What To Do When Your Offer is Not Accepted? (Video)

What To Do When Your Offer is Not Accepted? (Video Transcription)

Hi everyone, my name is George Belleville. I’m a realtor in Maryland, and I am recording this video because I want to talk to you about one of the most frustrating things in real estate - what to do when your offer to purchase a house is not accepted. It’s a situation that can be really frustrating for buyers. You’ve done all your homework, due diligence, got your financing in order, and then you get notified that they accepted another offer. It’s tough, and depending on the market, it can happen more than once in your journey.

Responding to Rejection:

• It’s an emotional blow and frustrating, but you need to put your feelings aside and decide how to move forward. The first step is to reach out to the listing agent. They may not disclose the terms of the contract but can provide some insight into what may have made the difference. This information could include the netted amount, purchase price, closing help, inspections, or if it was a cash offer with a short closing.
• After getting some information, you need to decide what to do next. Sometimes you find out it sold for a bit more, and you were willing to offer more but didn’t. In this case, it’s essential to reassess your goals and financing.

Reassessment:

• Revisit your goals and assess your financing. Are you willing to adjust your offer or make changes to your parameters? If not, learn to be okay with the outcome, even if it means it might take longer to find the right property.
• You might consider changing your loan product or adjusting your down payment to give you more cash flexibility. It can be complicated, but ultimately, you need to decide if you’re going to change anything or stick with your original plan.

Conclusion:

• In my experience, everyone ends up in the house they’re meant to have eventually. If you have any questions, our contact information is below. I’d love to chat with you. Have a great day.