Maeghan Mittler |
4 steps to handle real estate heartbreak and what to do next.
You had your heart set on this one. You dreamed about milestones taking place there and what furniture you need for the best living-room layout.You’vescouted the drive to work andmaybe evenintroduced yourself to some neighbors.
Thenit’stime to make your best offer, and you even write a personal appeal note explaining why you and this house are meant to be. Yousubmit, wait and then…
Your offergetsrejected.
Que the heartbreak.It’sOK to feel sad. You’ve (potentially) lost something you emotionallyinvested yourselfin. Take a hot minute to process those feelings and then do these four things:
1. Keep an Eye on It
Sometimes thingsdon’twork out, but ifyou’renot on a strict timeline to move,keep tabs onthelistingand see if the house goes back on the market.You can set alerts, with the help of your real estate agent, to be notified if the status of the house changes.Just be sure to give yourself a cut-off date – and not linger in what-if too long.
2. Move On
Learn from the experience and then put it in your rearview. Life’s rejection, in this case, could be the housing market’s protection. The more you focus on the house “that could have been,” the lessyou’llbe able to see the value in the next one.
Like the beginning of any new relationship,you’llwant to look at future houses with fresh eyes, not through a lens of constant comparisons and what-ifs.
3. Build Your Best Offer
Talk to your real estate agent about what you can learn from your rejected offer – and if the sellerprovidedany feedback.Don’tdwell onwhy, butlearn from it. Between now and whenever you find the next house,build your best offer.
Note: your best offer doesn’tnecessarily mean bumping up how much you offerona house. Ifyou’rein a competitive market and your buying powercan’tkeep up, reconsider whatyou’relooking for.
Making a strong offer might mean you look in less competitive neighborhoods or scale down how much houseyou’dlike to buy. While you want to make an offer the seller accepts, you also want your purchase to make financial sense for youin the long run.
4. Offer Again
Maybe notonthat original house (unless, of course, you have an opportunity to do a follow-up offer or it goes back on the market – andyou’resure this is love), but on the next one. It can be hard to put yourself out there again. Why riskthepotentialheartache?
If you learn from your first offer and work with your agent to refine your search criteria, build your best offer and keep an open mind about where your home-buying journey might take you, your courage to offer again will pay off. Andyou’llfind your way home.
Align your best offer with your best interest.
As youtake a lookat your offer and prepare to make a successful bid for your next home, be sure to check in with your financial goals.Making your "best" offerdoesn'tmean keep raising your offer price.Talk toyourloan officeraboutwhat’sbest for you and your wallet.
