Buying a Home Rejected by Someone Else

Occasionally a buyer will come across a property that was previously listed, and is now back on the market. For whatever reason, a previous offer did not work out, and the sellers are looking for another buyer. Your first instinct may be to decide that there must be something wrong with this property, but that may not be the case at all.

Your real estate agent will be able to find out why the original deal was not completed. Perhaps the original buyer wasn’t able to sell their property, or they may not have been able to get adequate financing. There may have been a contingency in the original offer that wasn’t met by the sellers.

If the home was previously inspected, it may be in your interest to meet with the inspector to discuss his report. One buyer may be frightened away be a defect which turns out to be quite insignificant, or they may not want to deal with the work involved to repair such a defect. You, on the other hand, may see it as a negotiating factor to obtain a better purchase price.

On the other hand, perhaps the sellers are unreasonable or difficult, and are not willing to work with buyers to meet a common ground. If that is the case, you may also want to walk away from this house.