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Buyers Remorse

By
Real Estate Agent with KELLER WILLIAMS LANIER PARTNERS

Help, I have a client that keeps getting buyers remorse usually during the counter offer stage. We can't get past the 2nd counter offer then it hits her.

Any suggestions are greatly appreciated.

Thanks,

Gwen Foernsler

Re/Max Center

Dacula, GA

www.gwenfoernsler.com

Show All Comments Sort:
Mary Warren
Las Vegas, NV
Write an offer that will get accepted without counters???????  :)
Jul 31, 2007 09:26 AM
Shawn M.
VPS - Seattle, WA
Are they currently homeowners or are they renting?
Jul 31, 2007 09:31 AM
Bruce Bourgault, Vice President, Mpro
Central Pacific Homeloans - Honolulu, HI
Gwen --  What your buyer is experiencing is a phenomena called  "Cognitive Dissonance"  The way to get around it is to give her a call after the first counter or as you are preparing the second counter and reinforce in her mind what a really good idea this is and that she is really doing the right thing.  Good Luck and Aloha
Jul 31, 2007 09:34 AM
Judi Glamb
Coldwell Banker Hearthside - Hellertown, PA
Associate Broker, ABR

Might be time for a heart to heart talk to find out if it is just remorse or something deeper?  Is there a common reason behind the decision not to move forward?  If she's looking at the top end of her range, maybe she is sincerely uncomfortable and needs to be at a lower price point or maybe she just doesn't know what she wants (and think she does). 

Somewhat joking/somewhat not, don't reach the point of a second counter.  Maybe the process is too emotional for her.  If you can get near the "acceptable" range the first time, maybe she'll feel this is the one!

Good luck, I've been there, done that.  Judi

Jul 31, 2007 09:35 AM
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Specialist - Agent
LOL at Mary!
Jul 31, 2007 09:36 AM
Stephen C. Olczak
Mortgage Help - Fort Myers, FL
Gwen,  One of the cardinal rules of successful negotiating is the ability to walk away when you can not get an acceptable deal.  If you take time with the client (between crises) when there is no pressure, to establish what  the reserve number is ( the real number she is willing to pay) then the emotion will be taken out of it when the next round of counters comes.  If they have unrealistic expectations, no amount of coddling or coaching will help...they are not ready. 
Jul 31, 2007 09:38 AM
Doug and Teresa Johnson
Virtual Properties Realty.net - Atlanta, GA

 Give her some medicine for her Buyer's Remorse.

Hand her a package of  "M and M's" candy and tell her  tonight that she may begin doubting her decision to buy this home.  We call this "Buyer's Remorse".  When she begins to feel this way, take 2 M&M's and call me in the morning.  Making a small joke can handle an objection!

Teresa Johnson RE/MAX Greater Atlanta www.AtlantaHomeStore.com

Jul 31, 2007 10:08 AM
Debbie Arriero
Arriero Realty, Inc. - Bluffton, SC
30+ Years in Real Estate!
When you have people that waffle that much, it's usually very hard for them to get past it.  If they do it more than once, you gotta wonder if they're ever going to go through with it.  Save your sanity! If we have buyers like that,  if they do it twice, we normally let them go.  It's not worth the hassle! Good luck!
Jul 31, 2007 12:28 PM
Shawn M.
VPS - Seattle, WA

A major purchase is an emotional investment for someone every bit as much as a financial one. It is possible that she fades out at the second counter-offer stage because that is where what she is doing hits her. At the first offer it may seem like a bit of a game to her -I have known prospects who truck Realtors around to look at homes and are very casual about it. Even a first offer could be viewed that way by some because there is rarely not some kind of counter. By the time there are multiple offers and counters, it is seen less as a game and as more real. Anyway, that is one possibility to explain why at that particular point in the process she is freezing up on you.

The reason I asked if she was a renter is because there is a significant mental adjustment made between renting and owning. And if she is a renter, you might consider some "buy vs rent" literature -let me know if you need something in that area and I will send you some. That would help with a point of reference if she starts going down that path again -you would be able to remind her of the advantages of owning over renting, etc. 

Another possibility (and I speak as a non-Realtor so if this is not feasible for compliance purposes or whatever, just ignore it) is to go into any situation with a couple of back ups for should there be a counter -say a strategy for countering once, twice, etc. that she will accept: a formula if you will. If she agrees to some approach this way, you could always remind her later on when she gets doubts "remember, this is exactly what we talked about and what you said you wanted to do" and that may well ease her anxieties on the matter and help her in making the commitment to get the deal done.

 

 

Jul 31, 2007 12:43 PM
Sybil Holcomb
Ayres Realty - Douglasville, GA
I agree, write that offer so it's accepted right away.  That should hopefully get her over the hurdle.  Sounds like she is second guessing herself to much.
Jul 31, 2007 10:45 PM
Joe Manausa - Tallahassee, FL
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
I wouldn't proceed any further without finding out what the problem is. Specifically, talk to her about the "phenomenon" of buyers remorse and ask her what her hidden fears are.
Jul 31, 2007 10:47 PM
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
Show them one that is a hot house.  Let them loose it while they are in the remorse stage.  Once they see they lost one while procrastinating that will put a candle under them next time.
Dec 14, 2007 09:49 AM