Buyer's or Sellers Remorse . . . When our work is Not Done

So we think we're there, we got a contract into the system, and we're proceeding with the transaction. And then we get the call.

Hi Ed, it's me, Hazel, I think I made a mistake. I don't think I should be selling the house after all. I've been here so long, there are so many memories. I don't know where to even begin to start to get ready to pack. Giving me just two months to get out of here isn't long enough.

Hazel, we've been over this. You're here alone, you need to relocate closer to your family. The house is too big and too much work for you. You need to simplify your life sand enjoy it more.

Hazel, you will get through this. You already have somebody that's going to come in and take care of the furniture. All you need to do is take care of your personal possessions.

Seller's remorse. When they need to be reminded that a sales contract is a legally binding agreement. They are bound by the tenets of the contract and all has been explained to them several times. The client is again reminded that the only way the contract will not go through is if there are inspection issues that cannot be resolved, or if the buyer fails to secure a mortgage.

For the buyers, the amount of work that needs to be done and the details that present themselves get to be huge. The continual calls from the bank requesting additional documentation.

They start to think about the inspection and the number of areas of the home that require regular attention. The reality of the purchase starts to hit home. Maybe they get a few days where they can't get into work because of being sick. They see the reduction in their pay checks and wonder how they would be able to keep up with the expenses of the home, should they have a problem and not be able to get to work, or lose their jobs. Renting had so many fewer complications and somebody else did all the work around the building.

At some point through the working of a contract we are called upon to not be a Realtor, but to be a counselor. That is when we sit down and calmly let them to understand that this is not unusual. We need to remind them that this is a major purchase, but it can really be considered an investment in themselves and in their family's futures.

They need to understand that everybody goes through these periods of anxiety and because they have not tried to purchase more than they can possibly maintain or afford that the issues will resolve themselves and their will get through it.

The purchase of a home, especially for young first time buyers is an investment in themselves, similarto taking out an annuity. With proper guidance at the beginning of the transaction, they will not over-purchase. The first purchase is not the forever home, it's the starter home.

It's not unlike learning how to ride a bike. At first they had a bike with 3 wheels, which could be considered an apartment rental. Then, they progressed to a 2 wheel bike, maybe even with training wheels, which could be their initial purchase. As they developed confidence, they got rid of the extra wheels and went with just the two. With confidence, they would have gotten into something bigger, faster, a multi-speed bike, similar to the progressions many people make with their home purchases.

Remorse at some time in the transaction is not uncommon. Working through this is how we satisfy our clients.

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX PARTNERS,  www.edwardsilva.com  203-206-0754