When a buyer is not prepared for buyer's remorse they think that they are the only ones that have ever experienced it. They get cold feet and want to change their mind and declare their contract null and void! Their change of heart usually has no logical basis but is an emotional response to the decision that they made. All the reasons they purchased in the first place are still valid but they panic and attempt to justify the panic with logic. Family responsibilities, finances, work obligations grow in magnitude and the home purchase may begin to overwhelm them. This is difficult to overcome after the panic has set in. Saying that this is not Nordstrom's, and you can't just return the property for a refund doesn't usually help.
The best way to have the buyer survive buyer's remorse is to prepare them for it. Most people find making decisions difficult. Just think about the last time you were out to dinner with someone, you probably heard the question "what are you going to order?"
Sometimes one decisive person can influence the whole table and everybody orders the same thing.
Most people don't like making decisions and will second guess themselves after a major one. You can help the buyer survive this moment of doubt by setting expectations.
- Tell the buyers that they may become concerned over the decision they made even though they made it for all the right reasons.
- They may become concerned because of the economics of the decision or just the magnitude of it. Then assure them not to worry everybody that buys a house goes through this moment of doubt it is normal.
- Remind them that they had valid reasons for making this purchase and they will still be good reasons tomorrow.
- Explain that it is so common that there is a name for that moment it's called Buyer's Remorse. It's only a problem if they don't expect it.
- Assure them that if they experience any remorse, it is normal and that they should remember that you have warned them that it may happen and not become concerned.
When you meet them next ask if they experienced it, in almost every case they have. Only the unprepared don't survive it.