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Replies (4)
- sunnyview
- Contributions:25127
That happens. Often is it is because the other offer is cash, has a larger down or the other buyer has waived inspections. Did you make an offer on the property that was higher?
- John Stewart, "nwhome.us"
- Contributions:2161
A lower offer, with fewer contingencies (financing, inspection, etc.) can easily trump a higher priced offer. Price is only one of the variables that is considered. From the seller's perspective even the loan officer that you are proposing to use can effect that decision. Any contingency means that an offer is subject to a personal decision by the seller, or approval by an underwriter.
Incidentally, the same should be said about the interest rate on a loan; it is only one of the factors to consider.
Incidentally, the same should be said about the interest rate on a loan; it is only one of the factors to consider.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
There are a lot of variables that cause this to happen. If it was a cash offer, it would certainly beat a higher offer. Cash is King as they say and it would make a huge difference for any seller. What we are seeing though in our region, even if the seller takes a lower offer, it is still up to the bank to determine what they will take especially in a short sale. We are seeing short sales that the seller negotiate at one price and the bank comes back months into the deal and asks the buyer to pay more. Watch the property, it might come back on the market. Right now nothings in stone with short sales or foreclosures. The banks are calling the shots!
- Paz Bar-am, "pazbaram"
- Contributions:39
A good strategy will be to look in to who is making the decision about accepting your offer? The obvious answer is the seller and in order to increase your chance to get your offer accepted it is important to speak with the listing agent and check what is the most important for the seller. Is it higher offer, Maybe cash only offer have some advantage, Is the seller wants to rent back after close of escrow or maybe no contingency is the answer. Are they looking for a family that will take care of the home?
Once you find out what are the seller wants/needs and the number of offers you should be able to build an offer that match the seller requirement increasing your chance to get the offer accepted.
But make sure you do not make an offer you live to regret. Like an offer that is a lot higher then the market value.
Let me know what you think,
Paz
Ask our community...short sale/forclosure...lower offer was excepted by seller
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