It's the Agent's Fault My Offer was Not Accepted

By
Real Estate Agent with Keller Williams Capital City 970700173

You see it all over the news, websites and Facebook.  "Seller's Market" here, "House sold in 24 Hours" there, "Winning Bid $30,000 over Asking Price" here.  This is all find and dandy for the sellers, but where does it leave the buyers?

For home buyers, it looks something like this:

  • Searching, searching, and searching for a home to look at...various websites, calling multiple agents.  You decide you can find a house on your own, you don't need a Buyer's Agent to help you.
  • Most of the homes you call on already have offers.
  • You finally find one that was just listed yesterday.  You set an appointment to view with the first agent to answer their phone.
  • When you arrive at the house, you and the agent wait 10 minutes for another buyer to finish up their viewing appointment. The agent you called to show you the house is asking you several questions, trying to pry into your private life.  Things like "what kind of loan are you approved for?" and "will you need to be folding in closing costs?"  You think to yourself, 'What business is it of yours, I just want to see the house?'
  • After you tour the house, decide you like it (a lot), another agent and their buyers are waiting to get inside.  You are a little nervous that there are so many buyers viewing the home.
  • Your agent writes up the offer in the driveway, and you sign it.  You insist the offer be $10k under asking price, because your Dad said to never pay full price for a house. After all, if the market wasn't so hot, you would have offered $30,000 less than asking price.
  • You wait anxiously for a reply, you just know the sellers will take your reasonable offer.
  • You receive a written notice from the sellers that there are multiple offers, and that you can make any changes to your offer by the deadline.  Your agent encourages you to increase your offer price, to at least full price.
  • You decide you have already made your best offer, and take a chance.
  • You receive written notice that your offer was not accepted.  Back to the drawing board.
  • You are now frustrated, thinking that you will never find a house you like.  Or worse, what if it's just a game the real estate agents are playing to create a bidding war? 
  • This cycle continues, with a new agent, because you think it was the agent's fault you lost the last house.
  • 6 months later, the market has appreciated 15% and you no longer qualify to buy the kind of house you want.

You might laugh, but it's true.  To prevent this from happening to you, there are several things you can do to prepare for a better buying experience.  Read on to find out How To Get the House You Want in A Hot Market.

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Topic:
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Oregon
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how to buy a house in a hot market

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Rainmaker
797,509
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Catherine - Our market here in AZ is not nearly that hot right now. We have inventory increasing (lots of homes to choose from), home sales improving due to the spring season always bringing an increase in sales, and sales prices that have remained fairly consistent over the last year or so.

Glad buyer's don't have to worry about multiple offers here yet. I remember what that was like, and it was crazy.

Apr 01, 2015 07:44 AM #1
Rainmaker
2,773,185
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Catherine,  I hear you!  My market is the same and has been for some time now. For some buyers they need to lose out on offers before they really get it. If they wait too long the wait their self right out of the market.

Apr 01, 2015 10:15 AM #2
Rainmaker
4,041,647
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Catherine, Denver is a HOT seller's market and everything you mentioned is happening.   A buyer needs a strong buyer's agent!  

Apr 01, 2015 10:48 AM #3
Rainmaker
742,809
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

Its always our "fault" no matter what happens. I am dealing with one now that won't listen to his Realtor. He will soon have a different one to waste time with.

Apr 01, 2015 09:35 PM #4
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Rainmaker
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Catherine Ulrey

Equestrian and Acreage Property Specialist
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