- Rocket Homes Blog (2024)

FAQs

Do sellers always pick the highest offer? ›

Well, that's not the case. Securing the winning bid on a house isn't always as straightforward as accepting the highest dollar amount. In our experience, there have been countless scenarios where the highest offer wasn't the one accepted by the seller—This is because the highest offer isn't always the strongest buyer.

Rocket Mortgage ranks third in customer satisfaction among home loan lenders, according to the latest J.D. Power Mortgage Origination Satisfaction Study. Rocket also earns high marks in satisfaction for mortgage servicing — the collection of loan payments from borrowers and dispersing the funds to third parties.

The deposit amount varies depending on the purchase price, but a strong EMD is between 2% – 3% of the purchase price of the home. An offer with a strong EMD shows the seller that they are working with a serious and motivated buyer. Another way to show motivation is by shortening the standard contingency timeframes.

Most sellers hope to have multiple offers, but sometimes it's best to take the first offer you receive. It may be tempting to hold out for a better price when selling your home, especially when your home is newly listed.

Because sellers generally don't want to wait on mortgage approvals and risk the deal falling through, they'll typically pick a buyer with mortgage approval over a buyer without approval. In other words, a sky-high offer without mortgage approval is vulnerable to rejection by a lender, putting the sale in jeopardy.

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

Minimum 580 Credit Score

Rocket Mortgage requires a minimum credit score of 580 for FHA loans.

Rocket Mortgage charges fewer servicing fees than most other servicers. Most importantly, there's no charge to make a payment on your mortgage, whether over the phone or online.

“The rule I've always followed is to never go more than 25% below the listed price,” he says. “Chances are, after fees, commission, and sentimental value, the sellers are already hurting. If you dip below that point, they may disregard your offer entirely.”

How do I convince a seller to accept my offer? ›

Typically, a lowball offer is considered to be at least 20% below the asking price. If you're offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.

Generally you can not find out who has made offers to buy a house as offers are considered confidential so it would be unethical for an agent to tell you who has made an offer.

Depends on the offer. If you are low-balling and offering below market, it may take 5, 10, 15 offers before someone accepts. The market is also a huge factor, desperate sellers will be more likely to accept. If you are offering what they're asking, it may only take 1 offer to seal the deal!

A kick-out clause allows a seller to accept another offer unless the buyer drops their contingencies. Kick-out clauses are most often employed during a seller's market. Home buyers must determine whether they want to follow through with a contingency-free purchase -- and possibly put themselves at risk.

It's understandable that many sellers—and often their real estate agents—believe they must accept a perfect offer. After all, aren't the buyers giving the sellers exactly what their listing asked for? However, there are currently no U.S. laws that require this.

Some buyers and sellers might be hesitant to make a counteroffer because they're afraid to lose out on the sale or purchase of the home. Others might be eager to counteroffer to get a better price, timeline, or other terms. Most of the time, a counter offer is acceptable.

If the sellers are looking to maximize their profit potential in today's hot market, your low offer will likely be ignored. On the other hand, the sellers may be more receptive to taking less if they're facing a financial crunch, if the property was inherited or they've already closed on another home.

While the house seller not responding isn't common, it happens especially in a multiple offer situation or bidding war. Sellers often prioritize the offers they'll consider and respond to and ignore the rest if they aren't legally obligated to respond, as this does vary by state.