Barbie and Ken were SO excited. They had both landed the perfect jobs straight out of college doing EXACTLY what they wanted to be doing . . . Married . . . and had 2.3 kids.
It was time to move from the cramped apartment to a HOUSE, and they had saved up enough money for the down payment and had grown to be friends with Lois – A REALTOR whom they met while visiting a new construction neighborhood.
Barbie and Ken did ALL the right things. First, they took Lois’ advice and gave Suzie (a Local Mortgage Loan Originator) a call and arranged financing pre-approval. They drove neighborhoods and decided on an area of town and even created an exhaustive “Wants and Needs” list.
Barbie and Ken were the PERFECT Home Buyers.
On their first first trip out to view properties, they found themselves to be less than excited about ANY of the houses they saw . . . and decided to push the price range up a notch.
The second tour of homes was a whole new ball game,and home #3 was deemed to be THE house for Barbie and Ken . . . LOVE at first sight and both agreed that there was NO reason to look at any other houses.
Lois didn’t want to discourage their enthusiasm, but she also knew the volatility of the market and didn’t want them to get SO emotionally invested in that ONE house on the chance that another Buyer gets it . . . Multiple offer scenarios were common because the housing inventory was all but GONE.
Lois said: “Let’s finish looking at the houses we arranged to view . . . I want you to PICK 3!”
Yes! Pick 3 (THREE) houses that you would buy today just in case that first offer doesn’t work.
Later that evening after submitting a strong offer on House #3, Lois had the unpleasant task of notifying Barbie and Ken that they didn’t win the bidding war . . . Their dream house would be purchased by a different perfect couple.
AND . . . One of the remaining 2 houses ALSO went under contract that evening leaving only 1 . . . which Barbie and Ken IMMEDIATELY bought.
This is a true story that is playing out in many real estate markets around the country these days . . .
and is a very long winded way for me to say to EVERY Buyer out there: