Petra offers up five good reasons why some buyers just can't seem to get an accepted offer - and most of them lead back to the agent not doing their job.
There's no reason for sloppy offers, incomplete offers, and offers that don't follow the instructions. But you listing agents get those offers all the time.
I think #5 is important too - and wonder how many agents think to warn their buyers about staying available at this time.
Why Is Your Offer For A Lakeland Fl Home For Sale Declined?
In a seller’s market where Lakeland Fl homes for sale get multiple offers, buyers must take the necessary steps to make sure they make the best offer that will stand out from the rest.
But even if you think your offer for that Lakeland Fl home for sale is great, some offers don’t even get read because they are made in such a careless fashion that sellers and listing agents get turned off.
Here are some of the things to avoid your offer getting declined:
1. Not understanding the market. You should ask your Lakeland Fl agent to prepare a market analysis of comparable Lakeland Fl homes for sale in the area before you make an offer. You should also know how many offers there are on the home you are planning to buy so you have an idea whether to offer at fair market value or a slightly higher price.
2. Not paying attention to details. You may have a good offer price, but if your offer has some wrong details in it, then don’t be surprised if the seller ignores it. Putting in the wrong address, or stating how you fell in love with the family room of their Lakeland Fl home for sale when there is no such room is a major turn off to the seller. It will send a signal that you are not sincere or that interested in the home because you don’t care too much about the details.
3. Creating a bad first impression. Aside from the content of your purchase offer, the appearance is also an important thing to consider. You never get a second chance to make a first impression so make sure to make your cover letter and purchase offer professional and complete. Sending a preapproval letter without the loan officer’s contact information or even a company letterhead is an example of an unprofessional letter. It’s like a real estate agent showing up in an open house wearing only a T-shirt and ripped jeans.
4. Not following the purchase offer instructions. Pay attention to specific instructions about submitting offers. Some listing agents will state these in their MLS listings like emailing purchase offers directly to them on a specific date and time,or emailing questions rather than calling them. Make sure you and your Lakeland Fl agent follow these instructions and respect the seller and listing agent’s approach to handling the Lakeland Fl home for sale.
5. Over committing. Your agent must understand your limits, especially when it comes to finances. An offer which is much higher than the amount on the mortgage pre-approval letter of the borrower should be a red flag. Don’t promise that the buyer will borrow money from family members or friends since over-committing with borrowed family money is an indication that the borrower will most probably not qualify for the home loan.
5. Being unavailable. Until every party has signed the offer and agrees to the deal, the Lakeland Fl home is still on the sale and open for other buyers. Even if you have the best offer, the seller or the listing agent might still need some additional documents or other concerns or clarifications before sealing the deal. If you are unavailable or could not be reached, then the next available and able buyer could easily snatch the deal from you. Make sure to keep in touch and have an open line of communication with your Lakeland Fl agent at all times. Don’t go on a vacation if you are in the middle of negotiations for the Lakeland Fl home for sale.