Walking Away From A Contract When You Were So Close

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

Educational Post 6/9/19

 

 

Deciding to walk when you're this close to owning a home takes courage. Just settling is never a good idea. There are situations why walking away is a good idea. After all, buying a home is a huge investment. To realize you made a mistake before you close when there are no penalties is better than being obligated to pay back a 30-year Mortgage for a home you'll regret feeling it wasn't worth it. Don't worry about having to save face, put on a happy face and get back in the saddle again. 

 

If you are willing to let the opportunity go away because deep down inside you know it isn't right it just might be the best thing you can do. A home purchase is not a shotgun purchase, it is a commitment. You're buying a home for you, not to please your real estate agent, other members of your family, friends, or neighbors who know you're moving. It is not a sign of weakness to change your mind. Everything you do in life teaches you lessons and the milestones we cross are different for everyone.   

 

Keep in mind when the big Why comes up, you don't owe anyone who is not a party to the contract an explanation. There is a good reason why you made the decision you made and when you're ready, you'll be more prepared, ready, willing, and able.  

 

 

 

 

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 dfw fine properties

 

DFW FINE PROPERTIES

                                        2900 W Southlake Blvd, Suite 180
                                        Southlake, TX 76092
                                        Office: 817-748-4800/FAX: 817-748-4900

                                         Patricia Feager
                                                        Cell: 469-951-4758

                                                        Email: patricia.feager@gmail.com

 

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Rainmaker
1,960,897
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Richie Alan Naggar - Am I correct in assuming "my parting words," meant you are no longer working with your buyer? 

I'm still working with my buyer who had a very bad experience with a different agent. We work well together. Without trust, there is no relationship. 

"Free yourself..." are powerful words! Whenever we are conducting business each person who plays a role reveals different parts of their character. Empathy matters to me and doing the right thing matters just as much. 

Have a wonderful day!

Jun 09, 2019 07:16 AM #14
Rainmaker
3,523,803
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Patricia. I am glad you wrote this and glad it was featured. great point.

Jun 09, 2019 07:46 AM #15
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Couldn't agree more. I remember that when I worked with homeowner first time buyers I had one situation where the listing agent took a commission advance. The only think he cared about was closing, not fairness or ethics.

Jun 09, 2019 07:47 AM #16
Rainmaker
1,737,673
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

When one knows deep down that a purchase isn't right, walking away is the right thing to do, and does take courage. Whether the feeling of unease is temporary anxiety or the gut knowledge that something is the wrong fit isn't always easy to know.

Jun 09, 2019 07:55 AM #17
Rainmaker
1,960,897
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Sheila Anderson - Your comment made me very, very happy.

Thank you!

Jun 09, 2019 08:07 AM #18
Rainmaker
1,960,897
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Joe Pryor - I shivered when you heard you say, "the listing agent took a commission in advance." 

I once had a Financial Adviser and every time I asked for advice, his reply was all the same. All people are motivated by greed, that's why I'm in this business."  Then he went on to tell me the story about when he was a great football player... even worse, he pulled out photos and described the play by play of why that picture means so much to him.

I fired him! Good riddance! 

Jun 09, 2019 08:12 AM #19
Rainmaker
1,960,897
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Lottie Kendall - Amen! When our conscious aligns with our heart, the answer is always right.

When a client has doubt, that's my cue to stop talking. and I don't interfere with somebody else's Divine Intervention.

I hope you have a wonderful day! 

Jun 09, 2019 08:15 AM #20
Rainmaker
1,154,488
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Patricia Feager, MBA, CRS, GRI, MRP - If a real estate agent tries to talk you into a staying in a contract when you are not ready, then you need to walk away from the agent as well!  I could never live with myself.

Jun 09, 2019 01:58 PM #21
Rainmaker
662,583
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Thank you for sharing this post with us. I agree it is better to walk away than to get into a situation that is much harder to walk away later on. To wait can and for the most part will create a much worse situation. Good call, walk away. 

Jun 09, 2019 03:51 PM #22
Rainmaker
1,515,420
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Patricia, I agree, always better to walk away if there is doubt and in real estate if a buyer is trying to talk themselves into something it's not right. When you know you know and there will be no talking into from the buyer or the agent. Excellent post, your buyers are very lucky to have you. 

Jun 10, 2019 11:36 AM #23
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Patricia purchasing a home, is not like purchasing a car, or buying a shirt.  You can't take it for a test drive, or bring it back for a refund.  So it needs to feel right, if not then you need to move on before signing on the dotted line.

Jun 10, 2019 04:17 PM #24
Rainmaker
614,532
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

I am sure your client will appreciate you for the wonderful support and encouragement you are giving them. Trust is mutual respect and you earn that everyday with the way you treat people. Always do the right thing and the rest will all fall into line...  Job well done!

Jun 10, 2019 11:34 PM #25
Rainmaker
745,382
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Congratulations on the featured post. Very true, it is better to stop and think before it is too late. Our hot markets make it hard for many buyers, but thereare steps along the way that give them some breathing room to re-consider. Take them.

Jun 11, 2019 05:00 AM #26
Rainmaker
177,772
Melissa Spittel
Coldwell Banker Residential Brokerage - Westminster, MD
"Achieving Results Together "

I recently worked with buyers who were undecided where they wanted to live. We wrote an offer and they shortly thereafter withdrew it. Discussed with them the need to determine their ideal location, they agreed, and wrote an offer on another house. Yep, they changed their mind on that one, too. A week later, they informed me they were under contract in a neighboring state. While I was at first blindsided, I learned the education I provided actually assisted them in determining the right location for them. Definitely feel I did the right thing in helping these 1st time buyers.

Jun 11, 2019 07:25 PM #27
Rainmaker
1,510,674
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I love that advice: "when in doubt, don't." It applies to real estate, but also to so many other situations in life.

I do think some people go ahead when they're unsure because they worry about what other people will think of them if they walk away. That's a shame.

Jun 11, 2019 08:51 PM #28
Rainmaker
394,337
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Patricia, it is obvious you have been listening to Kenny Roger's song: The Gambler.

Got to know when to fold and walk away from the table.

Great advice, thanks for sharing.

Jun 12, 2019 07:46 AM #29
Rainmaker
1,158,922
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Excellent advice, Patricia. Buying a home is a huge commitment and if you have the slightest doubt don't feel embarrassed about backing out.  There will be another one that feels right.

Jun 12, 2019 11:12 AM #30
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Patricia:

Such wisdom and good advice in this post! Buyers need to feel as comfortable as possible before moving forward. Nothing is perfect, of course, but having doubts probably means a decision to back out BEFORE the end of the contingency period. Once you are in you can't take the house to the Returns Desk!

Jeff

Jun 12, 2019 10:06 PM #31
Rainmaker
496,921
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

This is especially challenging for first time buyers in a very competative market.  After loosing a few homes due to bidding wars --sometimes they make a quick decision and then regret it later. I always emphasize--serious deliberation! Rarely does anyone find 'the perfect house' with everything on the wish list!   Buying any house is a leap of faith in a way.

Jun 13, 2019 08:46 AM #32
Rainer
471,164
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Amen.

Jun 13, 2019 02:54 PM #33
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Selling Homes Changing Lives
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