You are home shopping. You know what you want and have been pre-approved for a loan. You have seen several homes and have a good idea of values and a feel for the market. Then one day you enter the home that you just know is the one. It has just about all the features you love, seems to be in good shape and is the right price. You haven’t seen anything else that compares to it. You love it. You know you want to write an offer.
But….you hesitate. You hesitate for any number of reasons. You may second-guess yourself. You want to check the numbers again and again. You want to show it to a friend or relative and get their opinion first. You want to wait and see if the price goes down. You want to see if any other new listings come on the market in the next few days. You may even have to go out of town in the next few days. So you decide to hold off on writing the offer…for just a couple days you tell yourself.
Then you check the listing the next day or even the day after that or the day after that, and you discover it is pending. I can tell you that is a horrible feeling. Someone stole your love. Someone else saw how wonderful the home was and did not hesitate. Someone else will be enjoying your open kitchen, that big master bedroom or that great deck with a view. That was supposed to be your view and your deck. What is even more frustrating is when the home has been sitting on the market for weeks and months with no action, and then when you take an interest, that is when someone else decides they have to have it. I see this all the time.
Once there is an executed offer on the property, you have no option other than to maybe write a backup offer and wait to see if it falls out of escrow. But it does not happen that often. Now you are faced with the uncertain future of hunting for a home that may or may not exist: one just as good or better than the one that got away.
In my experience, most of the time it works out okay. But not without added stress, anxiety and maybe cost. So my advice to you is, when you see that home that you just know is the one, don’t hesitate. But if you must hesitate, understand that it leaves the door open for someone else to swoop in and buy it. And when that happens, try and be philosophical about it, get your home shopping shoes on, and go out and try again.