✨ Top 5 reasons why your home purchase offer was rejected (#5 may be most important)
Multiple offers are back in many areas and definitely here in Silicon Valley. Lots of cash offers and buyers competing for low inventory to get into a nice home. Why are your offers getting rejected? Here are some reasons why.
Low down payment. In a multiple bidding situation, sellers will often favor offers with larger down payments. If your offer had less than 20% down, it may have been seen as less competitive.
Low earnest money deposit. The standard earnest money deposit in Silicon Valley is 3% of the purchase price. If your deposit was for less than that, it may have been seen as a sign that you were not serious about the purchase.
Lack of proof of assets. Sellers want to be sure that you have the financial resources to close on the purchase. If you did not provide copies of your bank statements or other financial documents, it may have made your offer less attractive.
Having Contingencies. Contingencies are conditions that must be met before the sale can go through. Common contingencies include home inspections and appraisals. If your offer had too many contingencies, it may have made the seller nervous about the deal falling through.
Your Agent’s lack of relationship with listing agent. It's important for your real estate agent to be in constant communication with the listing agent. This will help them to get useful information about the seller's needs and preferences, which can be used to craft a more competitive offer and build relationship with the listing agent who can provide useful information. Agents help other agents they like. This could be the difference between going in blind or getting assistance.
Please follow me for more Real Estate Tips and News
☀️🌴 Looking to Buy, Sell or Invest in California? ☀️🌴 ➡️ Contact Me Directly Text or call 650-605-3188