You finally find the ideal home that you have been looking for, complete with all the features you have always wanted, from the right kind of countertops to the right size garden and everything in between. You envisage all the good times you are going to have in your new home while signing an offer to purchase - but fate intervenes. Whether it’s a more attractive offer from a competing buyer or a seller that changes their mind and decides to stay – the deal falls through. What now? How do you recover?
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says just because a buyer may have missed out on one home it doesn’t mean that they should give up hope and stop trying. “If a home is well looked after and priced correctly – it will attract attention from multiple interested parties. While this is great for sellers, only one buyer will be successful in securing the deal, which may mean many walking away disappointed. If buyers are persistent and patient, they will have more chances of finding a home that suits their needs,” says Goslett.
He provides buyers with a few tips to deal with the disappointment and keeping going:
Get back in the game
If you are going to sit around and think about the one that got away, don’t do it for too long. Perhaps a quick toast to what could have been, and then get straight back to the search. Things move fast in today’s property market, so there is no time to waste on something that will never be. While you are sitting on the sidelines, opportunities at finding an even better hope are passing by.
Don’t dwell on one dwelling
We all know the adage - “there are more fish in the sea.” The saying rings true in the housing market. Don’t dwell on just one dwelling – remove the listing that got away and move forward. Delete any photos you took of the property during the viewing and do your best to not compare new homes with the one you lost. There are many homes out there with lots of new possibilities, so keep an open mind.
Don’t rush in and settle
Don’t let being despondent and frustrated push you into a rushed property purchase. Some buyers may be inclined to buy the next available property within their budget just to get the process over with, which is not advised. Rather stay true to your list of wants and needs. While certain elements could be compromised on, it is not good to completely abandon your idea of the ideal home.
Relook at the budget
Take a step back and re-evaluate your budget. Is there a difference between what you can afford to spend and what the homes you have been looking at are selling for? Perhaps you need to save up a bit more to be more competitive when making an offer? Alternatively, it might be a matter of looking at a less expensive neighbourhood to find a home that has everything you want. Either way, this is a great time to reflect and regroup.
Talk to your real estate agent
Your agent will be able to provide some valuable advice on surviving the highs and lows of your real estate journey.