Rising above an unsuccessful offer is something most home buyers have faced at one point or another. No, this is not the greatest feeling/experience in real estate but I’m here to assure you it happens more often than you’d like to know.
With housing inventory shortages the norm, sadly, in many parts of the country – you may find yourself competing against multiple offers. Yes, we all want to be in it to win it – but that’s simply not reality in real estate. Winning these deals is a mix of luck and strategy (and we’ll cover that another day).
What Comes Next?
My question to you is if you lose out during the offer phase – do you have a strategy? Have you discussed a Plan B with your Realtor?
If not – here are some tips to consider:
· Take a deep breath, dust yourself off and be ready to get back in the game. Repeat after me (hard as this may be): “This wasn’t the house for me.”
· Go back to houses you’ve seen and think through if any are a viable option. That said – do not compromise or settle on what you need.
· Keep looking – New inventory is constantly coming to market. As your agent about any pocket listings or coming soon options. If you are in an area with new builds – look for quick delivery units.
· If you have time to wait – and don’t mind a bit of an emotional roller coaster – play the wait and see game. Oftentimes with an accepted offer you will see a home go into Contingent – Take Backup Offers state. This is not a strategy I strongly advocate but things do happen: financing falls through, a home may not pass inspection or there may be contingencies on the offer that cannot be met.
Hopefully if you bid on a house your offer is accepted. If it is not – please make sure you have a viable strategy for moving forward and don’t dwell too much on what didn’t materialize. As my clients know and hear often (as hard as it can be to hear): Everything happens for a reason. Onwards and upwards.
Advice for Others Rising Above an Unsuccessful Offer?
If you have been down this path before – what else can you add by way of advice to your fellow home buyers?
Should you be in the market to buy, sell or rent in the St. Augustine, St. Johns or Jacksonville, FL area, please contact me and let’s schedule a time to chat about your real estate needs. Looking to learn more about the area? Check my video offerings here.