Today’s real estate landscape is more competitive than ever, and in most metros across the country, is decidedly a seller’s market (Forbes 2021). Between cash buyers, fierce bidding wars and even waived contingencies on things like home inspections, a sizable number of hopeful owners are grappling with the reality of a rejected offer. While it might feel borderline devastating in the moment, this doesn’t have to completely derail your journey to homeownership. Following just a few straightforward steps can move you through the disappointment and get you back on your way.
Modify your offer
If you simply can’t stand the thought of losing out on this home in particular, you may want to ask yourself if you’ve done everything in your power to present a compelling offer (Bankrate, 2021). This step will only apply to those who truly have the means to sweeten the deal. If you can offer more money, a quicker closing or if you’re willing to waive some contingencies, speak with a real estate or home finance professional about modifying your original offer. If you put your best foot forward right out of the gate, or if your subsequent offer is declined as well, you’ll need to turn your attention toward the future.
Stay positive
You’re certainly allowed to feel disappointed and mourn the loss of the home that could have been, but don’t let these emotions plague your home search. After you’ve gotten your feelings out, you have to move forward. Try to remain open to other neighborhoods, homes, and opportunities. The right property is out there! You just need to keep the faith.
Debrief
Once you’re feeling better, sit down with your partner and/or agent to discuss what happened and why. Your agent, in particular, may be able to shed some light. For instance, perhaps an influx of cash buyers have their sights set on your neighborhood of choice, or maybe the sellers were especially moved by someone else’s offer letter. Understanding some of the mechanics might make it a bit easier to let go of what could have been.
Chart a path forward
Determine what it was that drew you to this home in particular, and what you weren’t so crazy about. This activity can help your agent find similar properties that you’ll love just as much, one of which is sure to work out. Revisiting your homebuying wishlist is a great way to tackle this step (U.S. Department of Housing and Urban Development).
Keep searching
It may feel like you’re starting the process all over again, but you now have more knowledge, experience, and context. Even if you’re a first-time homebuyer, you’ll be much more familiar with touring and comparing properties, as well as crafting and submitting an offer. If you just keep moving forward, you’ll be a homeowner before you know it!
While a rejected offer can certainly be disappointing, it doesn’t have to become a major roadblock in your path to homeownership. Working through those feelings of dejection, understanding what happened and why, creating a plan for the future and simply sticking to the search can all help you craft a winning offer and find that perfect home. Just don’t give up!
Published on September 27, 2021
