Why Your Offer Was Rejected

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Multiple Offers the Norm for Bend  Real Estate Sales

Rejected Real Estate Offers

If your offer to purchase a home in this highly competitive real estate market was rejected, it often is because a cash offer was accepted over one with a loan contingency attached. According to a recent NAR survey of Realtors®, the presence of a competing all cash offer was the second largest reason for an offer not being accepted, accounting for more than 25% of all real estate transactions. Other buyers making a higher offer is still the major cause of rejection.

Here in Bend, we are seeing similar trends with multiple offers and bidding wars the norm rather than the exception for most Bend single family home sales. These bidding wars continue to push Bend home prices upward with early figures for April 2021 single family home sales showing the median sales price over $650,000 - a 41% increase over that from April 2020.* 

The chart below, produced by the National Association of Realtors®, lists the 7 reasons buyer's offer was rejected in this current market. If a buyer's goal is to win the bidding war, putting a strong offer in right from the start is essential.

Graph on Rejected Offers

*Data from Central Oregon MLS

Original blog can be read at Bend Premier Real Estate's blog page.

Comments (5)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Lynnea - direct from the front-lines of Bend Oregon real estate market --- current news that is highly useful.  For prospective buyers and helpful for those wishing to sell too.  

May 03, 2021 05:28 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Sellers rule the market and all that most buyers can do is their best and hope it's good enough

May 03, 2021 05:42 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea and excellent blog for us here in the rain.  Can I reblog it sometime.

May 03, 2021 07:48 PM
Lynnea Miller

You are more than welcome to reblog, Will Hamm!

May 04, 2021 09:44 AM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Lynnea.

I had a client recently make an offer 15K over asking.   We didn't win, the second offer was 12K over asking, we lost that one also.   My client did buy a FSBO, which left me out, it is what it is.

May 04, 2021 12:31 AM
Lynnea Miller

That is so unfortunate, James Dray, after all your efforts. We had a buyer offer $400,000 over asking and still lost out to someone who offered $500,000 over asking (both cash). We are often able to represent buyers in FSBOs with a document called a Seller's Fee Agreement which outlines that the seller has no representation, that you represent the buyer only, but at closing the seller agrees to pay a commission.  It works well. Do you have such a document in your market?

May 04, 2021 09:46 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Lynnea! Great information that more agents should be aware of. Thank you!

May 04, 2021 08:53 AM