Home Buyers Remorse and How to help your buyer?

By
Real Estate Broker/Owner with Selling Indy Metro, LLC RB14037942

My buyer had just put in an offer  on a home and immediately began to
show
signs of Buyers remorse.  She questioned what she had offered on the
house,
repairs now and future that may have to be done.  She questioned
everything including the location.  I made another appointment for the
next day to go out to view the property to calm her nerves before we
countered.  She brought her whole family including a relative that had
been in the building business.  We looked over the house from top to
bottom.  Her relative gave it a thumbs up on the maintenance. I took her
by a property down the street that was almost identical that had just
recently sold for more then what her sellers had their property priced,
thinking that it would support the value of her possible new home
purchase.  She was still scared she admitted while we drove back to her
car.  She asked, is their such thing as buyers remorse? I told her yes. 

She said how often.  I told her almost always.  Buying a house is the
largest single purchase an individual will make and it is scarey.  I
asked her to look at the value and asked
her to remember the comparable property down the street and
what it sold for. I asked her To remember all of the other properties
she had viewed and this one is the one that she said felt like home and
had all of the major wants in a property including the new Geothermal
system just put in last year.  She sighed and said well I'm
scared and I admit it.  She did put in another offer that day but the
doubts of whether she was doing the right thing was very real and could
of kept her from moving forward and obtaining her dream.  

 

It helps Buyers to make a list of pros and cons
about a property after a purchase so they can remember why they wanted
to purchase in the first place.  What are the advantages and disadvantages of owning real estate. 
What was their motivation in the first place?  They should keep this
list close so when they do sign a contract they can Read and reread
through the buying process all the way to close to remind them of why
they are buying a property in the first place.   It does help.

Posted by

Shannon Thomas Realtor

Selling Indy Metro, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Shannon@SellingIndyMetro.com

www.SellingIndyMetro.com

Search for homes in Indianapolis Now!

Building Relationships Selling Homes!

Shannon M Thomas NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

   Cell: 317-681-4044  Preferred

web: Real Estate

e-mail:  Shannon@SellingIndyMetro.com

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Jill Watts 08/01/2010 04:53 AM
Topic:
ActiveRain Community
Location:
Indiana Hendricks County Plainfield
Groups:
Zillow Discussion Group
Posts to Localism
Tags:
buying a house
real estate
home buyers
home buyers remorse
offer on a home
owning real estate
view the property

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Rainmaker
531,001
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

I think that it is important for them to work through those feelings on their own.  The last thing that they need is to feel further pressured.  Bringing her family to take another look was a good idea, particularly concerning the maintenance of the home.  Sometimes sleeping on it helps.  Other times it is better to take a step away until they are sure.  Their fears are real and need to be addressed.  At least your client admitted to them!  Good luck.

Aug 01, 2010 06:26 AM #33
Rainmaker
290,082
LaNita Cates
REMAX of Joliet - Joliet, IL

How hard for you! I've only had this happen a few times (thank God!) because most my buyers are really ready to buy and we've covered why. But when you get someone that is scared...oh boy!:)

Aug 01, 2010 06:31 AM #34
Rainmaker
409,065
Marian Goetzinger
Pine Knoll Shores Realty 252-422-9000 - Pine Knoll Shores, NC
Crystal Coast Real Estate NC

Shannon, Buyer's remorse is real and very common.  I always have some tips for the buyer to help them decide if this is just fear or if they really need to wait.  As you said, it is one of the largest single purchases they'll make.  I would never try to persuade.

Aug 01, 2010 06:32 AM #35
Rainer
13,683
Young-Jin Yang
Keller Williams Realty - Lake Balboa, CA

Love Buyers remorse. I always remind my buyers at the submission of an offer that they will experience this. If they do, its just buyers remorse and they will get over it.

Aug 01, 2010 06:42 AM #36
Rainer
13,683
Young-Jin Yang
Keller Williams Realty - Lake Balboa, CA

Love Buyers remorse. I always remind my buyers at the submission of an offer that they will experience this. If they do, its just buyers remorse and they will get over it.

Aug 01, 2010 06:42 AM #37
Ambassador
1,889,398
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Shannon, sometimes the home buyers remorse is well founded with a bad gut feel. Hopefully you can get through it BEFORE a contract!
Aug 01, 2010 07:56 AM #39
Rainer
87,865
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

Not only consumers have buyer's remorse, even agents have it!  I recently purchased a new home and found myself fighting offer buyer's remorse, even though I knew it was the right house for me!  In this uncertain real estate climate the opportunity for buyer's remorse is heightened.  It feels so easy to make a mistake and hard to have total confidence.  The best cure is a bank appraisal that comes in higher than what the buyer paid!  Good luck!

Aug 01, 2010 07:59 AM #40
Rainmaker
1,384,159
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

I  have Purchasers sleep on their choice overnight so I do not experience as much of this remorse as a general rule.

Aug 01, 2010 08:21 AM #41
Rainer
53,639
Lesley Wagstaff
Re/Max Results Realty in Vancouver, BC - Coquitlam, BC
For Real Estate and Mortgages

People with buyers remorse definately have to work their way through it themselves.  The information you have suggested to offer is awesome.  I think you have given great advise.  One of the things I do with my first time buyers to warn them that this is a natural thing is: As we sit at the table writing the offer, I ask them if they have a sick feeling in their stomachs.  If they say yes, I say "Great we are doing this right!"  If they say no, I say "Don't worry, it's coming." Like I said, it kind of opens the door for them to discuss their worries.

Aug 01, 2010 09:04 AM #42
Rainmaker
526,735
Kathryn Acciari
Century 21 Real Estate - Shrewsbury, MA
Brand Ambassador and Business Coach

Buyer's remorse is a common occurrence, whether buying a house, car, or pair of shoes.  I have a decision-making checklist that I go through with buyers who are having trouble making a decision.  It helps them remember the reasons they wanted to buy a house in the first place.  Great post!

Aug 01, 2010 09:55 AM #43
Rainer
208,959
Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Hi Shannon, buyers remorse is so common that when my clients ask me for my advise on if I would want the property or not I put it back on them because it is their decision. I don't steer my clients into buying the most important purchase in their lives and they wake up weeks later to something they won't want to appreciate. I too have a checklist so they know why they made the correct choice. Thanks for sharing.

Aug 01, 2010 02:39 PM #44
Rainmaker
359,256
Aaron Vaughn, REALTOR© 512-845-4204
eXp Realty - Canyon Lake, TX
My knowledge is your power | eXp Realty

Shannon: It sounds like you handled this very professionally and in a well thought out manner. Nice work!

Aug 01, 2010 03:59 PM #45
Rainmaker
359,256
Aaron Vaughn, REALTOR© 512-845-4204
eXp Realty - Canyon Lake, TX
My knowledge is your power | eXp Realty

Shannon: It sounds like you handled this very professionally and in a well thought out manner. Nice work!

Aug 01, 2010 03:59 PM #46
Rainer
437,789
Terry Chenier
Homelife Glenayre Realty - Mission, BC

I agree with Lenn. I just ask enough questions so they come up with their own answers.

Aug 01, 2010 07:35 PM #47
Rainmaker
215,472
Nancy Milton Holtzscher
RE/MAX Alliance in St.Louis' Illinois suburbs - Edwardsville, IL
Edwardsville/Glen Carbon, Illinois Broker, REALTOR

We love to talk about this during our in-office consultation before we look at houses. Setting expectations re common aspects of the home buying process is important. I think it was great that you had her family come back for a look. (Often I encourage them to bring family on the second showing -- or even on the first if I think they'll show up later to second guess choices. I would rather have them in on the process from the beginning so they can see I am looking out for my buyer's best interests.)

Aug 02, 2010 01:43 AM #48
Ambassador
1,155,826
Bryan Robertson
Los Altos, CA

I think buyers remorse is driven by either making a major financial decision (scared of the commitment) or excessive concerns about the house created by a lack of understanding on fixing or maintaining it.

Aug 02, 2010 02:13 AM #49
Rainer
36,027
Jennifer Archambeault
Cardani Group, REALTORS® - Austin Texas - Austin, TX
An Austin Texas Realtor

I too talk about buyers remorse before I even show a client a house.  I feel it is my job to educate them on every aspect of the process so they are prepared for whatever comes their way. 

Aug 02, 2010 02:48 AM #50
Rainmaker
107,438
The 1410 Group of Benchmark Realty, LLC
Benchmark Realty - Franklin, TN

Buyer's remorse can lead to no buyer at all. It's a scary thing to buy the biggest purchase of your life but after owning several homes it becomes a piece of cake:)

Nashville twitter nashville facebook  Nashville short sales  Nashville MLS search

Aug 02, 2010 04:54 AM #51
Rainmaker
96,921
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Thank you all for such great comments on buyers remorse.  It turned out my buyer didn't get the house.  She low balled trying to compensate for her contradicting feelings on buying the house.  She was then upset at first because she didn't get the property.  She is a good buyer and I have enjoyed working with her immensely and she will eventually buy a property that will fit with both her emotions and desire.  I think now she is actually ready to buy.  She called me yesterday and said.  Shannon I am ready now to buy.  So we are going to go look at property on Monday.  Thanks again eveyone. 

Things are just as they should be. 

Aug 04, 2010 12:35 AM #52
Rainmaker
96,921
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Just an update.  She did buy a property that she fell in love with.  She did again get buyers remorse, infact later sent me a beautiful letter on how she cried herself to sleep in her new house the first night, thinking she had made a horrible mistake.  But in a very short while fell madly inlove with her new place all over again and thanked me so much for my help in finding her beautiful country home. 

Feb 14, 2011 04:25 AM #53
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I Want to sell my home!
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