The house you fell in love with today...
Buyer Beware - "Yes, we love it, but we should think about it some more..." often results in the proverbial broken heart.
Reminder: If you love it, it is very likely that others will love it too. Then what?
REALTOR Curt Hess - serving these Annapolis area communities:Arden-on-the-Severn Homes, Arnold Homes, Arundel on the Bay Homes, Cape St. Claire Homes, Crofton Homes, Crownsville Homes, Davidsonville Homes, Eastport (MRE) Homes, Edgewater Homes, FortMeade Homes, Gambrills Homes, Harness Creek Homes, Hunt Meadows Homes, Highland Beach Homes, Hillsmere Shores Homes, Londontowne Homes, Mayo Homes, Millersville Homes, Odenton Homes, Parole Homes, Riva Homes, Severna Park Homes
The house you fell in love with today...
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.
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Marcie Sandalow is a realtor with Evers & Company Real Estate, Inc. in Chevy Chase, DC.
With 10+ years in the business, and a sharp understanding of her client's needs, she serves Buyers and Sellers
in and around Bethesda, Chevy Chase, Washington, DC, Kensington, Rockville, Silver Spring and Takoma Park.
E-mail: marcie@bccdcrealestate.com
Cell: 301/758-4894Website: BCCDCRealEstate.com
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