won't Find Anywhere Else on the WebSingle Women Buy Homes, TooFHA Loans Bounce BackWhere to Get a Mortgage |
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