About to lose our 4th house

I could use some insight - this keeps happening to us!! We keep getting into multiple offer situations where we don't even get to put in our first offer; instead, we are presented with a situation where the house we are interested in already has a "very good offer" on the table, so we are forced to go in our with final and best right off the bat! We just put our final and best on another home, our 4th, that already has a "very good offer" and we feel like we can't even get in the game. We have excellent terms, pre-approved, 20% down, conventional mortgage, flexible closing, etc. What else can we do?? Also, it feels like we are bidding against ourself - not once has a seller made a "counter offer" to us - we've just been asked for our best offer and then get rejected. Or not even a phone call. We put a FULL PRICE offer on one house, with the same terms above, and didn't even get a call back!! We are working with a realtor now, but are getting so discouraged.

Message edited 6/1/2011 11:02:46 AM.

Re: About to lose our 4th house

I really don't have any advice for you, but I just wanted to give you some

I know how you feel. I just keep hoping that the right house will come along

Re: About to lose our 4th house

just wanted to say that i definitely feel you since we went through the same thing.. don't worry it will happen for you!

Re: About to lose our 4th house

Thanks to you both, I appreciate the support and knowing we aren't the only ones going through this right now. We just want a home so badly and are getting so frustrated with the process. Best wishes to you.

Re: About to lose our 4th house

Sorry that it's so frustrating for you. I forget what area you are looking in... are you looking for a very particular style of house or specific features? I do find it odd that every house you are interested in has multiple offers. I haven't really been experiencing that (as a listing agent, or working with buyers).

All you can do is put your best foot forward, and have your agent highlight all of the reasons you are desirable buyers. Unfortunately, you really have no control over the seller's decision.

Of course, some people say (or at least imply) there are other offers when there are none, but then if your full priced offers aren't being accepted, then that obviously isn't a bluff. Has your agent made efforts to follow up and find out why your offer was rejected? Was it the price alone or something else about the terms of the deal? If the property is that "hot" with multilpe offers, I am surprised that they don't come back and try to get you up higher to take advantage of a bidding war situation. But make sure your agent stays engaged in the process and doesn't just fax it over and forget about it. He or she should always personally present the offer to the sellers and the listing agent (or at least do it over the phone) and then follow up as necessary.

At what point are you finding out that there are offers pending on the table? If your agent is getting that info before you submit an offer, then maybe you ought to stop putting offers in on homes when there are already offers pending (if you are finding it too stressful and not really worth your time or effort). To me - a seller should respond to an offer within 24 hours of receiving it. There may be unusual circumstances where that isn't possible, but I think, in most cases, 24 hours is being generous. I just put in an offer on behalf of buyers this weekend, and the listing agent called me back within the hour. That's been more the norm, in my experience. If the sellers are sitting around with multiple offers pending without making a decision, then either they aren't that motivated, or they are not being respectful of the buyers and will be a pain to deal with.

That being said, if you really love a house, you have nothing to lose by throwing your hat in the ring and seeing if they'll take your best offer over the others on the table. It's easier said than done, but try to remain emotionally detached and don't think of the house as "yours" until your offer is accepted (and really, until contracts are signed).

Also, try to stay on top of the new listings (make sure your agent is) and get into see the ones you like asap. Maybe if you are the first ones in, yours will be the first offer in, and you are starting out with that advantage.

Hang in there!

Re: About to lose our 4th house

I so feel the frustration...just be confident in your offer and take it from there...trust me you will find your home!

Re: About to lose our 4th house

Thanks again.

Yes, we are really working hard with our realtor - I am looking every single day on MLS and Listingbook and Redfin. I'm checking the private realty companies websites in the towns that are of interest to us (western nassau). The most recent house hasn't even hit MLS yet, I found it online myself and our realtor set up the appt for us. She's previewed a few homes for us, but nothing she has found has really been of interest to us. We are really picky and selective, believe it or not.

We just saw our 4th home this past weekend and put the offer in today. It's been on the market less than a week. All 4 of the homes we have bid on have pretty much been the same situation. All sold within less than a month.

Re: About to lose our 4th house

it could be a number of reasons
#1-the realtor you are working with stinks. they could be playing games. we had one RE do this to us. it was insane. she was old and just out to make a quick buck. turns out, there was never another buyer because all the houses were still on the market months later. I would even call up and they listing agent would offer to show me the house

#2- the area you could be looking in with your budget, could be tight. we had a lower end budget 400k max. some of the better towns we looked into, that was a starter home. everyone wanted those so as soon as they would hit the market everyone in our situation would jump on it.

It is the most stressful process I have ever been through. it took us 4 agents to find "the right one" and it was a lot of tears, prayers and stress. We lost several houses before finding the one we actually bought.

All I can say is, this is the BEST house and God worked his majic because all those houses fell through for a reason. I am so in love with my house 1 year later, that I'm glad it worked out the way it did. hang in there, I never thought I would be a home owner!