Buyers’ remorse is a real event that gets ignored by those in the business. Agents tend to focus on plowing through their checklists without recognizing the human elements that arise.
Sellers have remorse too.
With all parties focused on that ideal fantasy sale, there is a natural letdown once the deal is done – and more attention put on the reasons not to move. Here is how wiki sees it:
http://en.wikipedia.org/wiki/Buyers_remorse
My thoughts on buyers’ and sellers’ remorse:
SELLERS
- Once there is a signed purchase agreement, sellers cannot rescind – there is no cooling-off period. Be 100% certain about moving before you list your home for sale.
- Have a sound strategy to conduct a successful bidding war. Uncertainty breeds anxiety.
-
Be prepared for Round 2 – the buyer will likely want another piece of you once the home inspection is completed.
-
Complete repairs prior to selling to minimize stress in Round 2. The buyers will make a much bigger deal about repair items, and could cancel over what seems to be minor issues.
-
Know where you are moving, who is moving you, and when/how much. Uncertainty about your move creates undue anxiety about other issues.
-
Move out before the closing date, just in case you need more time.
-
Avoid the “evacuation move”. If you do the panic-move, it could take weeks or months to re-organize your new home.
-
Expect to think that you sold too cheap, too early, too late, etc., and when you do, laugh that you read it here first.
-
Happy buyers close escrow.
BUYERS
-
There are no perfect houses – or sellers.
- Having doubts is a good thing – it means you are examining the choice carefully. Work through them one by one.
-
Regardless of market conditions, it will always be a challenge to find a quality house in good location – just due to the competition among buyers.
-
Have a teflon memory – don’t get remorseful about the ones you lose.
-
Don’t fall in love with anything.
-
Most houses need repairs/improvements – $25,000 to $50,000 worth. Develop a comfort level with repairs and improvements.
-
Have a bidding-war strategy.
-
Plan the moving/improving in advance.
-
Happy sellers select their favorites.
Remorse affects people in different ways. Many people can move on quickly, while others can really get bugged by it. Having second thoughts is healthy, just keep them in proper perspective.
Get good help!
