A lump forms in your throat as you answer the call you’ve been eagerly anticipating from your real estate agent. After months of unfruitful searching, you’ve finally found your dream home and have excitedly placed an offer to purchase. You’re hoping this call will bring the news that your offer has been accepted, however, with remorse in their voice, your real estate professional informs you that the seller has decided to accept another offer. What is the correct way to proceed after receiving such disappointing news?
“It is not easy to hear that your offer has been rejected. However, the worst thing buyers can do after receiving such news is to take themselves off the market. While it might be tempting to give up on the whole process to avoid having to face this kind of disappointment again, buyers need to remain patient and positive in the hope of transforming their property dreams into a reality,” advises Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett.
According to Goslett, there are three things buyers should do after receiving the news that their offer has been rejected:
ACCEPT & MOVE ON
“The first thing a buyer needs to do is accept the fact that this home will not be the home they purchase. Often, buyers allow themselves to be hung up on a property that they will never own and this hinders their ability to get attached to a new property. Buyers need to process the fact that their offer was rejected and then put the property out of their mind so that they can give other properties a fair chance,” says Goslett.
CLEAN UP YOUR OFFER
“After dealing with the fact that your offer has fallen through, you should then investigate why your offer might have been rejected. Apart from price, the offer that presents the lowest possibility for the sale to fall through is usually the one that a seller goes for. To give your offer a better chance of being the one that is most appealing, be sure that you have pre-qualified bond approval, and do your best to have the purchase funds readily available. This means that you should sell your current property and cash in any investments needed to cover the purchase price before you’ve found the property on which you’d like to make an offer,” Goslett explains.
GET BACK OUT THERE
“After cleaning up your offer, hop right back onto property listing sites and start attending show days once more. If you are tired of sifting through unsuitable properties, then enlist the help of a real estate professional who can shop on your behalf and only show you the properties that will be suitable to your criteria,” Goslett suggests.
“As difficult as it might be to lose out on a home you thought was perfectly suited to your needs, you ought to remain positive and remember that new homes enter the market daily. If you have a good real estate professional by your side who has access to the latest and largest network of listings, then it is only a matter of time before you find another home equally, if not better suited to your needs,” Goslett concludes.