Many Realtors have encountered buyer's remorse with clients.
It usually kicks in shortly after the price has been accepted and contracts are sent out to be signed.
What is Buyer's remorse?
It's the sense of regret after having made a large purchase.
In Real Estate, the Home Buyer starts questioning...
- Is this really a good buy?
- Can we afford it?
- Is this the one we really want?
- Did I make a mistake?
- Will a better house become available?
Larry and Sheila Realtors know that a home is the largest purchase most people ever make and buyers want to be certain that their choice is the right one. Buyers Remorse can happen to anyone.
Larry & Sheila are currently working with a single professional who has always rented. We found him the house that was perfect for him and he was disappointed when his offer was not accepted. After lots of negotiation, we finally all agreed on the price that was accepted and contracts were being drawn and sent out. Then the doubt set in. He could not stop worrying about will he be able to afford it.
- What if the house will need more repairs than was discovered during the home inspection?
- What if he got sick?
- What if he lost his job?
Then the family started creating more doubt. You know the ones that haven't bought a house in 40 years or the ones that are still living with their parents
They certainly are not in tune with today's prices and market trends. The ones who don't understand the market and started telling him he paid “way too much” for the home.
That's when most of his uncertainties began and he started to believe the comments. Family and friends unintentionally generated these concerns. As professional Realtors, Larry & Sheila try to answer the never-ending series of questions that the nervous buyer may have.
After all, the accepted offer is only the beginning hurdle to get over and then there is the loan process, home inspection, contingencies, and the appraisal that can also make or break the deal.
When acting as Buyer's Agent's, Larry & Sheila feel that it's part of our job to reassure our buyers about the home's condition and value. It's normal to have some second thoughts about buying a house. The best way Larry And Sheila have found to help clients dealing with buyers remorse is to remind them why they originally made an offer on the house. This house fit the criteria of what the buyers were looking for. The buyers choose this house over the others that were on the market . The features that made the buyers excited about the house. There were other possible choices, but the buyers thought this house was the one. They weren't just settling, they really liked this house!
We remind buyers of the reasons they chose the house, but Larry And Sheila never try to force a buyer into a sale. One thing for certain is that we never, never, never try to persuade a buyer one way or another when they have buyer's remorse. That is a decision they must make on their own. Yes, suddenly a buyer of such a large purchase can have some regrets after making an offer. But by looking at the pros and cons and sorting out the real reason why they wanted to buy a particular home should get them through their fears. In the end, the decision is theirs to make. All we can do is help with their concerns by providing accurate information.
Larry & Sheila suggest buyers should think realistically about the true cost of home ownership so you know what to expect before you sign on the dotted line. Call Larry & Sheila Realtors with Charles Rutenberg Realty when you are ready to purchase your home on the North Shore Of Long Island at 631-805-4400.
All The Information Is Not Guaranteed And Must Be Verified By The Prospective Buyer.
If your home or condo is listed with another broker, this is not a solicitation of the property.