How to Recover From Losing Your Dream Home

  • 10/18/20
 
 
 
What happens when you lose out on a house you thought was perfect for you, the one?
 
It’s unfortunate, but sometimes deals don’t work out. You can also miss out on your dream home if it fails inspection, or the home could not appraise due to multiple offers (if the contract price is higher than actual value).
 
As you are home shopping, you’re already picturing yourself putting in your offer, waiting for next steps, and imagining yourself living your best life – so it’s a tough pill to swallow when you lose your dream home.
 
You might be left thinking, “I just lost my dream home. How am I ever going to get over this? And what am I supposed to do now?”
 
But there are practical ways to bounce back when an offer is not accepted. Being properly prepared by your broker for a competitive offer situation is incredibly important. Our team always makes sure to take some crucial steps before the offer is submitted—making a huge difference in your offer.
 
So, lick your wounds and get ready to move on so you can find the perfect home for you.
 

How to Look Irresistible to the Next Seller

To increase the likelihood of your offer getting accepted on the next home, it’s critical that your financing is in place ahead of time. Having your financing prepared puts you in a stronger position in the marketplace, because sellers will see you have done your diligence prior to shopping for a home. 

Get all your information together and receive a full approval for a loan. There are a few different kinds of approvals:
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  • Pre-approval – a full verification of assets, which puts you in a much stronger position
  • Pre-qualification – this is only a credit pull and word of mouth from the buyer. If you have a pre-qualification, it is essentially worthless. 
  • If you’re paying cash, you need a statement of funds with the offer.


​​​​​​​Two other tricks to beat out other offers:
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  • Figure out in advance the seller’s desired time to close, giving the seller their preferred close date sometimes makes the difference in you getting your home. 
  • The Buyer's broker should communicate to the seller's broker that only major components and safety issues will be raised during inspection contingency.
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Bounce Back Emotionally

When one of our clients loses a deal, the first thing we stress to them is, “This home wasn’t meant to be.” The faster you can adapt your mindset and move on emotionally, the faster you will find the right home for you – the one that was truly meant to be.

​​​​​​​If you spend your time pining for the home you lost out on, you’ll end up wallowing in regret – instead of shifting your time and energy into moving forward and making sure your offer gets accepted next time.
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Why Work with the KlopasStratton Team

Real estate is all about relationships, so when you work with a trusted agent, it increases your chances of winning a deal on your dream home. A good listing agent will protect THEIR client from an offer they are not sure will make it to the closing table. This is why working with a reputable and proven broker is so important in attaining your dream home.

​​​​​​​It’s critical that you work with a broker that has:
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●   A detailed knowledge of the geographical area you’re shopping in

●   A professional team behind them, including inspectors and attorneys

●   A proven track record for closing deals


​​​​​​​In a competitive marketplace, you’re simply not going to be able to buy your dream home unless you’re working with a top broker. With the KlopasStratton team, you are privy to all of our private offerings and “coming soon” inventory, as well as the inventory of brokers that KlopasStratton have worked with over the last 35 years combined. Your broker qualifies you as a buyer, and the relationships that top brokers have built will make you irresistible in the marketplace.

Partners Sophia Klopas and Jason Stratton are a brother and sister team who have been the top 1% of all agents in Chicagoland for the last 11 years consistently, top 100 BHHS agents in the nation, and top 20 agents in all of Cook County with over $82 million in sales in 2019.

​​​​​​​Talk to the KlopasStratton team today to find out how they can help you to find the home of your dreams.

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Partners Sophia Klopas and Jason Stratton are a brother and sister team who have been in the Illinois real estate market for over twenty years. Together they offer complementary skill sets and professional expertise that make KlopasStratton truly unique.

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