You have looked at plenty of houses and finally found your dream home for the perfect price. But when you submit an offer, you find out from your Simply Referable real estate agent that your offer has been rejected in favor of another offer. So, what do you do now? Is it back to the home search or hold out hope for this home? Well, with a little patience, your offer may come through after all. Let’s take a look at how your initially unaccepted offer could still land you with a home.
Offer a Backup
Maybe your competition offered less contingencies or more money. Whatever the reason your offer was rejected, remember that all is not lost. You can have your real estate agent ask the sellers to accept your offer as a backup. This means you won’t have to pay anything but if the accepted offer doesn’t go through, you are next in line to buy the property.
Your Chances Improve After Inspection
The house inspection is when most deals tend to fall apart. Many inspections reveal more issues than the first buyer wants to deal with and they give up on the house to find something that is more manageable for them. This is good news for the backup offer though. While these issues might not go away, the seller may realize the significance of the problem and may be willing to accept your offer and help you along the way, rather than lose another deal.
Tough Break for the First Buyers
In a world where loan applications and qualifications are becoming tighter and more scrutinized, many homebuyers are finding they do not actually qualify for a home loan after they put in an offer. This means they will have to either apply for another loan and hope for an understanding seller or have the back out of the deal completely. In this situation, your backup offer may be picked up as an alternate.
Ask for the Right to Refuse
When submitting a backup offer, ask for a right-to-refuse clause. This means if your offer is picked, you are not bound to purchase the property but still have the first option if the other deal falls through.
Get the Terms in Writing
Once the seller agrees to use your offer as a backup, make sure to get it in writing. This will make them obligated to sell to you in a certain time period at the agreed-upon terms if the property becomes available. Getting the deal in writing will ensure you get the property you want for the terms you originally submitted.
Just because your offer was rejected, does not mean you can’t get the home you want. For more information on submitting a backup offer or on finding a home, call Simply Referable today!
Submitting a Backup Offer with Simply Referable
Together, with your Simply Referable team, you’ll cut the right deal for the right price with qualified guidance every step of the way. Every team member is committed to selling your home and forming a lasting bond with your family. Thanks to our roots in the Maryland/DC region, we can help you find your dream home. Contact us online and give us a call at 410-983-9045. To see some of the stunning homes we work with, follow Simply Referable on Facebook, Twitter, Google+, Pinterest, YouTube, and LinkedIn.