Once Is Not Enough

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

Buyers are thinking and hopefully saying things like...

'We have to think about it. We want to come back and see it in the evening or in the rain. We would like for our parents to see the house. I would like for my contractor to take a look at the property.' 

In the past, we have all made accommodations for buyers to see a prospective new home on more than one occasion. Purchasing a new residence is a huge decision, not to be taken lightly.

But this past year, in a blazing hot frenzy of a market, that is precisely what has been happening. Contracts are written on-site, accepted, or rejected within the same day or held for multiple offers. Buyers, many times, have had to bite the bullet and make an offer within a few hours. They are "forced" if they want to buy right now to make these offers, virtually if out of town, waiving appraisal and even waiving inspections.

 

When this happens, I also see buyer's remorse, and they figure out a way to "get out of the contract." Let's face it if a buyer wants out; there is usually a way to do so. "

 

They want to be sure it's the right house.

 

  Buying the right house

 

So what has this fast, frenzy of a hot market taught us? 

Don't rush it! There is always another property! Slow down!

Would you please not make a huge decision without being pretty darn sure it's the right one?

 

For questions about buying or selling a home

 

Call Margaret Rome

 

Margaret Rome

 

Comments (53)

Matt Brady
Finance Of America - Del Mar, CA
One of San Diego's Best Lenders

What a great post! As a lender, it is very frustrating when a client cannot get an offer accepted. It is worse when they get one accepted and then look for a reason to cancel, sometimes asking me to find a way to decline the loan. 

Aug 06, 2021 09:13 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Excellent Post Margaret Rome Baltimore 410-530-2400 ,

When buyers are forced into making an offer so quickly they do experience a higher level of buyers remorse than normal. I'm seeing more terminations on contract but the good news for the seller is the next buyer is usually more stable!

Aug 06, 2021 10:42 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

In our market right now.  If you do not act immediately...The property will be gone within hours.  That is, if it is priced right .

Aug 06, 2021 12:01 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Brenda Mayette, The higher the price...the higher the emotions. 

Aug 06, 2021 01:11 PM
Brenda Mayette

So true!!! 

Aug 07, 2021 07:55 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector  Good that you have put it in writing to CYA.  

"but here they are, standing inside a POS looking at pictures I took of true major issues they have no way of doing themselves and the seller isn't going to fix." 

Aug 06, 2021 01:15 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thanks and good to see you Ginger Harper 

Aug 06, 2021 01:16 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kristin Hamilton CA Realtor  So good to hear that everyone is happy!

Aug 06, 2021 01:16 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Matt Brady, Your comment would make a great post. Please consider writing it. 

Aug 06, 2021 01:17 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dorie Dillard Austin TX, I Hope you are doing well!

The one good part... finding backup buyers, don't take too long in this market!.

Aug 06, 2021 01:19 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Ginger Harper, Priced right...and you have a sale. Good to see you.

Aug 06, 2021 01:20 PM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I would have been in trouble if I were looking this past year. It took me a year to find the home I'm currently in. And we looked at a lot of homes I would never have wanted to settle on. (Hubby was willing to take most of them and was getting quite impatient)

Worked out for the best because we both LOVE our home and are glad we waited for it.

Aug 06, 2021 02:14 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sharon Tara, So glad you waited for the right home for you. This would be a good topic for a stand-alone blog.

Aug 06, 2021 08:30 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sometimes it's hard to get it s

Aug 06, 2021 10:52 PM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Margaret, it is a crazy market. Buyers can walk away for any reason here. However, they put down a non-refundable due diligence payment in the thousands so we're not seeing many people walk away from their purchase.

 

Even still, it is a tough time for agents to work with buyers. It is difficult just to get them a home. 

Aug 07, 2021 06:01 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

In our market, if you snooze you lose! Acting quickly right now is key.

Aug 07, 2021 12:47 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

It would be very scary to make that kind of a decision in a matter of minutes. I don't blame them for having buyers remorse.

Aug 07, 2021 02:20 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Carla Freund,

Are you saying the EMD is nonrefundable even with contingencies like home inspection and condo documents? Would like to hear more about this.

Aug 07, 2021 03:54 PM
Carla Freund

We have two fees. The due diligence fee is non refundable and gives you a negotiated time to get inspections, loan, etc. That's usually about 3-4 weeks. When we first started using this contract, it was like $500 or $1k due diligence, then $5k was high, and now we're seeing people making non-refundable deposits of $30k, $40k, and even $100k. I recently heard about someone who paid the entire sales price of $367k in due diligence. NON REFUNDABLE!! 


Then we have earnest money. It is sort of treated like a traditional earnest money deposit. The difference is that its refundable until 5pm at the end of the due diligence date then becomes non-refundable if the buyer walks away.


Both go toward the purchase at closing of course. Many buyers are waiving the due diligence period for the loan, waiving inspections, and giving an appraisal addendum stating they'll cover the gap. So, they really don't need earnest money, they just put it all in due diligence.


It is a crazy market. They could probably turn around and sell their house for more right after closing. Not only do we have a not market but with all the tech companies coming here people are betting on RTP like crazy.


 

Aug 08, 2021 06:57 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Paula McDonald, Ph.D. Acting quickly is key. But having an uninformed buyer acting quickly can lead to buyer remorse.

Aug 07, 2021 03:57 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Marte Cliff, Exactly my point. But all around the country, this has been happening in sizzling markets!

Aug 07, 2021 04:59 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Carla Freund, Your comment would make a great stand-alone blog post. Thanks for answering my question.

Aug 08, 2021 08:15 AM