There are more buyers than available homes nowadays in many cities. Chances are, not every offer you make will win the deal … but don’t give up. It’s possible to turn that next rejection into your dream home!
Here are 5 reasons why your initial unaccepted offer may eventually close the deal:
A backup offer is a secret weapon — You made your best offer, but it wasn’t strong enough to secure the home — maybe your competition offered more money, or their terms were slightly better. All is not lost. Ask the seller to accept your offer as a backup offer. There is no cost to you, yet you are in line to get the property if the escrow falls through.
It’s all so close, they can taste it — Once a seller has an offer and it’s progressing, they are already psychologically moving from their home. They are picturing closing day and the moving trucks in the driveway. If the deal abruptly comes to a screeching halt, the seller is much more willing to move forward with a backup offer just to keep that momentum going.
Your chances improve after the inspection — I have been successful in backup situations where an inspection has uncovered more issues than the current buyer wants to deal with and they walk away from the house. The good news for you is that those issues won’t go away. Seller may be more willing to accept your offer, rather than lose the deal a second time.
We’re in an era of tougher loan approvals — As loan approvals become tighter and more scrutinized, some home buyers may not qualify and will have to back out of the deal. In this situation, you have the advantage of jumping in to “save the day.”
Get the terms of the backup in writing — Once the seller agrees to accept your offer as backup, get a fully executed agreement, in writing.
If you have any questions or would like to an initial consultation to review your home goals, please contact Joan Bang at (213) 675-3289 or by email at Joan.Bang@dilbeck.com.