“Back on market because of Buyer jitters” --- entry on the MLS
The "Old-School" term is "Buyers-Remorse!" I call it the "Dream Killer!" The one way I try to help my Valued Buyers avoid this experience is by having a conversation with them about trusting in their own ability to make the right decision for their future.
I encourage them to follow the peace within their own heart when they're in their quiet time thinking about making an offer on a home. I help them to consentrate on the most powerful tool they have at their resources, more powerful than anyone else's opinion or advice.
I remind them to think about a major decision they've made in the past, when they followed the peace they felt about making the decision. We usually end up talking about how following the peace led them down the road to provision, no matter the challenges or obstacles along the journey.
A respected colleague Pacita has given my "Old-School" term a "New-School" term. She does a great job of listing all the reasons a Buyer may re-think their decision about completing the purchase of a home.
The bottom-line of my goal in serving my Valued Buyers in the Chicagoland market is to thoroughly prepare them for the journey. When they cooperate with me they avoid their dream home being stolen from them for any of these reasons listed below! 
“Back on market because of Buyer jitters”
Just what do they mean by Buyer’s Jitters?
I see this a lot on our MLS...and wonder what the agents were referring to (or thinking).When I read the word “jitters” I think of fear or nervousness. Should the listing agents put "buyer jitters" in the MLS and potentially scare others?
And are buyers truly fearful or do they need further education on the buying process? Maybe they won't be such scaredy cats.
Here are some of the reasons why buyers back out
- They weren’t approved for the loan -- although they were previously pre-approved. Through closer and more intense research into their finances, the underwriter disapprove the loan due to high debt ratio
- They didn’t get the interest rate or type of loan they wanted
- They found something better that they’d rather buy than the one they’re in contract on
- During the buyer investigation period, they found some things they didn’t like about the property --- the neighborhood wasn’t what they expected, they heard bad things about the property from the nosy neighbors, they didn’t like the neighbors
- They were not prepared nor were they willing to take on the cost and effort for repairs and replacement uncovered during the inspections, and the seller wasn’t willing to reduce the price accordingly
- They didn’t get the Gift Letter or inheritance that they were expecting
- Their family talked them out of it (not new enough, too many repairs, too small, purchase price is too high, etc)
- They didn’t have enough money for the down payment and the closing costs
- They didn’t want to wait ---- for short sale approval
- Seller ticked them off (by the same token, Buyer can also tick off Sellers)
- Buyer lost her/his job
- Serious health issues came up
And there are those unusual situations....
I had one occasion when a couple buying together broke up...and one couldn’t afford to buy the property on his/her own, or simply didn’t want to continue with the purchase. Emotional baggage.
On one of my listings, the buyer celebrated too soon. Before she got her loan approved, she charged up a storm buying several large ticket items on credit (new furniture, new appliances) that negatively affected her credit. Her loan was denied.
But are these buyer jitters?
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