What To Do When Your Offer is Rejected
Nobody likes rejection. It’s a fear that humans all have and yet experience from time to time. During an important and stressful time like when you’re purchasing your first home, it can be even more devastating. The process of purchasing a home is stressful for many reasons, not the least of which is that, there are other buyers out there. They’re touring the same homes, attending the same open houses, and potentially putting in offers on the same properties.
So what do you do if you’ve made the decision to purchase a home, put in an offer, and wished on your lucky stars that it gets accepted and then it doesn’t? Don’t panic, and remember that you’re not the only one. Before you give up entirely, he’s a few tips for dealing with the rejection and moving on in the home-buying process.
- Talk it out – Why wasn’t it accepted? Understanding the reasons why your offer wasn’t accepted will be helpful as you move forward in your search. You may not get that clarity, but if your offer was way below value, another buyer came in with cash, there is likely a good reason you didn’t get it. You can learn from this as you continue your search and are ready to make another offer.
- Review your wishlist – Did the house truly cross everything off of your list? There’s likely a better house out there for you, so no need to go back to the drawing board. Review your wants and needs in your first home, and refocus on your goals.
- Review your budget – Was your offer too low? Does your budget align to the house you wanted to purchase? Make sure that when reviewing your wishlist, you take another look at your budget, review your options with your mortgage lender, and work with your realtor to make sure you’re sticking in your price range.
- Get back out there – Are you ready to look at more homes? New homes go up on the market all of the time for one reason or another. If you don’t get back out there, you might miss an opportunity that could be a better fit! Don’t let rejected offer get you down, refocus on your goals, and get back out there!
If you stay optimistic, keep your eyes on the prize, and prepare yourself for any outcomes – both positive and negative – you will find the house of your dreams. And though your first, or second, or even third offer may not be accepted, it will be when the time, the house, and the offer is right.
