That moment my offer got outbid by $5,000 made me rethink my whole approach

I was looking at a duplex in Mill Woods last month and put in what I thought was a fair offer, only to find out the seller took an offer $5,000 below mine because they liked the other buyer's financing better. My realtor then told me I've been ignoring pre-approval letters and buyer strategy this whole time. Has anyone else lost a deal over something dumb like financing terms instead of price?

2 comments

2 Comments

skylerc861mo ago

Whoa, that is brutal. So you actually offered more and still lost it? I gotta ask, what kind of financing terms did the other buyer have that made it worth the seller leaving $5,000 on the table? Was it like a cash offer or a super quick close date, or something else? I'm trying to wrap my head around how that math works for the seller.

the_julia1mo ago

@skylerc86 I mean, losing out by $5,000 when the other buyer had better financing terms is rough, but honestly, is it really the end of the world? Sellers care about closing the deal, not just the number on the paper. Cash offers or quick closes can save them weeks of headache and a few thousand in carrying costs. I'd say you dodged a bullet if the seller was that picky about financing, because that duplex might have had other issues down the line. Maybe take a breath, tweak your pre-approval, and move on without letting a $5,000 gap define your whole approach.