We want out...

By
Real Estate Agent with Atlanta Communities 303302

It happens occasionally. A buyer gets all the way to within a day or two of closing and something changes where they no longer want to buy the home. No problem, right? Nope. It can be a big problem.

I had this happen this week. My buyer had been under contract for a month and was past all of his timelines when he decided he wanted out. To be fair, his wife decided she did not like the house. They called me and said "We want out".

This can trigger a series of events such as a certain loss of earnest money, possible lawsuit by the seller, and even a demand by the agents for payment of commission earned. None of these events are very good for the hapless buyer.

Once I described these possibilities to my client he made the decision to proceed and we closed yesterday. I feel bad for them, but indecision on the buyers part needs to be dealt with before due diligence is past.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

Comments (6)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Peter - things happen in life.  Consequences too.  

Feb 25, 2021 06:09 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Buyer's remorse usually arises within the fist 6 months and not the week before closing.  Maybe they will have a change of heart and realize it was a panic over the enormity of the purchase

Feb 25, 2021 06:33 AM
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

you're lucky that it worked out ok. Usually after they decide/find out what the penalties will be they think twice. It's not like returning a printer on Amazon. It's got consequences.

Feb 25, 2021 06:34 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It's too bad this happens but it does.  Buyers need to understand when they enter into a contract it is a commitment with responsibilities and consequences for both sides.  When I was working, the moment the contract was signed I sat back, looked at my buyers and ask them if they felt good about it.  If they answered with an emphatic "Yes", we proceeded. If not, we talked about it.

Feb 25, 2021 06:48 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Peter den Boer -  well the silver lining is that he can sell it in a few months.

Feb 25, 2021 08:49 AM
Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

Yes the market is very hot.

Feb 26, 2021 06:13 AM

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