Why was your purchase offer not accepted? Most of my listings have sold this year in multiple offers. In today’s competitive real estate climate, all offers have prequalification or preapproval letters, and evidence of down payment. Most also have a letter written from the buyer to the home seller. Some buyers with large down payments waive their appraisal contingency. A smaller percentage of buyers with large down payments waive their loan contingency.
There are several reasons that your purchase offer was not accepted.
When competing with other buyers, your offer needs to stand out. Several buyers of my listings did their own inspection prior to their offer being accepted. They then were in a position to remove their inspection contingency. Not having an inspection contingency is the most powerful negotiating tool.
Interesting that several potential buyers of my La Crescenta listing didn’t want the sellers who have lived in the home for 40+ years to remain in the home for a week after closing. The home sold to a buyer who waived their inspection contingency. And allowed the seller to remain in the home for a week after escrow closing.
I have been selling homes since 1989 and know that the real estate market is a pendulum. When buyers make adjustments on terms, in a strong seller’s market, they sometimes save a bit on price.
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