Dear Mr. Buyer,
Thank you for taking the time to write an offer on this property. In our market, the seller is grateful to have received an offer on their home; even at well below the asking price. I'm sorry to tell you that the seller is not accepting your offer. He's just not that into you.
Why, you ask?
First of all, you aren't a strong buyer. You aren't making a down payment and you are requesting the seller to pay all of your closing costs. While you provided a pre-approval letter, low/no-downpayment financing is difficult to get right now and you are asking the seller to take their house off the market for a loan which has a good chance of never being approved. Without any money to put down, there aren't any other options if your loan ratios end up being a few dollars off (except for the seller spending even more money to buy your rate down). To take their home off the market and await the close of escrow will cost the seller a few thousand dollars...are you willing to risk the same amount to buy this home?
So, let's add this all up. Your offered price is well below the asking price (by the way, the asking price is very much in line with recent sales). You aren't offering a decent amount of earnest money. You need every dime of closing cost assistance out of the sellers and aren't a strong candidate for a mortgage. You are requesting a home inspection (which is expected), but being that you are cash-poor, will probably nickel and dime the seller on any repairs the inspector finds. Because your loan is a greater risk to the bank, the appraiser & underwriter will be more stringent on the condition and value of this property.
I'm sorry. The seller just doesn't feel you are worth the risk of taking their home off the market. Try saving up some money and being better prepared to own a home. Better yet, try working with a buyer's agent who is familiar with the art of negotiation.
Tina in Virginia
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Tina Merritt and her Associates. can be reached at email: tina@nestrealtygroup.com or 757-287-6338.
Our Network consists of both buyer and listing specialists helping buyers and sellers in Southeast Virginia, Hampton Roads, Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia. In Southwest Virginia, the New River Valley, Blacksburg, Christiansburg, Radford, Pulaski, Dublin, Floyd, Narrows, Pembroke, Pearisburg, Glen Lyn, Rich Creek, Check, Hiwassee, Indian Valley, Parrott, Newport, Shawsville, Pilot, McCoy, Long Shop, Fairlawn, Wythe, Draper, Willis, Sowers, Elliston, Eggleston, Ironto, Riner, Auburn, Rogers, Giles County, Montgomery County, Floyd County, Pulaski County.
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