Q: What’s worse than seeing a great property online, only to have it sell before you are able to view it in person?
A: Seeing a home you like go into contract after you view it, but before you make your own offer.
When the market is hot, often Buyers who have been sitting on the fence or simply window-shopping for ages can stumble into a great Open House and decide that now is the time to make a their offer—only to realize that their loan approval has expired and it will take a day or two to get a new one.
At the other end of the spectrum, Buyers who have just started house hunting can come across a home they love, but drag their feet in making an offer… why?
(a) They’re used to a slower-paced market and don’t recognize the urgency, or,
(b) They aren’t 100% sure ‘something better’ won’t be coming right along.
On a hot real estate market, hesitation can be costly.
Two things can happen:
- You can end up in a multiple offer situation where you would have been the only offer a few days prior,
- You can an even end up losing out on a property entirely because another, more decisive buyer swoops the place right out from under your nose.
Moral of the story
Make sure you maintain a current loan approval in place at all times – in fact, you should not even be out house hunting if you don’t have a current loan approval.
And, for those new to the house hunt, go Open House hunting even when you aren’t completely in love with the listings you’re seeing online. Once you’ve seen a number of homes, you’ll have a better sense of how to compare other homes you see. Then you will be less likely to dither around before making an offer when you do find that great home.