By: Sara E. Teller
How to Rebound from Not Getting the Home You Want
So, you got your hopes up about that perfect property and put forward your best offer. It didn’t pan out. The bidding war is officially over, and the house sold to another party. You may feel deflated and hesitant to get back out there and focus on Plan B. But there are a few things you can do to prepare for your next time out. Venturing back into the game with a few pointers in your back pocket might make the process go more smoothly the next time around. Here’s how to rebound when your highest and best offer is not accepted.
Revise Your Search Criteria
Many buyers have a general idea of what they’re looking for before they begin to scour the web for properties that seem to suit their needs. They may pursue a few potentials and, inevitably, they’ll get their heart set on a certain must-have that seems to check all the boxes. After that, tunnel vision sets in, and the search is over. They’re convinced it’s time to jump head-first into the buying game before it’s gone. Unfortunately, there may be many other contenders with the same goal in mind, and because these properties check all the boxes, they all tend to be the most sought-after and the most likely to activate a bidding war. This means, only buyers who align themselves just right financially have a decent shot at submitting their highest and best offer.
(Really) Get to Know Your Budget
If you are among those that miss out on this first must-have, though, it’s time to take a closer look at what, exactly, you’re hoping to get. Do you really need to pay for all of the latest and greatest bells and whistles, or can you look beyond the current cosmetic condition of a home and see some potential underneath? Because not everyone can do this, many properties that simply need a new coat of paint or updated cabinet hardware get overlooked. This makes them less likely to garner so much attention it’s next to impossible to sign on the bottom line.
In figuring out what you can and can’t look past, it becomes easier to construct a solid budget – the actual dollars-to-dimes in the bank it will take to allow you to purchase a property, continue to manage your bills and take on a few home projects along the way. If you find yourself feeling relieved that your first highest and best offer didn’t succeed, ask yourself if it may be because, deep down inside, you were concerned the sticker price would break the bank.
What Can You Incorporate Along the Way?
Perhaps, too, when you really take time to think about it, you’re beginning to remember that there was a quirk here and there that didn’t feel right. Were you told that the electrical may need updating or that the attic has mold needing remediation? While these are both doable, they equate to extra money and effort, and the relief felt may be tied to realizing that the budget it too tight to spend extra funds upfront.
Once you have a realistic budget in the back of your mind and somewhat of an idea of what you’re willing forgo or can change at a later point, consider other nice-to-haves that the tunnel vision kept you from considering the first go-round. Maybe, come to think of it, it would be nice to live in a neighborhood a little closer to convenience or one that has a park or a community pool. Maybe you decide a bit more backyard space would be optimal or a place without HOA fees is more ideal.
If there was something that seemed especially unique at the place that was lost, is it possible to introduce this into a new property? That garden out back can probably easily be replicated or, if you fell in love with an outdoor deck, it can likely be added on along the way. Rebounding from not getting the house you want is all about figuring out what you were hoping to get and how these things might be incorporated into the next option.
Getting back into the market and starting your search for a viable alternative can seem daunting. But you may be pleasantly surprised to discover a few contenders with even more than what you originally bargained for. Sure, they’ll be different, but different is not always a bad thing. And nothing is more exciting than hearing, “You got it!” Now it’s time to rebound from not getting the home you want and start planning your move.
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