Sellers Remorse Does Happen

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291
https://activerain.com/droplet/5lCG

 

 

 One of the calls I received this week was from someone asking how to get out of a listing. I asked why he needed this information. That's not a question I want to answer.
 
If someone is under a listing contract with an agent, another agent should not be giving out this information. Most of these calls are from sellers who have not been happy with their agent because their house has not sold...for whatever the reason.
It could be overpriced,  it could be lack of marketing it could be not easily accessible, it could be restricted showings, it could be a home that was in need of de-cluttering and or deferred maintenance or it could be a very unique property that has not found the right buyer.
 
 It could even be a seller falling back in love with the house and deciding not to sell.
 
 
Back to his question, I asked why the need for canceling.
It was a condo that he was selling for a relative and the price had been drastically reduced. He and his wife decided to move into that same condo and pay rent. It sounded like a good idea but he figured he was bound by the listing contract.
 When you need this kind of answer go back to your listing agreement and read the terms. There are starting dates, ending dates and a provision for termination.
 
My suggestion...call your agent and explain that you are moving into the condo and are no longer interested in selling. Just be upfront. This is the simple honest answer. Situations do change.
 
Seller's remorse does happen.
 
                                       Margaret Rome
 
 
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Rainmaker
453,030
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
Southwest Florida Homes By The Sea

Its all about the terms. Thanks for sharing. Yes sellers might as well be upfront otherwise quite a few will waste their time. 

Jul 22, 2017 09:07 PM #1
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Margaret Rome, Baltimore Maryland - falling back in love with the home!

Yes, this can happen.

After decluttering and staging one of my client's home, the sellers said - 'Well, this IS a beautiful home - and we'd like to stay here!

Jul 22, 2017 10:14 PM #2
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Margaret:

I haven't experienced a seller with remorse...yet, nor any calls from sellers on that issue.

Jeff

Jul 22, 2017 10:17 PM #3
Rainmaker
3,985,513
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Yes, I saw this with my wife some years back.   Hard to deal with

Jul 22, 2017 10:28 PM #4
Rainmaker
4,432,726
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I agree sellers' remorse happens. They should be honest with their agent if they feel that way.

Jul 23, 2017 02:55 AM #5
Rainmaker
1,555,528
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

I'm actually surprised more sellers don't decide to stay in the house after they've cleaned it, repaired it, painted it and staged it for a sale. 

Jul 23, 2017 03:37 AM #6
Rainmaker
1,583,133
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Fortunately, I have never experienced this circumstance and my recommendation would be to seek the advice from a legal professional. That advice often is sufficient to make the party begin to realize there will be repercussions for this choice.

Jul 23, 2017 06:13 AM #7
Rainmaker
2,872,772
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I see it happen all of the time, as it is difficult for someone to give up something they have lived in for so long.

Jul 23, 2017 07:40 AM #8
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sandy Padula and Norm Padula, JD, GRI NMLS#1483386  Your answer is a good one.

But how or why force a seller to move forward with a bad decision.?

Jul 23, 2017 07:41 AM #9
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Margaret - We have dealt with that scenario a couple of times, when circumstances changed drastically after a home went under contract. The law is pretty unforgiving, but we had reasonable buyers in all of those cases, and it worked out.

Jul 23, 2017 02:16 PM #10
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dick Greenberg  It could get quite complex without reasonable buyers. Glad it worked out. Have you written about this?

Jul 23, 2017 05:31 PM #11
Rainmaker
450,762
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

An agent who joined my  brokerage told me a story about a seller who decided not to sell 2 hours after accepted ratification of an offer. This resulted in thousands of dollars in legal fees.  Sellers need to make sure they are really prepared to sell before they sign the agreement. It is not easy to back out of a deal!

Jul 23, 2017 09:18 PM #12
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

It makes you wonder why they either did not call their agent, or they did call the agent who refused to give them their options.

Jul 24, 2017 06:21 AM #13
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Joe Pryor  I would like to think they had not called the agent.

Jul 24, 2017 10:16 AM #14
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