After months of searching, you’ve found the perfect house and you’re ready to make an offer. You’ve decided on your offer price and your getting ready to write the offer and have it sent over to the seller.
This is one of the most exciting times in the home buying process. You’ve seen hundreds of homes online. You’ve seen a dozen, or more, in person. This is the one that has everything that you’re looking for. All you have to do is get your offer in, maybe negotiate a bit, and get ready to move into your new home. Then, your agent calls.
“So, I just got off the phone with the seller’s agent and they have another offer in hand. They’re also expecting another to come in later tonight.”
After a brief silence you say, “What do we do?”
Unfortunately, this is a situation that happens a lot as real estate markets have shifted into seller’s markets. There’s a shortage of supply and a lot of demand. Recently, I had a client who made an offer on a house that had 10 other offers (it sold for more than the asking price). I tell buying clients that if they fall in love with a house that just hit the market there’s a good chance someone else has, too.