Wednesday, July 6, 2016

We Lost the House...What to Do When Your Dream House Falls Through


House with Yard

There Goes Our Dream Home!

Nothing is more heartbreaking than to find the perfect house and lose it in the bidding or contract negotiation process. Unfortunately this scenario happens more often than we like in home buying. Still, there are some helpful hints that can help you crawl out of the lost home dilemma and get you into your dream home.

Searching Home Loans OnlineGet a Pre-Approved Home Loan!
Homes with great features, pricing and location are usually not on the real estate market very long. Having your pre-approved home loan will not only solidify your budget but can be a great negotiating tool. Pre-approval signifies to home sellers that you are serious about purchasing and the sale may move quickly.

Be Realistic in Your Search
A house with excellent upgrades and features will cost more. If you have a "dream" home in mind, do your research. Know what your "must haves" are and what your budget can afford. You may find that shopping a bit further out in location can net you a home with more features and will still leave some money in your wallet. 

Do Your Research

Houses and ComputerWhenever possible know the home you are visiting before your step in the door. Ask your realtor for information on the homes you plan to tour and review the properties online beforehand. If a home has been on the market for a while it could alert you that the property has some potential issues (found in home inspections) OR that the owners may not be as committed to selling as you would hope.

*Keep in mind that your realtor may advise you to tour a home that is fresh on the market and has been newly posted...do not let research hold you back in these cases.

Do Not Try to Low Ball

Change stackedA great home loaded with features in a prime location will not last on the market long. Do not hinder yourself by trying to negotiate for a lower purchase price if the home is being offered for sale at a fair rate. Also, be prepared if you really want the house you may end up in a bidding war for it. Put your battle gear on.

Do Not Count Yourself Out
I once knew a family who had placed a bid for a house and they lost to another buyer. They were very sad but I told them to keep looking and not lose faith. In the end, the sellers' first buyers could not get loan approval and since the buyers I represented were next on the list AND already had a pre-approved home loan...they ended up with the house. 

The Word Home
Searching for the perfect home can be a bit daunting but enjoy the ride. When you are armed with a great budget, a pre-approved home loan and realistic expectations you may find your dream home literally falls right into your lap.

If you need help finding your dream home or making your house the perfect home for new buyers please visit my site at http://www.pamsantoro. com/

You can also contact me at 678-656-6627. As an experienced member of both the National and Georgia Board of Realtors, I can answer any questions you have about local market conditions, financing or selling your home for the best market value.

Remember, no one sells a home like a Mom!

Images courtesy of:Stuart Miles@freedigitalphotos.net, Renjith Krishman@freedigitalphotos.net and Morguefile Photo

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