It can be extremely frustrating when you think you have found the house of your dreams, make an offer, and unfortunately, lose out to another buyer. While this doesn’t happen with every offer it is fairly common and homebuyers, especially first-time homebuyers, can find themselves discouraged, frustrated, and wondering what went wrong. Whether you’ve just started looking at homes or you’ve had a heck of a time locking down an offer, there are some things you can do when you lose the house you wanted.
#1. Stop and reset.
I’ve worked with buyers in the past that in tough markets or seller’s markets, they may have lost out on a home or two and this can create an urgency to settle on any home whether they like it or not. This may leave you with more regrets than the disappointment on missing out on the house in the first place. Allow yourself to feel emotional over the loss but then stop, reset, and refresh your thinking. There will be a better home out there and possibly for less money.
#2. Don’t dwell on that house.
As your real estate agent I can inform you of any offer didn’t go through and we can even put in a backup offer just in case, but don’t dwell on that home. Focusing on that house could keep you from finding something nicer. There are many ways to go about being the second runner-up on a home that you may have recently lost out on. But, dwelling on that, constantly calling the listing agent, or refusing to see any other homes, may leave you and your agent more disgruntled than before.
#3. Think about what you can do differently next time.
There could have been 100 reasons why your offer lost out over another. As a buyer’s agent, I talk to listing agents ahead of time to find out why the homeowner is moving, try to find out how flexible they are on their price, and what we can do to negotiate the best deal possible. We want this to be a win-win for both parties, especially for my buyers and that means negotiating in person, over the phone, verbally discussing the seller’s motivation, and how to tailor an offer that works for both parties.
#4. Don’t wait too long to get back out there.
Dwelling on the loss means you could miss out on a great listing just around the corner. It’s okay to test the waters again even if you have thought long and hard on a previous listing. You’ll be glad you did and like I’ve said before, you may find a home even better than the one you lost.
When you are ready to start looking again, see what’s available in your favorite Michigan neighborhood around Farmington Hills, West Bloomfield, and Bloomfield Township or simply call 248-752-3088 and I’ll help you find the home of your dreams and lock that property down.
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