If your offer is rejected, a little patience (and a backup offer) may pay off.
When there are more buyers than available homes in your area, real estate competition can get fierce. Chances are, not every offer you make will win the deal. But don’t despair. It’s possible to turn that next rejection into your dream home.
Here are seven reasons why your initial unaccepted offer may eventually close the deal.
1. 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 deal goes sour.
2. 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’re 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 …read more
Source:: Home Buyers