Competition is fierce out there. A house can hit the market one day and be gone the very next day. This makes it not only difficult for buyers, but also frustrating. Even I have personally been involved in multiple offers and even though my offers were strong (even over the asking price), I still didn’t get the home.
And even though the pain stings of not getting a home, and you may be wanting to do whatever it takes to get it, here are three things to keep in mind:
- Don’t do anything you will regret: Don’t take the risk and offer more than what you can afford or shorten (or remove altogether) contingencies that you can’t deliver on. Overpaying for a home can make you house poor, which you don’t want. You will regret the purchase altogether. Doing inspections are imperative. You need to know what is going on in areas of the home that you can’t see.
- Don’t rush into a decision: You may want to jump in and write an offer but take a breath. You need to investigate all the facts. This includes sales in the area, basic evaluation of the condition, and make sure that it meets most of your acceptable criteria.
- Don’t move to slow either: The market waits for no one, and that includes you. If you see a house you like, immediately review the documents needed, and make a move. One trick: Have your criteria written out ahead of time as a checklist. This way, you can immediately review it all and decide.
The process can get tiring, and you may want to give up. However, knowing that if you give up, even for a short while, doesn’t mean that things will be better later. This can include rising interest rates, property values going up, or shrinking inventory. Therefore, as of right now the best bet to keep your head in the game and keep going. Talk to your agent about pocket listings or get creative on locations. It doesn’t hurt to open your possibilities.
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