If you recently lost a house in a bidding war, be on the lookout for a second chance at it!
If you recently lost a house in a bidding war, be on the lookout for a second chance at it!
By Lighter Side Staff
Jul 13, 2022
Many headlines would have you believe that bidding wars and houses selling for over the asking price are a thing of the distant past. But it was only a few weeks ago that buyers wouldnât have dreamed of finding a house where that wasnât the situation.
There have certainly been signs of the market softening a bit in favor of buyers, but bidding wars are still a thing, as well as houses fetching offers over asking priceâeven if it isnât happening on every listing.
So if youâre a buyer right now, thereâs still a good chance youâve âlostâ a house to another buyer within the past few weeks, and youâre still feeling the sting that comes with it. You may be wondering when (or if) the market will truly give you a fair shake at getting a houseâŠ
Well, donât lose hope! In fact, you may even get a second chance at a house you lost to another buyer.
According to this recent Axios article, nearly 15% of pending home sales failed to close in June. Whether it was due to buyers not getting their mortgage, home inspection issues, the house not appraising for the sales price, etc., many sellers found themselves looking for a new buyer or going back to the buyers whose offers werenât originally accepted.
So if you lost out on a house recently, thereâs a chance you may get a second bite at the apple!
If and when that happens for you, here are a few things to keep in mind:
The Takeaway:
There are signs and headlines that the market is shifting in favor of buyers, but theyâre a bit misleading. Houses that are desirable and priced appropriately in the market are still selling fast, with multiple offers, and often over asking price. So if youâre in the market to buy a home, you still need to be aggressive and make a strong offer.
However, if your initial offer isnât accepted, donât lose hope! With 15% of home sales falling through in June, thereâs a chance you may find that the buyer they chose backs out and the seller checks to see if youâre still interested.
If that happens, be careful about lowering your offer, and donât dismiss your second chance due to emotions or concerns about what was âwrongâ with the house.