Yes can you score or are you falling short? Like the Colts tonight you can have great players, a great leader and still not come up a winner. The Indianopolis Colts were favored to win but they came up short.
It is the same way in real estate. You can have a good realtor, put in a good offer and still not get a home. The other side, the seller may not cooperate.
Here are some examples:
1.) Some metro Detroit home buyers put in a offer over list price, but their offer was rejected on a Canton foreclosure because a lower cash offer was accepted. Yes you heard me right, a lower cash offer. The house needed a few repairs and the client was doing a FHA loan. The bank didn't want to fix anything.
2.) A client of mine lost a bid last week. The seller has to sell the home at list price. Even at that price the seller has to bring $37,000 to the table because the Canton home has lost so much value. At list price the Canton home is way over priced. So my client couldn't buy the home unless he was willing to over pay for the home.
3.) My client put an offer in on a Farmington Hills short sale. She can only get approved up to $200,000. Well the listing agent called Friday and said the bank rejected our offer as too low. We offer slightly above list price. My client can't go higher. We can't score on this deal because the bank won't take that price for the short sale. My client can't go higher. So the deal is dead.
4.) My client put an offer on a Detroit home. We offered below list price, the seller accepted. We had an accepted offer. The mortgage lender did an appraisal and came in $10,000 less than the accepted offer. The seller refused to come down in price. The deal fell apart.
So as a buyer you can put in good offers and not get the house because of what the seller thinks or what the seller can do. They may not be able to sell the home except at a certain price. A price that is too high for you the home buyer. Sellers sometimes have financial restraints that won't allow them to sell except at an above market value. Sellers sometimes won't accept certain kinds of mortgages because it creates potential problems for them.
So don't get discouraged when your offer gets turned down. Put in your best offer and be glad you didn't over pay for the home. That would only hurt you in the long run. You can't change what the seller thinks or does.
More Canton real estate information
Farmington Hills real estate information
Comments(1)