You offered more than what it sold for and the seller said “no”. That means they were looking for more than what you proposed. 3. The deal sold for less than what you offered. That means something (most likely the inspection) came up that made the seller lower the price.
We recently put an offer in on a house and were really excited about it, especially because it was on 9 acres and the asking price was only $179k. We had a cash offer ready for the full asking price, sight unseen within hours of it being posted. Unfortunately, the seller said no, as they had other higher offers. After some back and forth, we offered $220k as our maximum. But the seller replied with “$220k won’t cut it” and we backed out.
Today, the listing updated and it sold for $205k. It can be difficult to understand why the seller said our offer wasn’t high enough, but then accepted one lower. It’s possible something came up on the inspection and the seller had to drop the sales price. This happens a lot, and it could explain why our offer wasn’t accepted.
When making an offer on a house, it’s important to know your limits. When we made our offer of $220k, we knew it was our limit and we were prepared to walk away if it wasn’t accepted. It’s also important to keep in mind that when a seller says no, there’s usually a reason. In our case, it could have been because the seller was looking for more than what we proposed or there was something that came up on the inspection.
When making an offer on a house, it’s important to remember that you don’t get all the information of what transpired. For all you know, the seller may have taken an offer at $250k and it didn’t appraise. In this case, the seller decided it was best to lower the sales price to get to their next destination.
It can be frustrating when you make an offer and it doesn’t get accepted, especially when it’s for a great deal. However, it’s important to remember that there is usually a reason why a seller says no. It can also be helpful to keep in mind that you don’t get all the information of what transpired and that the seller could have taken an offer at a higher price that didn’t appraise. Knowing your limits and being prepared to walk away if the offer isn’t accepted can help you make informed decisions when making an offer on a house.