Making an offer on a home in New York can be an exciting experience, especially when aspiring buyers feel that their offers are solid. However, excitement can quickly turn into disappointment if their offers end up being rejected. Here are a couple of reasons why would-be buyers may see their offers rejected as they embark on residential real estate transactions.
First, sometimes buyers include too much information in their offer letters. For instance, a buyer may explain how he or she plans to remodel the home extensively if he or she ends up getting it. However, this may be an offensive statement to the seller if the seller has spent a lot of money and time remodeling the property over the past few years already. Therefore, it is critical that buyers who put together offer letters avoid saying anything that the seller may find insulting.
Second, a seller may reject a buyer’s offer is the offer is too high. This can be a major problem if the home will not likely appraise for the buyer’s high amount. In this situation, the seller may go with a lower offer that should easily appraise so that the transaction can be completed.
Purchasing a home can be complicated not only from a financial and emotional standpoint but also from a legal one. However, an attorney can provide the legal guidance necessary to navigate even the most complex of residential real estate transactions. The attorney’s ultimate goal is to ensure that the client’s best interests are protected during each stage of the transaction in New York.