Stephanie Payab's Blog
Buying is home is a lengthy and, at times, stressful process. So, it can be discouraging when your offer is rejected.
If you’ve recently had a purchase offer rejected by the homeowner, don’t worry--you have options.
In this post, we’re going to cover some of those options so you can start focusing on your next move and potentially even make a second offer that gets accepted.
1. Reassess your offer, not the seller
You could spend days guessing the reasons the seller might not have accepted your offer if they didn’t give you a straightforward answer.
However, your time is better spent addressing your own offer. Double check the following things:
Is your offer significantly lower than the asking price?
If so, is it lower than comparable sale prices for homes in the neighborhood?
Does your offer contain more than the usual contingencies?
Once you’ve reassessed, you can determine if a second offer is appropriate for your situation, or if you’re ready to move onto other prospects with the knowledge you’ve gained from this experience in hand.
2. Formulate your second offer
So, you’ve decided to make another attempt at the house. Now is the time to discuss details with your spouse and real estate agent.
Out of respect for the seller’s time and their timeline for selling the home, you should treat your second offer as your last.
So, make sure you’re putting your best offer forward. This can mean removing those contingencies mentioned earlier or increasing the amount. However, be realistic about your budget and don’t waive contingencies that are necessary (commonly appraisals, inspection, and financing contingencies).
3. Consider including a personal offer letter
In today’s competitive market, many sellers are fielding multiple offers on their home. To set yourself apart from the competitors and to help the seller get to know your goals and reasoning better, a personal letter is often a great tool.
Don’t be afraid to give details in your offer letter. Explain what excites you about the house, why it is ideal for your family, and what your plans are for living there.
What shouldn’t you include in your offer letter? Avoid statements that try to evoke pity or guilt from the seller. This seldom works and will put-off most buyers to your offer.
4. Moving on is good time management
If you aren’t comfortable increasing your offer or if you receive a second rejection, it’s typically a good idea to move onto other prospects. It may seem like wasted time--however, just like a job interview that didn’t go as planned, it’s an excellent learning experience.
You’ll walk away knowing more about the negotiation process, dealing with sellers and agents, and you might even find a home that’s better than the first one in the process!
One of the biggest hurdles in becoming a homeowner is that of saving for a down payment. In today’s world, it’s hard for anyone to save sizable amounts of money due to the extreme cost of living in most areas. With less income and higher expenses, many people have less of an opportunity to save money.
Saving Isn’t Impossible
Many homebuyers are first-time homebuyers. While many simply dream of owning a home, others work to make it happen. Saving money is a goal. Once you save the money, you have made a real accomplishment. You’ll have a huge reward waiting for you once you reach your goal. How can you save effectively? There’s a few simple steps that will allow you to start saving for a down payment on a home. Remember that no matter how slow you go, every step is one step closer to hitting your goals.
Get A Savings Account
Preferably, the savings account that you open should be dedicated to your house expenses. Most of the time, your bank will allow you to set up automatic transfers from your checking account. See how much you can afford to save and set up these transfers. Each time you get a paycheck from work, have a certain amount put right into the savings account. You’ll be saving without even thinking about it.
Be Budget Friendly
Budgeting sounds complicated, but really, it’s quite simple. First, put your monthly gross income on a spreadsheet. Then subtract things like taxes and fees that come out of your paycheck. Next, subtract all of your necessary monthly costs. These can include student loan debt, car loans, rent, and how much money you spend on food and entertainment. There's so many little things that we spend our money on everyday, you may be surprised to see how much you’re spending and what you’re spending it on. Some categories are important and others are not.
See Where You Can Cut Costs
After you have made a concrete budget, see where you can cut some costs. If you need to cut out going to dinner and the movies, then do that. There’s bound to be something that you can cut out of your budget that’s not a necessity that can help you to save some cash. The sacrifice will be worth it in the end!
Indulge For Your House
Every time that you get a small bonus, a gift, or a tax refund, put it away. It can be tempting to want to go buy a brand new TV or spend your money on entertainment, but saving that money for your house fund will be a lot more rewarding.
The bottom line is that it won’t be a huge task saving your money for a down payment once you put your mind to it. Happy saving!
When you want to give the outside of your home a serious makeover, you might be looking to change up the color combination of the property. There’s many different color combinations that can make your home look great. Whether your home has siding, brick, or stone, there’s a color combination for you. Below, you’ll find some color combinations that you can consider for your home.
Gray, Blue, And White
Whether your home has a stone exterior or is just plain white, you can use these three colors in a great combination to accent the home. White brings about brightness while the darker tones of blue and gray bring out your front door and window trim, creating a silhouette of sorts.
Brown Green And White
If you’re looking for earth tones, this is a great color combination for you. These nature inspired shades can create a beautiful oasis on the outside of your home. You can choose light and dark shades that complement one another in order to bring a dramatic affect to your home.
Peach White And Gray
This color combo can add a stimulating visual effect to the front of your home. The white can be used to highlight your home’s accents, while the darker grays can add some depth the color scheme overall.
Other combos to consider:
- Gray, red, and white
- Brown, red, and green
- White, black, and gray
- Cream, yellow, and black
- Red, brown, and orange
- Greens, browns, and creams
- brown, tan, and blue
- Blue, white, and black
Remember that very color palette needs a foundation. The establishing color is the one that will overtake the majority of the outside of your home. Remember that you need to consider all of the accents of your home including the door, window trims, and shutters. Even if you don’t want to take the dive and change the entire color of your home, you can consider changing just the accents of your home. Sometimes even just adding a coat of paint to the front door can really spice up the outside of your home.
When All Else Fails, Stick With The Classics
While pops of color can always look wonderful in a color scheme on your home, if you’re afraid to think outside the box, you might want to just stick to the classics. You can never go wrong with neutral colors, especially when you use them together. Try different color combos at the local hardware store, or even try a few paint samples before you make a firm decision on your home’s makeover.