38 Wildewood Dr, Lynnfield, MA 01940
Once you decide to buy a home, you need to buckle in because you’re in for an emotional roller coaster. You need to be prepared for any type of situation. You’ll need to hunker down and save a significant amount of money for a downpayment. Securing the financing for your home will be at the top of your list. You just don’t want to find the home of your dreams only to find out that your offer is rejected, leaving you in a giant puddle of letdown.
If you have already experienced the pain of having your offer rejected on a home, fear not. Below, you’ll find some of the most common reasons why offers get rejected and what you can do about it.
You Can’t Afford The Home
If you try and get a house that you can’t afford, chances are that your offer will be rejected. You need to find a reasonable price point to shop for a home. Make sure that your real estate agent understands your budget and won’t show you homes that are above your budget. If you know you won’t be able to resist, you definitely shouldn’t risk finding a home that you love and is above your budget.
There Was A Better Offer
Especially in highly competitive markets, it’s easy for bidding wars to arise. A “war” may be avoided if buyers offer an amount far above the asking price. You always want to keep your offer as close to the asking price as possible. Never assume that other buyers will bid lower than the asking price. If you think like a seller, you’ll have a better shot at getting the home of your dreams.
Don’t Ask For Too Much
Nothing annoys a seller more than too many contingencies. Many buyers can get carried away here. It’s a good idea to speak with your realtor about the reality of what you hope to get in return for purchasing the home. Your agent can help you to figure out what’s a necessity to ask to be done in the home and what isn’t.
You Didn’t Get Pre-approved
Getting that pre-approval letter is oh so crucial to finding the right home. The seller wants the process to go as smoothly as you do. That means you need to get pre-approved before you even head into the field to search for a home. Some sellers may also only consider bids made by buyers who have been pre-approved.
If you do your research, you’ll be able to compete in any type of housing market. All you have to do is be prepared!
To get your offer accepted on a home you love, you need to do your homework. As a buyer, you want to keep the needs of the seller in mind. Although you want the best deal for yourself, you're more likely to get a property that you want if you compromise a bit.
Sure, it's possible to find a home with a fully equipped exercise gym, an Olympic size swimming pool, or a couple tennis courts on the premises, but who wants to spend that kind of money! Fortunately, there are house features you can look for that will help you stay in shape without having to win the lottery first! Here are a few ideas to consider when searching for the ideal home:
- Proximity to a park: Whether you're looking for a home in the city or nearby suburbia, most communities have bike paths or public parks where you can walk, jog, inline skate, bicycle, take your dog for a stroll, or play tennis. Parks with playgrounds are also a great resource for keeping your kids entertained, physically active, and engaged. Having a park or walking trail located within a mile of your house is ideal because if it's convenient, you'll be more inclined to go there frequently. While it may not be at the top of your house-hunting "wish list," proximity to a park, nature preserve, or walking trail can be instrumental in helping you and your family stay healthier and more energetic. Doctor-approved, regular exercise is also a proven way to counteract the effects of stress, elevate your mood, and maintain a healthy weight.
- Pedestrian-friendly neighborhoods: One of the advantages of buying a home in a quiet neighborhood is that it offers a safe and relaxing environment for taking daily walks. Going for walks near your house can also be a good way to get to know your neighbors and check out the latest yard sales. Although sidewalks can be a nice feature for homeowners who enjoy neighborhood walks, quiet streets with mostly local traffic is all you really need for favorable walking conditions.
- A finished basement or extra room: The problem with putting an exercise machine in your bedroom or even the family room is that, sooner or later, you're going to get sick of looking at it! Until somebody creates a treadmill, exercise bicycle, or elliptical machine that has aesthetic appeal as well as functionality, it's never going to complement your decor! More often than not, exercise machines are an eyesore and a source of clutter. The solution is to create a dedicated exercise space in either a finished basement, a rec room, or a spare bedroom. Half of a two-car garage can sometimes provide a good area for weights and exercise machines, too, but that's only if you're willing to park your second car in the driveway.
Buying a house is a life-changing decision. As such, you should perform extensive home evaluations before you make your final purchase decision.
There are many questions to consider as you review houses, and these questions include:
1. Does a home match my expectations?
Entering the housing market with homebuying criteria usually is a good idea. If you know what you want to find in your dream house, you can tailor your home search accordingly. As a result, you can speed up the homebuying journey.
When it comes to establishing homebuying criteria, it helps to consider your short- and long-term goals. For example, if you want a house that is close to your current office in the city, you can search for residences in towns and cities near your workplace. Or, if you are willing to upgrade a house on your own, you may want to focus on "fixer-upper" properties.
2. Can I afford a house?
Home prices vary based on many factors. Fortunately, if you create a homebuying budget, you can narrow your house search and review properties that fall within your price range.
Oftentimes, it helps to get pre-approved for a mortgage. Banks and credit unions are happy to provide you with a wide assortment of mortgage options. Once you assess the different types of mortgages, you can choose one that will ensure you can acquire your dream home in no time at all.
3. Will a home require in-depth repairs in the near future?
How a home looks today may not match how this residence looks in the years to come. As you evaluate residences, it may be beneficial to consider potential repairs.
For instance, if a house likely will require a new roof in the next few years, you may need to budget for this expense. Conversely, if a home is brand new or recently has been upgraded, you may be able to avoid costly, time-consuming repairs in the foreseeable future.
If you want to streamline your home search, you can hire a real estate agent too. In fact, if you employ a real estate agent, you can receive comprehensive support throughout the homebuying journey.
A real estate agent has a simple goal: to help you find a great house at a budget-friendly price. To accomplish this goal, a real estate agent will learn about you and your homebuying criteria and craft a personalized homebuying strategy. Plus, a real estate agent will set up home showings, offer expert homebuying recommendations and help you submit an offer to purchase your dream residence. And if you have homebuying concerns or questions, a real estate agent is available to respond to them at your convenience.
Lastly, be careful as you evaluate available homes in your preferred cities and towns. Keep in mind that no house is perfect, and any residence you buy may increase or decrease in value over time. And if you find a home that you want to buy, prepare a competitive offer, and you can boost the likelihood of receiving an instant "Yes" from a property seller.