It’s always difficult to tell a buyer that their offer on a home was rejected, especially if they already love the house. You should always prepare your buyer for the possibility that their offer will be rejected during the negotiation process so that they don’t get their heart set on a particular home only to have their hopes dashed if the offer is rejected. But if your buyer’s offer is rejected here are some tips that will help you deliver the bad news without souring them on the process of buying a home or letting their disappointment make them want to reconsider buying a home:
Be Honest About Why the Offer Was Rejected
In a tight housing market, the offer may have been too low for the seller, or the seller may have gotten a higher offer. If the house just went on the market and the buyer offers below asking price the seller might pass on the offer hoping that they will get their asking price from another buyer. Or the seller might just not want to take the offer. In a matter of fact, way explain to the buyer why the seller rejected the offer and be sure to let them know that they can make another offer, a higher offer if they really want the house. If the house is out of their budget range to tell them that they might want to wait a little while and try again because the seller will be more likely to accept the offer if the house has been on the market for a while.
Buyers may be very upset when their offer on a home is rejected. If that happens you should be very positive and hopeful and let them know that there are a lot of other houses on the market and that you are committed to helping them find the perfect house for their needs. The buyer will take their tone from you. If you are positive and upbeat they will be too. When you deliver the rejection let them know that you have other listings for them to look at and get them to focus on finding the right home instead of mourning the one that got away.
Help the Revamp Their Expectations
Managing expectations is always tricky. But sometimes you need to gently but firmly let buyers know that they are not going to get everything on their wish list at the price point that they have set for buying a home. They may need to compromise on amenities, location, or other factors in order to find a home that fits their needs and their budget. The best way to help your buyer have realistic expectations is to show them houses with a range of prices, amenities, and locations so that they can make an informed decision about what elements they can live without and what elements they have to have in a new home.
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