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AVOIDING OFFER, REJECTION, OFFER DOOM LOOP

We have all heard the stories of people who have made many offers on homes and have been turned down each time. Losing the bid on a home that you have fallen in love with is very difficult. Losing the bid on half a dozen homes you have fallen in love with is far worse.

The only way to avoid this doom loop is through your real estate agent. Your agent will give you sound advice on the key components of ensuring that you win a bid early in your journey. These sound pieces of advice will likely center on the following:

  1. The list price versus sale price ratio in the neighborhood that you are purchasing in.
  2. Obtaining a "known lender." Listing agents are far more likely to accept offers that have pre-approvals from lenders that they have confidence in rather than ones that they are unfamiliar with.
  3. Crafting terms that go along with your offer that don't remove it from consideration immediately.
  4. Background research on both the listing agent and the seller
  5. A gauge of current interest in the property
  6. Possible ways to get your offer in to the seller in advance of any published offer dates.
  7. Research and fact checking information provided by third-parties, such as the listing agent, appraisers, and inspectors that have the potential to mislead the buyer.
  8. And finally, there is simply a gut feeling that most buyer agents have. Buyer agents see more homes than most listing agents, and are often more in tune with what the market will bear for a particular home than the agent who affixes a list price to it.

Lean on your agent in this - we will forever be in a seller's market in California as we are millions of homes short of what we need - buyer agents are used to this.