A few days later, your agent lets you know that the seller accepted another offer. Disappointed, you wonder what went wrong?
Here Are Some Reasons What May Have Gone Wrong…
The Amount Offered Was Too Low
We are experiencing a low inventory market. Even though it’s understandable that you want to get the best price possible, the competition is out there and others may be looking at the same criteria you are. The seller is looking to get the highest price possible, in the least amount of time. In this type of market, it isn’t realistic to offer a low price. The seller most likely received a better offer.
Your Terms Had Too Many Contingencies
Besides the best price, other terms are taken into account. The fewer contingencies you have, the more attractive you are to the seller. Home inspection contingencies are expected, but if you need to sell another property first, and it’s contingent on that sale, you are likely to lose out. If you are determined to ask for certain conditions, your offer may be less attractive.
Your Closing Date Was Unacceptable
This can happen in 2 scenarios. Your Closing Date was too long, and the seller wanted or needed to sell sooner. Or, your Closing Date was too short and the homeowner needed extra time before moving. It’s all about accommodating the seller to make your offer the most appealing.
The Seller Received A Better Offer After Yours Was Presented
This too can happen. You and your agent may think you have the best price and best terms, but before the contracts are signed another buyer comes in with a better price. Remember, the home seller wants the most money for their home and more $$ can change their mind. This can happen even if you were the first offer submitted. It’s nothing personal. The seller has the right to accept other offers.