OK! I haven't given up blogging!

By
Real Estate Agent with RLAH Real Estate AB95346

OK!  I haven't totally given up blogging!

About a year and a half ago, I was at a party.  Another guest, someone I'd worked with in a past life and sold a couple of homes to, asked me if I was still selling real estate.  Oops!

A little light bulb went off, and I quickly figured out what my next phase of blogging was going to be.

Since then, I've written one post a week, and (thank you, Ixact) sent it to my shpere of influence, a  base of about 500 people.  And it's a huge help in keeping me connected to the people I've been doing business with over the years.  More important, it's become a major sourse of repeat and referral transactions.  

So if anyone out there is wondering if I'm still alive and well and selling real estate, the answer is "Yes!"

 

 

Cold Feet

It was a pretty suburban townhouse that had been purchased a few years ago as a short sale and then renovated, with new kitchen and baths, all new flooring and fresh paint throughout.  While the curb appeal wasn’t inspiring, the interior looked great.  The owner, a real estate agent, had staged the place to encourage buyers to do foolish things to live there.  It was also optimistically priced above what any home in the subdivision had sold for.  And it went under contract just a few days after being listed.  

When I showed it yesterday, it had just come back on the market, and at the time, I knew nothing of its history.  My buyers liked the house – it ticked every one of their boxes.  But they were uncomfortable with the list price.  So, when I got home, I pulled out the listing history of this house and the neighbors. 

According to the listing information, I learned of first buyers got cold feet about three days after the seller accepted their offer.  And looking at the recent sales in the neighborhood, perhaps these buyers just came to their senses.

When people buy under pressure, especially the pressures of any multiple contract situation, they become quite susceptible to what we call “Buyers’ Remorse”.  They wake up three days later ready to move to France to get out of the contract they just signed.  They are convinced that the pretty new floors must have come from the flawed stock that Lumber Liquidators imported from China a while back, and they fear the new roof will blow off after the next big storm.  But most of their anxiety comes from thinking they have paid too much. 

Most buyers, whether it’s their first condo or that forever home, have at least one major bout of Buyers’ Remorse at some point in the transaction.  If it’s at the very beginning, they can usually get out on one of the contingencies.  But after all of these “outs” expire, things can get tricky – even nasty.  

If sellers are comforted by the purchasers’ large earnest money check sitting in an escrow account, these funds are almost always released back to the buyers.  Real estate purchase contracts are complicated, and a good lawyer can almost always find some arguable excuse to have one voided.  And the home can’t be sold to someone else until the original buyers and the sellers agree to release each other from their agreement, and this includes how the earnest money is disposed of.  In most cases, all of these funds go back to the buyers. The other interesting wrinkle in our boiler-plate contracts is that, if there is litigation, the losers have to pay the winners’ legal fees.  Thus, most sellers let the deposit go and try to get on with the sale.

Buyers seem to be most vulnerable to Buyers’ Remorse immediately after the home inspection.  If there is a condo or HOA document review period, the associations budget documents or the ground rules for living there can trigger a case of ice in the socks.  And sometimes concerns can be justified.

Like most Realtors, I’ve seen my share of cold feet.  Usually, Buyers’ Remorse is a temporary condition.  They get over it and move on to buy their dream house where they live happily ever after.  And when I have gotten clients out of transactions, almost all later regretted not going through with it, with a couple of huge exceptions! 

When sellers are evaluating offers, it’s difficult to diagnose a case of Buyers’ Remorse waiting to happen.  At this point, the reputation of the buyers’ agent becomes important, especially if they are known to have a large percentage of their transactions fail.  If there are multiple offers, there is the possibility of having a backup offer. And it’s also a good idea for the listing agent to keep good records of who has been through the place to contact the other agents who may have other interested buyers.  

Having buyers kick out of a contract is a bummer, for the sellers, the agents, and usually for the buyers.  And it’s important, especially for the sellers, to get over it and move on.  Who knows?  Maybe it will be even better than the one that got away!

 

 

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Rainmaker
1,523,504
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I'll join the chorus - being glad to see you here this morning!

Your post reminded me of agents I used to know back when I was one of you. They did a lot of whining about how easy it was to find a buyer and write an offer, and how hard it was to actually get one of those offers to closing.

I think part of the problem was that many of the buyers were unqualified. Add to that an unwillingness to deal with the glitches that happen along the way. And then add the inability to handle buyer's remorse. Some of those agents wasted a lot of time and filled out a lot of forms writing offers that failed.

Jun 03, 2019 09:32 AM #5
Rainmaker
3,272,279
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Pat - I'll join the chorus of other well-wishers that are happy to see your post.  The buyer remorse you speak of is an issue that may be addressed as part of one of those initial meetings.  A sense of urgency in any market is necessary but that issue of balance is important too.  So many factors come into play.  

Jun 03, 2019 09:44 AM #6
Rainmaker
1,872,120
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Pat - I was great to see you pop and right next to you Debbie Gartner whom we haven't seen in a while.  Glad the other platform is working well for you.

Jun 03, 2019 10:45 AM #7
Rainmaker
4,358,909
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Pat,

It is great to see you again here on Active Rain.  I am missed your with and intelligent and intriguing posts.  A

Jun 03, 2019 11:54 AM #8
Rainmaker
1,840,005
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Of course I thought I'd check in and see who the new kid was.  Nice blog!

Oh, I'd seen it before since I'm one of those "spheres of influence" you send it to!

Jun 03, 2019 12:06 PM #9
Rainmaker
1,175,830
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Patricia Kennedy, what a great surprise to see your post today.  It is so true that buyers do start to get cold feet.  I call it "talking them off the ledge".  

Jun 03, 2019 01:32 PM #10
Rainmaker
1,980,345
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Yeah! She's back!!! This is proof when ActiveRain is in your blood, it's in your blood for good reason! Welcome back Patricia Kennedy 

Congratulations on being featured in the BananaTude Group!

Jun 03, 2019 03:18 PM #11
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Pat- What a treat to see your face in the blogroll!!! While I miss seeing you here...especially your weekly "favorites" post, I get the lightbulb moment. You have to focus on your sphere...the people who will ask you to list or sell your home. 

Jun 03, 2019 06:01 PM #12
Rainmaker
3,186,531
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Pat nice of you to stop back in, I remember when you left and said that you were focused more on the Points than the message... funny in-spite of the points you still got a huge sphere of influence.... Welcome back and good to know you are still in Real Estate:))Endre

Jun 03, 2019 11:22 PM #13
Rainmaker
2,856,133
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Patricia.

I remember when you told us you were taking a leave of absence.  Good to know you're still in real estate.

Jun 04, 2019 01:02 AM #14
Rainmaker
1,493,839
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Pat, so nice to see you back. Once you get hooked on ActiveRain, you will always come back.

Jun 04, 2019 08:04 AM #15
Rainmaker
3,545,403
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Pat and nice to see you again. The story you shared reminded me of the business.

Jun 04, 2019 11:19 AM #16
Rainmaker
1,482,701
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

One/week is quite doable. How do you send it to your database, via CMS?

Jun 05, 2019 12:16 AM #17
Rainmaker
1,416,404
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Nice to see you again! I hope to see your posts here on a regular basis.

As for the "cold feet" story - you're right; buyers will often get nervous right after the inspection.

Jun 06, 2019 03:50 AM #18
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Patricia Kennedy 

It's so nice to see you here again, and of course such fun to see you when I was in DC recently. I know we talked about the blogging you have been doing and how helpful it was - such good news and something for the rest of us to consider doing in some way.

Jeff

Jun 06, 2019 04:48 PM #19
Ambassador
1,914,592
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Hello Patricia Kennedy  so nice to see you . I had a buyer kick out on me this year it was a bummer I think she was foolish as the house was not overprised needed some repairs at the home inspection but the sellers were going to do them all including a new HVAC system. Glad you are well and alive 

Hannah

Jun 07, 2019 01:08 PM #20
Ambassador
1,822,729
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

So nice to see you Patricia Kennedy - happy to hear your weekly blog to your SOI is providing what you need in terms of business.  Enjoyed the cold feet story - you are so right. In fact, I get nervous until we're through the inspection period because it happens so often. 

Jun 08, 2019 08:14 AM #21
Rainmaker
972,320
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great seeing your post! I appreciate your post because I too have been MIA from blogging.  Thanks to your inspiration I'll write one and send to my clients!

Jun 08, 2019 10:38 AM #22
Rainmaker
938,593
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Good morning, Patricia!

I, too, have not blogged for over a year.  My business has taken a back seat due to serious illness with my son.  Things are improving with his health, so slowly I am getting back into the swing of things, which includes getting back to blogging.

Great post!

Brigita

Jul 02, 2019 07:08 AM #23
Rainmaker
893,775
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

I'm asked that question so many times and now I'm working to keep our clients up to date.  You are an inspiration to all of us.

Jul 02, 2019 08:17 AM #24
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