Home > Blogs > Marcie Sandalow > Marcie Sandalow's Blog

The house you fell in love with today...

By Marcie Sandalow

Real Estate Agent with Marcie Sandalow, Compass 301.758.4894

July 09, 2010 02:27 AM

The house you fell in love with today...

broken hearted You hear it all the time... "Oh- we made an offer on a great house, but we didn't get it." The reasons can run the gamut:

We were overbid.
Our price was too low/theirs was too high, and in the end we couldn't make it work.
The inspection came up with too many "items".
(and, my personal favorite) We thought about it for too long and it was gone before we were even able to present the offer...

We real estate agents have a saying: "The house you fell in love with today, thought about tonight, and decided to write an offer on tomorrow....someone else saw yesterday."

Looking for a house can be a challenge. Really! Especially when you are just starting out. You're trying to get a grasp on the pricing, your wish list, the market (that week/month/year), etc. And while all of this is coming together, the perfect house might slip through your fingers. Ugly, but it happens.

Things you can do to take control of the situation:

Fine tune your wish list. Figure out what is going to work for you, and what might be a deal killer. Allow yourself a little flexibility. Nothing is going to be absolutely perfect.
If the bank tells you that you need to sell your current house before buying the next, don't assume the folks with the new house are going to be happy with a home sale contingency. Consider putting your current place on the market before shopping yourself.
Get your financing in order. Make sure you are approved for a bank loan prior to looking. And be sure to check in with the bank on a regular basis to see if they have made any changes. The new loan program that was just introduced might allow you to buy something previously out of your range. Similarly, that new car you just bought on a whim might make it difficult to stretch. Keep it current and get it in writing.
Escalation Clauses and Pre-inspections. These items might be necessary if there is competition. Escalation clauses allow you to top the best offer up to a specific cap (that you decide). Pre-inspections allow you to head into a competitive situation with your eyes wide open, and eliminate the home inspection contingency. Cat-nip for sellers.
Know the market. Your real estate agent can provide you with up-to-date comparable sales. This will help you arrive at an appropriate offer price and help set boundaries.
And perhaps the most important advice I can offer you is this: Try not to over-think it. Be prepared to jump in and make an offer. Especially if you like it. Good houses don't stick around. At least, not in this local market.

Re-Blog

Featured

Comments(36)

Comment

Show All Comments

Sort:

Marcie Sandalow

Marcie Sandalow, Compass 301.758.4894 - Bethesda, MD

Bethesda Chevy Chase DC real estate

Thanks for all of your nice comments. I agree that a few houses lost to indecision will generally get things moving in the right direction.

Jul 10, 2010 05:28 AM

Jenny Durling

L.A. Property Solutions - Los Angeles, CA

For Los Angeles real estate help 213-215-4758

Great advice for buyers- thanks for sharing

Jul 10, 2010 05:47 AM

Rick Wellington

Fonville Morisey - Raleigh, NC

I tell clients that if it is number one on their list, it is number one on someone elses list. Even in a bad market, the best houses move fast.

Jul 10, 2010 05:54 AM

Barbara Canada

Keller Williams Capital Properties - Washington, DC

Probate & Estate Sales Specialist

Thank you for this great post.

During the original buyers consultation I ask my buyers for 3 must-haves - and the reason why they must have those features. Sometimes, asking the "Why is it important to you?" questions makes the buyers really think about what's important to them.

I take that list on each showing tour just in case I have to remind them what they originally said - if they start getting off track.

Jul 10, 2010 06:26 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Marci- we sent your post to one of our buyer agents who has some clients who keep losing every house they make an offer on. Very timely post:)

Jul 10, 2010 07:03 AM

Bill Burchard

3B Realty: 951-347-3818, CA - Murrieta, CA

Broker, Realtor, Representing Buyers and Sellers

I love that saying, Marcie: "The house you fell in love with today, thought about tonight, and decided to write an offer on tomorrow....someone else saw yesterday." It's disheartening for me when my buyer's find a home that they absolutely fall in love with... and then decide to think about it for a while... and then decide to offer a price that's obviously way, way too low, just to "...start negotiations." Buyers must be sensitive to the current market conditions, not the market conditions the last time they bought a home (which is typically many years ago). That's a value that agents bring to buyers and sellers... we are up-to-speed with today's market conditions. And if today's housing market demands submitting your "best and highest" offer, then it's a good idea to do exactly that... promptly.

Jul 10, 2010 08:11 AM

Patricia Aulson

BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH

Realtor - Portsmouth NH Homes-Hampton NH Homes

Good advice here, thanks for postingi... I've bookmarked it as well.

Patricia

Jul 10, 2010 08:28 AM

Angela Bond

Keller Williams Realty - Los Angeles, CA

Los Angeles Real Estate | 310 666 5052

Really, really good advice and thanks for putting it together so well. There are some people who find it hard to make their minds up about anything and a few gentle nudges of well worded advice can be their best friend in the long run.

Jul 10, 2010 08:48 AM

Scott Baker

www.eHomeReports.com Coldwell Banker Realty - Liberty Township, OH

Realtor Homes for Sale Cincinnati/Dayton Ohio

Best thing to do is be prepared. Have financing in order, view some open houses, get a feel for your wants, must haves, don't need. Once you are ready, don't think you have to look at everything. Once you find it, buy it aggressively.

Jul 10, 2010 09:41 AM

Gail Nyman

Re/Max United Real Estate - Dunkirk, MD

Every House Has A Story

The market is changing before our very eyes and it is more of a sellers market than you might imagine for houses that are priced right or ones that are upper end and PERFECT. Buyers need to know that they don't have forever to make up their minds or make a crazy low offers and expect to get the house. Thanks for reminding us all that the good ones dont last!

Jul 10, 2010 10:45 AM

Richard Strahm

American Foursquare Realty - Lansdale, PA

Lansdale and North Penn Real Estate

Well written post. The best line? "Good houses don't stick around!" So true!

Jul 10, 2010 11:02 AM

Morgan Evans

Douglas Elliman Real Estate - Manhattan, NY

LICENSED REAL ESTATE SALESPERSON

Being able to pull the trigger when you see a house you like is so difficult but usually comes with experience like you said when you have lost out already.

Jul 10, 2010 11:44 AM

Cheryl Ritchie

RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD

Southern Maryland 301-980-7566

Marcie, this is a good reblog in my world! Thanks for the good points.

Jul 10, 2010 02:17 PM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

If this wasn't already featured, I'd be flagging it for one!

Mike in Tucson

Jul 10, 2010 04:19 PM

Kathryn Maguire

GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA

Serving Chesapeake, Norfolk, VA Beach

Thanks so much for this! It puts it in very real terms. In our market, we don't have competing bids that often...right now. But I have had a buyer who loved a house and was ready to make an offer. The house had been on the market for 7 months...and they ratified the day I called to talk to the agent before writing up my buyer's offer. It happens.

Jul 11, 2010 12:46 AM

Marcie Sandalow

Marcie Sandalow, Compass 301.758.4894 - Bethesda, MD

Bethesda Chevy Chase DC real estate

Bill's comment (#22) struck a nerve: It's disheartening for me when my buyers find a home that they absolutely fall in love with... and then decide to think about it for a while... and then decide to offer a price that's obviously way, way too low, just to "...start negotiations." Haven't we all heard of houses that sat on the market for months, only to have 2 offers arrive on the same day. As Gail (#27) says so well: The market is changing before our very eyes and it is more of a sellers market than you might imagine ...Buyers need to know that they don't have forever to make up their minds or make a crazy low offers and expect to get the house. Thanks to everyone for weighing in.

Jul 11, 2010 02:44 AM

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Marcie, very good advice. Too many buyers lose because they waited too long to make a decision. Thanks.

Jul 11, 2010 03:04 AM

Coral Gundlach

Compass - Arlington, VA

Real Lives. Not Just Real Estate.

This is fantastic advice, especially in the DC market. Because of all the bad national real estate news, many buyers in this market have no idea how fast good houses are selling here, and it can take many disappointments for them to "get it." I am going to re-blog!

Jul 11, 2010 03:59 AM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Thanks for this very well written piece. I re-blogged it earlier and in my haste to meet my clients, forgot to say thank you.

Jul 11, 2010 01:25 PM

Yvette Chisholm

Long & Foster Real Estate, Inc. - Rockville, MD

Associate Broker - Rockville, MD 301-758-9500

Marcie, such a great post - I re-blogged it! Thank you very much - very well written indeed. The buyers dont' always understand that good houses sell fast.

Jul 19, 2010 02:56 AM