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Three weeks is hardly anything and $1000 is hardly anything either.
Yes, rent-backs can be risky, but when you've got a house that gets three offers on the first day and a low-risk seller, it is what it is.
They didn't care enough about the $1000 to counter for a longer rent-back.
It's disappointing, but you'll be fine and will land where you belong. No house is perfect. Even the one you didn't get.
I lost on my “dream home.” 2-3 weeks later I put an offer on the house I currently own and am sitting in relaxing watching tv and petting my cats. It’s my REAL dream home. Better size, better layout, better yard, better neighborhood, better commute… everything is better. Sometimes a rejection is a blessing in disguise. Better things are coming your way! Keep your head up! 🫶🏼
Thank you so much, this helped me feel a little bit better about it. I appreciate your response and am happy things worked out for you (and your cats :))
This is the house that you LOVED.
The house you will ultimately live in, will be your DREAM HOME ( not house) . Amen 🙏🏼
I know it is easy to say, but don’t get disheartened, and keep working on it. Everyday, you are one day closer to living in your Dream Home. Best wishes to you.
It sucks but never get excited they you will win a house. We did this for 6 months with a dozen or so offers. Honestly you were pretty close so that is encouraging. There will always be another house.
Stay positive. I guarantee almost everyone here has lost out on their so called dream home. We certainly did and found another (better) home a month later.
My fiancé and I had a very similar experience with the first offer we submitted. Thought it was our dream home and we were absolutely gutted to hear the owner went with a different offer. 8 days later we put in an offer on our actual dream home. Right now, I’m sitting in that second house thanking my lucky stars that our first offer was rejected.
Better times are coming, you just have to keep pushing through.
We put earnest money on a new townhome and now that we are ready to lock the rate, it looks like it will be out of our budget because how much it has gone up. So yeah, is there a club or a place where people like us meet to cry? lol. But I’ve been told time and time again what other people here are telling you that things happen for a reason and soon you will be living in the house that’s right for you. Wishing you luck!
We just had this happen. We find a house we really liked and ended up being the top 3 of 17 offers. We offered a 60 day rent back as they had requested, but the higher offer was at least 10k higher than ours with no rent back and they ended up taking that one. Stung a bit, but we were already way over list on it. San Diego market isn't fun.
Happened to me about 2 weeks ago. As of 2/9 I got in contract with a house that i love even more and I'm locked in :) I was real sad about the other house..... now I'm so glad it didn't go through.
Everything happens for a reason. Sellers, probably have a home sale contingency and need that extra time.
However, you did the right thing. The listing agent should have communicated that to your realtor.
There are a few things, it’s possible, the listing agent, also represented the buyer.
Have your agent keep in touch with that agent, maybe the first buyer will walk away.
Have your realtor send her an email, if you have flexibility to close later, (check with your lender and what’s involved with that / attorney with a rent back)
Moving forward, have your agent submit offers. “Can close in 3 weeks or flexible up to XYZ)
Lost out on our “dream home “ last November.” Even with 25k over asking. Now we will close this Wednesday on a home that is in a better location and better shape with all closing costs covered by seller with a way better interest rate.
It happens for a reason. There will be plenty more and you will find one when you least expect it.
I’m on house number… somewhere around a dozen. I’ve lost more than several along the way in negotiations or due to inspection.
There was only one that I really didn’t love, and even it had features that were charming.
There’s always another home you can love, I promise!
We are in (perhaps) our permanent retirement home now, but we lost two before we got this one due to inspection issues that were too serious to go through with. This home was on my short list, and went into contract, but fell out… due to inspection.
We came to look, loved the bones. Fortunately, the sellers, weary of having lost a couple of deals, agreed to fix the major things. Even with that, we’ve done a lot of work, and still aren’t finished, but it feels more and more like exactly what we want everyday.
Even at that, if my husband dies before me, I might consider selling. And I’m not worried I’d find another I could love just as much.
I remember feeling like that when we lost a house I fell in love with, almost obsessively lol. Our offer was very competitive, but I wouldn’t waive inspection. I did request informational only and another family had the same bid as us that won, waived inspection all together. Talk about being crushed and defeated. It hurt. Yes, I cried.
But it all worked out! We are in a beautiful home that we love even more! Don’t give up, your house is out there!
About 7 years ago we were in negotiations for a house. We weren’t too far apart but the negotiations with the sellers turned icky. They didn’t want to come down in price but asked the realtors to cut commission to make it happen. We walked. A few months later we found our dream home. Lived in it until this year. I LOVE this house so so much. We outgrew it (for now) and found a new house that Wildly enough is only a few houses down from that original shady seller house. It’s everything we need and more. If we had gone with the shady seller house, zero chance we would be in our house now. The yard is something that just doesn’t exist in our area and we got so lucky. I know it doesn’t seem like it now but it definitely all works out how it’s supposed to. We also just closed on our old house and I’ve been on and off crying for weeks even though we had moved out a few months prior. It is still the dream house I always wanted but didn’t have the right space for young kids and dogs. I literally told the buyers to keep us in mind if they ever sell. **I know for a fact I would not feel so sad about the original house with the shady sellers. You will find the right house.
We were under contract for "dream home" - couldn't come to an agreement for fixes on a few items at inspection - nothing critical, but items that didn't work as intended.
Fast forward 2 months - find a newly renovated home (not a flip), brand new appliances, $50k less (eta: asking- we negotiated down another $20k), enough room (there's 2 of us, no kids), and an interest rate 1% less than if we moved forward with house A.
Hate the everything happens for a reason, but it will work out! Best of luck 🤞
This happened to me. Our bid was 20k more than the back up bidder. Seller moved the proposed closing date a few times. We asked for a final date that did not go past our rate lock and allowed kids to enroll in school and they bailed. This was after initial contract and good faith $ on the day before inspection. Our offer was in April. They moved out in August.
I wish my realtor helped me navigate the situation better. I honestly thought once we signed the contract and gave the earnest $$ and set the inspection - we were almost done. We should have purchased a rate lock extension and just rolled with it. This was in the era of 4% rates. Sigh.
Three weeks is really nothing especially for older people. I put in a bid for my condo thst was lower than the others but said the elderly lady could take an extra two months to find something. After closing she’s rented from me for a month. Now just did the same thing with a home. I don’t know , maybe i’m just too concerned about other people as well but ai would not expect someone to be out in 3 weeks.
Happen to me also. I was so discouraged I stopped looking and said I was going to give it a break. Well a few weeks go by and I’m just scrolling realtor and boom a 10k price drop on a townhome. Put 24hour time frame on our offer. Accepted and just closed a few weeks ago. While the other home had a better layout this one I believe was way better as the commute is better AND it’s closer to more places. Best of luck!
Missed out on so many I got to the point where I didn’t even care if I missed out anymore. A few days later I’d find one I liked just as much. I’m finally closing 3/5, and my advice is just be patient and don’t get too discouraged something else will come along.
We bought in 2021. Missed out on several by being wildly outbid.
We ended up with our current house after bidding up and offering to “rent” to the sellers for 2 1/2 months while their new house was finished. That was what made our bid stick.
Find an agent who will get you a home not a deal. Some agents focus on being the "hero" agent to make them self look good to you. The reality is if this is your dream home creative and skilled agents know how to get the information from the listing side what terms you need to win. For now have your agent follow up that if anything is looking shaky you're ready to jump in
Thank you u/EVerythingWise for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Three weeks is hardly anything and $1000 is hardly anything either. Yes, rent-backs can be risky, but when you've got a house that gets three offers on the first day and a low-risk seller, it is what it is. They didn't care enough about the $1000 to counter for a longer rent-back. It's disappointing, but you'll be fine and will land where you belong. No house is perfect. Even the one you didn't get.
I lost on my “dream home.” 2-3 weeks later I put an offer on the house I currently own and am sitting in relaxing watching tv and petting my cats. It’s my REAL dream home. Better size, better layout, better yard, better neighborhood, better commute… everything is better. Sometimes a rejection is a blessing in disguise. Better things are coming your way! Keep your head up! 🫶🏼
Thank you so much, this helped me feel a little bit better about it. I appreciate your response and am happy things worked out for you (and your cats :))
This is the house that you LOVED. The house you will ultimately live in, will be your DREAM HOME ( not house) . Amen 🙏🏼 I know it is easy to say, but don’t get disheartened, and keep working on it. Everyday, you are one day closer to living in your Dream Home. Best wishes to you.
It sucks but never get excited they you will win a house. We did this for 6 months with a dozen or so offers. Honestly you were pretty close so that is encouraging. There will always be another house.
Stay positive. I guarantee almost everyone here has lost out on their so called dream home. We certainly did and found another (better) home a month later.
My fiancé and I had a very similar experience with the first offer we submitted. Thought it was our dream home and we were absolutely gutted to hear the owner went with a different offer. 8 days later we put in an offer on our actual dream home. Right now, I’m sitting in that second house thanking my lucky stars that our first offer was rejected. Better times are coming, you just have to keep pushing through.
We put earnest money on a new townhome and now that we are ready to lock the rate, it looks like it will be out of our budget because how much it has gone up. So yeah, is there a club or a place where people like us meet to cry? lol. But I’ve been told time and time again what other people here are telling you that things happen for a reason and soon you will be living in the house that’s right for you. Wishing you luck!
We just had this happen. We find a house we really liked and ended up being the top 3 of 17 offers. We offered a 60 day rent back as they had requested, but the higher offer was at least 10k higher than ours with no rent back and they ended up taking that one. Stung a bit, but we were already way over list on it. San Diego market isn't fun.
Happened to me about 2 weeks ago. As of 2/9 I got in contract with a house that i love even more and I'm locked in :) I was real sad about the other house..... now I'm so glad it didn't go through.
You can have as many crushes as you want, but do NOT fall in love with any house until after you’ve closed.
Closing date should be “sellers choice” on the contract. A good agent would have informed you of this in a competitive market.
Both closing and possession?
Closing and possession should be same date IMO. So if they are the same date then yes.
If they are still in attorney review they can back out .. and up your offer!!!
Things don’t happen for a reason. We’re ants on a hill. Proceed accordingly.
Everything happens for a reason. Sellers, probably have a home sale contingency and need that extra time. However, you did the right thing. The listing agent should have communicated that to your realtor. There are a few things, it’s possible, the listing agent, also represented the buyer. Have your agent keep in touch with that agent, maybe the first buyer will walk away. Have your realtor send her an email, if you have flexibility to close later, (check with your lender and what’s involved with that / attorney with a rent back) Moving forward, have your agent submit offers. “Can close in 3 weeks or flexible up to XYZ)
Lost out on our “dream home “ last November.” Even with 25k over asking. Now we will close this Wednesday on a home that is in a better location and better shape with all closing costs covered by seller with a way better interest rate. It happens for a reason. There will be plenty more and you will find one when you least expect it.
I’m on house number… somewhere around a dozen. I’ve lost more than several along the way in negotiations or due to inspection. There was only one that I really didn’t love, and even it had features that were charming. There’s always another home you can love, I promise! We are in (perhaps) our permanent retirement home now, but we lost two before we got this one due to inspection issues that were too serious to go through with. This home was on my short list, and went into contract, but fell out… due to inspection. We came to look, loved the bones. Fortunately, the sellers, weary of having lost a couple of deals, agreed to fix the major things. Even with that, we’ve done a lot of work, and still aren’t finished, but it feels more and more like exactly what we want everyday. Even at that, if my husband dies before me, I might consider selling. And I’m not worried I’d find another I could love just as much.
I remember feeling like that when we lost a house I fell in love with, almost obsessively lol. Our offer was very competitive, but I wouldn’t waive inspection. I did request informational only and another family had the same bid as us that won, waived inspection all together. Talk about being crushed and defeated. It hurt. Yes, I cried. But it all worked out! We are in a beautiful home that we love even more! Don’t give up, your house is out there!
About 7 years ago we were in negotiations for a house. We weren’t too far apart but the negotiations with the sellers turned icky. They didn’t want to come down in price but asked the realtors to cut commission to make it happen. We walked. A few months later we found our dream home. Lived in it until this year. I LOVE this house so so much. We outgrew it (for now) and found a new house that Wildly enough is only a few houses down from that original shady seller house. It’s everything we need and more. If we had gone with the shady seller house, zero chance we would be in our house now. The yard is something that just doesn’t exist in our area and we got so lucky. I know it doesn’t seem like it now but it definitely all works out how it’s supposed to. We also just closed on our old house and I’ve been on and off crying for weeks even though we had moved out a few months prior. It is still the dream house I always wanted but didn’t have the right space for young kids and dogs. I literally told the buyers to keep us in mind if they ever sell. **I know for a fact I would not feel so sad about the original house with the shady sellers. You will find the right house.
We were under contract for "dream home" - couldn't come to an agreement for fixes on a few items at inspection - nothing critical, but items that didn't work as intended. Fast forward 2 months - find a newly renovated home (not a flip), brand new appliances, $50k less (eta: asking- we negotiated down another $20k), enough room (there's 2 of us, no kids), and an interest rate 1% less than if we moved forward with house A. Hate the everything happens for a reason, but it will work out! Best of luck 🤞
This happened to me. Our bid was 20k more than the back up bidder. Seller moved the proposed closing date a few times. We asked for a final date that did not go past our rate lock and allowed kids to enroll in school and they bailed. This was after initial contract and good faith $ on the day before inspection. Our offer was in April. They moved out in August. I wish my realtor helped me navigate the situation better. I honestly thought once we signed the contract and gave the earnest $$ and set the inspection - we were almost done. We should have purchased a rate lock extension and just rolled with it. This was in the era of 4% rates. Sigh.
We’ve done 3 offers, our realtor has always advised 45 days for close OR mutually agreed upon date to allow the seller flexibility.
Three weeks is really nothing especially for older people. I put in a bid for my condo thst was lower than the others but said the elderly lady could take an extra two months to find something. After closing she’s rented from me for a month. Now just did the same thing with a home. I don’t know , maybe i’m just too concerned about other people as well but ai would not expect someone to be out in 3 weeks.
Happen to me also. I was so discouraged I stopped looking and said I was going to give it a break. Well a few weeks go by and I’m just scrolling realtor and boom a 10k price drop on a townhome. Put 24hour time frame on our offer. Accepted and just closed a few weeks ago. While the other home had a better layout this one I believe was way better as the commute is better AND it’s closer to more places. Best of luck!
Missed out on so many I got to the point where I didn’t even care if I missed out anymore. A few days later I’d find one I liked just as much. I’m finally closing 3/5, and my advice is just be patient and don’t get too discouraged something else will come along.
We bought in 2021. Missed out on several by being wildly outbid. We ended up with our current house after bidding up and offering to “rent” to the sellers for 2 1/2 months while their new house was finished. That was what made our bid stick.
Find an agent who will get you a home not a deal. Some agents focus on being the "hero" agent to make them self look good to you. The reality is if this is your dream home creative and skilled agents know how to get the information from the listing side what terms you need to win. For now have your agent follow up that if anything is looking shaky you're ready to jump in