Subscribe to Answers
It is Seller's remorse that kills me!!
I try to confront his or her issue.
It's never happened to us...thankfully - however - there have been several who had entered into contract on our listings....in every case they left the building without their earnest money!!
Debbie, it doesn't happen very often but when it does, it's horrible. It happened to us a while back (several years ago). The buyer was just miserable and blamed us. She finally sold it and used us, but she didn't buy again right away and we lost contact with her.
Some remorse is common but it is not usually severe enough to kill the transaction. Discussing remorse in advance with prospective purchasers is good idea.
I'm trying to think back and can't think of a single occassion when a buyer got buyer's remorse on a contract. Now, I've had contracts cancelled (but rarely) for other reasons--appraisal, inspections--but not for remorse.
I am mostly a buyers agent, work with a lot of buyers. I honestly can't remember the last time I had a client with buyers remorse once we were under contract, at least they didnt tell. Most close on the house, or we find them another. It may have something to do with me being selective when I first meet, start working with a potential client.
I always address that at the begining of the buying process, before we have even looked at any homes. I tell them it is normal, but we are going to find the best house at the best possible price.
It is part of the process. The variable is sometimes the buyer expresses their fear.
I remind them this is a necessary next step to achieve the greater goal they shared with me earlier. If the time is not invested to discover to greater goal, one is left with saying stuff like, "You will feel better later." That is assuring.
Good morning Debbie. I explain buyers remorse at the time I pre-qualify someone for a mortgage. If they know if may happen, it is not a surprise when it does.
It has happened less in this heavy market Debbie but does happen. You have to make it clear that if they are not comfortable with moving forward, than cancel the deal. Then ask, why?
not often and it depends on where they are in the process. In the due diligence they can walk away. Afterward I advise they speak to an attorney if they plan to walk to see what the specific performance laws are and understand the risk.
Its part of the process of buying and selling. Its a big investment and it can be scary and there are times during the process when you should not sell but just listen and then give advise. I actually encourage my clients to listen to those feelings as they are important because they are telling you something .
I think everyone gets it to some degree. We just have to talk them off the ledge and let them know it will be great when it's all said and done.
I see it happen most with first time home buyers. Usually it is fear and anxiety. I spend time talking/and listening to them helping them sort out what the issues are, and what the best course of action is.
Undisclosed issues or problems not discovered during inspection. As always I have bought home warranty for them. ...."Call that number please!".