Is it better to have loved and lost than to have never loved at all? Maybe in some cases, but not in real estate. The one that got away can be a determining factor as to whether a buyer continues to work with an agent. I received this question over the weekend.
Karen, we had written an offer on a home that we loved with a previous agent and we were competing for the house. We didn't win. Our agent wasn't the same after that. It became more difficult to get her to show us houses that came on the market because she said that they did not compare to the one that we had lost. We finally had to just put a hold on our search and try again in the spring. Are we required to continue to work with our previous agent?
The short answer is no. Unless you signed a buyer representation agreement to work with your agent, in which case, you will need to wait out the contract period or ask to be released. But most of the time, you are only bound to the agent for the existing contract, so if it doesn't work out, you are free to work with any other agent that you wish.
When you lose a house that you had mentally moved into, it is rough. Because you know it when it happens....you are imagining where the Christmas tree might go or you are choosing the color to paint the home office or the kitchen. You want the house and you would do almost anything to make it yours. The only problem is that when a buyer is forced to compete for a home with other buyers, some of the shine is worn off. Some buyer's agents may suggest offering above the asking price or removing contingencies like home inspections in order to make an offer look better to the seller. In most cases, this is not necessary and can cause the buyers to hop back out of the market when their offer isn't accepted.
But it comes down to this: If you found out tomorrow that you lost the house to another buyer because their offer was $1 more, would you be okay with that? Because all things considered, the offers could be that close and it could come down to the terms. And if you lost the house, how are you going to feel about it in the morning? Will you be moping around and comparing every new listing to the one that got away? Or will you be able to let this one go? If the answer is that you can see raising a family there or growing old there, you do whatever it takes to compete and hopefully win.
There is a saying when it comes to real estate. We buy on emotion and we justify our decisions with logic. We know it is "the one" the second that you walk in the door. And that kind of love....happens more than once. Because if you missed out on the first one, there is an even better one waiting for you in the future and it will be a blessing that the first one got away.
If you are thinking about buying your first home, right-sizing to a better home, or downsizing to have less snow to shovel, I would love to help! My goal is to help 100 families buy, sell or invest in real estate in 2019! Call me today to find out what we can do to get you on the path to home ownership, 319-521-0701.