Lessons To Learn When A Purchase Offer Falls Through
Posted on: 11 January 2017
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It may feel like the end of the world when you have a purchase offer fall through when you're trying to sell your home. This is especially true if your home hasn't seen much interest from buyers, or if you're desperately in a hurry to move. However, it's a good idea to try to learn some lessons from this experience. A purchase offer can fall through for a wide range of reasons, many of which can make you alter your approach in the future. This is especially true if you discuss the situation with your real estate agent, who will have a good idea of what derailed the offer. Here are some things to learn during this challenging time.
You May Have Negotiated Too Toughly
Being inflexible during a price negotiation can often result in the offer falling through. When a buyer submits an offer below your listing price, he or she often expects a bit of negotiation. However, if you aren't willing to budge very much on the price or the terms of the home, this can cause the prospective buyer to stop negotiating and take a pass on buying your home. The lesson to be learned in this situation may be to alter your approach to negotiating in the future.
Your Listing Price May Not Have Afforded Enough Wiggle Room
Listing your home correctly is an art. You want to list at a price that is competitive enough to encourage offers but that is also close to what you want to get for the home. If your offer has fallen through, it could suggest that your listing price didn't give you enough wiggle room. For example, if you listed your home for $230,000 and wanted to realistically get at least $225,000, these numbers are too close together; someone may have offered $222,500, which could be reasonable but well below what you'd want to get. You might be better to adjust your expectations of how much the home should fetch.
Decorating Changes May Be Necessary
Some buyers will submit a low offer on a home that needs a lot of work. If your offer has fallen through, it may be time to take a look at how visually appealing your home is — after all, someone may have canceled the offer upon realizing there would just be too much work to do for the price. For example, if the paint colors, flooring, and kitchen are all outdated, it may be time to invest a little into making these elements more appealing. This could lead to a successful purchase offer in the future.