Getting Your Offer Accepted
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Dear Betty,
We made an offer on a home that was about 5% below the asking price. The sellers rejected our offer! What can we do to make Kokomo sellers more reasonable? (We sold our home in Florida for 20% less than we were asking for it.)
Moving from Florida
Dear Florida,
Who says the sellers aren’t reasonable?
Just because you sold your house for less than your asking price doesn’t mean your neighbor in Florida or a homeowner in Kokomo should sell for less than they are asking for the home. Each situation is different.
That being said, offering within 5% of the asking price seems (on the surface) to be a reasonable offer. Note I said it seems to be a reasonable offer – not an acceptable offer! The only one who can decide whether an offer is acceptable is the seller. There are so many unknowns here:
- Did the homeowner make a counter-offer or simply reject your offer?
- Was this your first offer on the house or were you and the seller playing “volley ball” with the price and terms?
- Were there other offers and you were asked to make your “highest and best” offer?
- What else was in your offer that may have scared the seller?
- Did you ask for a longer than “normal” closing period?
- How much earnest money were you offering?
- Did you submit a preapproval letter from your lender?
- What kind of financing are you getting?
- Did you ask the seller to pay your closing costs?
There is so much more to getting an offer accepted beside the price. There are the terms and the contingencies among other things. And if you were dealing with a foreclosure there are a whole new set of rules buyers need to honor – but that’s another posting.
Ultimately, sellers set a price for their home and hopefully do it with the expertise of a professional who knows the local market. If they can get that price within a reasonable time frame, then they have realistically priced their home.
If they can’t get that price, they will either have to lower the price or the property will languish on the market and eventually expire or be withdrawn.
The main thing to remember is that your experience in selling your home doesn’t mean the same logic applies when you are buying a home in Kokomo or anywhere else. It also doesn’t mean that your choice to sell for less should in any way impact the sellers of this home.
Perhaps it would make sense to restructure your offer. You might raise your price but seek better terms. Or you could change the terms so they are more in line with what the seller is seeking. Your best bet is to talk with your realtor (hopefully you have one) who can advise you on how to structure your offer to get it accepted.
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