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Do sellers ignore offers?

Although frustrating, sellers aren't legally obligated to respond to your offer. If they don't like it, feel offended by it, or don't have the time to respond, they don't have to.

rocketmortgage.com - Made An Offer On A House, But No Response | Rocket Mortgage

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Every seller is different – they won’t always have the same reason for not responding to a purchase offer, but here are the most common reasons.

The Offer Was Too Low

Sometimes sellers don’t bother with a response when the offer is too low. But how low is too low?

It depends on the situation. Most sellers won’t acknowledge an offer that’s 10% less than the market value. It’s insulting to them, and they don’t want to deal with the back and forth of a counteroffer. Some sellers may even be offended by the lowball offer like you are trying to take advantage of them. Sometimes a low offer also signifies that you aren’t serious. You are just throwing a dart out there to see if it sticks. Again, sellers won’t waste their time, especially if you’re bidding during a seller’s market. Yet, in some cases, sellers can’t counter multiple offers at once or even make more than one counter on one specific offer.

The Offer Was Too High

It seems backward, a house seller not responding could be due to your offer being too high. When an offer is too high, most real estate agents will advise their client not to accept it. Here’s why. Unless the buyer is paying cash, which most cash buyers don’t bid over the asking price or even near it, they’ll need financing. No lender will approve a loan for the full amount if the buyer offered more than the home is worth. The lender will require an appraisal and use that value to determine your loan amount. If you made an offer on a house with no response, check the market value of homes in the area. If your offer was much higher, you have your answer.

They Received A Better Offer

In today’s market, chances are you aren’t the only person looking at the home. The seller may receive a handful of offers at the same time. Sellers have just as much time in their day as you do, so they may prioritize the offers, responding only to those they want to counter or consider.

What makes an offer better than your offer?

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Money always talks, of course. An offer for a higher amount but within the market value will catch a seller’s attention faster than a lower offer. Sometimes it’s not about the money, though. Sellers also look closely at contingencies. If you have a handful of contingencies in your offer, but another buyer doesn’t, yours may not receive a response because they chose the other offer.

You Didn’t Meet Their Needs

Just like you have needs in a home, sellers have needs in the contract and the terms of sale. Sellers may need: Your lender to write a Verified Approval Letter . This gives sellers peace of mind knowing you’re qualified to buy the house and won’t back out of the contract, leaving them back at square one selling the home. A shorter escrow period because they are in a hurry to move. If they are relocating or have other urgent reasons to move fast, they may choose someone who can close in a few weeks. More time to close because their new home won’t be ready yet. If the seller is buying a house at the same time as selling their current home, they may need more time in their current home until their new house is ready. A higher earnest money deposit . Sellers in some areas want high earnest money deposits to guarantee you’re serious about buying the home. If you can’t make a large enough deposit, they may ignore your offer.

rocketmortgage.com - Made An Offer On A House, But No Response | Rocket Mortgage

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