Buying a home is exciting right? You get to look online at websites and through apps, find homes that you like and then get in a car and take a look at the homes. Very soon you have found a home and then you make an offer. If the stars are aligned then your offer gets accepted and you are on the path to the american dream of home ownership.
The reality is that your offer may not be accepted. For the last few years the housing market has been very competitive, the supply for homes is lower than the demand which means that many people are looking. This is obviously dependent upon price point and area. If your offer does not get accepted this is a blow and you feel very disappointed.
So you get back in the car, look for other homes and the process starts again. You find another home that you like, make an offer and ..... . You may or may not be lucky enough to have your offer accepted.
The process of making an offer and it not being accepted can be a crushing one. I have had one couple who made 6 offers on 4 different houses before their offer was accepted. However they stuck with it, they were completely sure of which subdivsion they wanted to live in, and finally an offer was accepted. They moved into their home in December 2019 and LOVE their home. Family gatherings take place at their home - ok they almost always did even before - but now the home is theirs and matches their personality.
I have another client, D. Williams, who made offers on 3 houses before her offer was accepted. Actually she had 2 offers that were accepted but after we found out that one of the homes had been built on a flood way she wisely decided to terminate the agreement. During this process she wanted to give up on multiple occasions but she didn't. She stuck with it and guess what???? She LOVES her home and tells me often that she is so happy that she did not give up. In fact the statement below is from D. Williams:
- Get fully approved with respect to financing - this shows sellers that you are serious and puts you ahead of other people who are not. It takes more effort to be fully approved and will require a credit check but if you are seriously looking you will need to do this at later stage and so do this at the start.
- Time is of the essence - Realtors will tell you that in home buying time is important and you need to make decisions quickly and be available to sign offers. If you snooze you lose the ability to sleep in that home.
- Get a trusted real estate advisor who can help navigate you along this path - bumps will still be there but hopefully they will be smoother.