What to do if your offer is rejected

Most rejections open the door to negotiation. If not, this could be a chance to discover an even better home. If you’re keen to proceed with the same property, start by finding out why your offer was declined.

Why an offer would be rejected
Offers are rejected for several reasons. Often, it’s because the seller has received a higher offer. Instead of speculating, ask your estate agent directly. If the seller has provided a reason, the estate agent will relay this information. Working closely with the agent is beneficial. They can help you decide on your next steps, and if necessary, can provide insights into other property options available.

Dealing with a higher offer
If a higher offer is the reason, consider whether increasing your offer aligns with your budget and the property’s value. It’s important to ensure the property’s worth is in keeping with your lender’s valuation, in case a later down-valuation impacts your mortgage application.

Negotiating the asking price
If you offered below the asking price, the seller might be waiting for something closer to their target. Let the estate agent know you’re still interested, and consider allowing the seller a day or two to reflect. This approach can sometimes prompt a counteroffer or a change in their stance.

Proving financial stability
For non-cash buyers, providing a mortgage agreement in principle can strengthen your position. This proof of funds reassures the seller of your financial stability and readiness to proceed.

Offering a quicker sale
A seller prioritising a quick sale may respond favourably if you can expedite the process. Check with your mortgage lender to confirm that you can meet the seller’s timeline, and keep documentation ready to maintain momentum in the purchase.

Handling contingencies
If your offer is subject to survey, the implied delay could deter the seller. Arranging a prompt survey might ease their concerns and make your offer more appealing.

Viewing rejection positively
Although a rejected offer can feel like a setback, it’s also a chance to step back and re-evaluate your moving criteria. Moving is a significant commitment, and reconsidering now might improve your decision and perhaps result in a better home.

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