Anyone who sells real estate in Northern Virginia knows the routine. See a home priced below $250,000 and you need to to brace yourself. It's common to see in the MLS, “multiple offers received-submit your highest and best offer.” These could be the most hated words in the MLS right now!

When the Northern Virginia market was hot most buyers were emotionally prepared for the losing contract scenario. In a market where it is supposed to be a “buyer’s market” multiple contracts aren’t something many buyers are emotionally prepared to deal with. As agents we need to set the right expectations for our buyers and help them understand that sometimes it just doesn’t work out they way they hoped.

We also need to prepare ourselves for the disappointment as well. When the inventory was plentiful a rejected contract just meant you went two doors down and made an offer on another house. Today with lower inventory we also need to be patient and realize that a rejected offer could mean that it will be weeks before your find another “just right” property for our buyers.

It also means patience with our fellow agents as well. As much as we would like to think that we have written the “perfect” offer, it is the sellers who make the final determination as to what offer to accept. As we all have learned sometimes it is the intangible in an offer that makes it perfect in our seller’s eyes. Calling the listing agent and asking them for the details of the accepted offer isn’t going to change the outcome.

All markets are tough in one way or another. It doesn’t matter how the media describes them, they are what they are. If we, as the feet on the street, set the right expectations with our clients we can help mitigate the disappointment of a lost offer. If we prepare them for both the best and worst case scenarios, then when the ratified contract is in their hands they will be able to thank us for helping them deal with what can be an emotional roller coaster.