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Wednesday, October 5, 2022

Real Estate Logic – ‘Handling buyer remorse’


Over the past seven years that I have been writing this column for Positively Naperville, I have received many reader questions and topic suggestions from home buyers and sellers, but this month’s column was inspired by a request that I had from a fellow Realtor.

I was recently chatting with another Realtor at a closing and the conversation turned to the current market that we have been dealing with this spring. She told me about a transaction that she was dealing with where her buyer had gotten cold feet and backed out on two different contracts. She also mentioned that the buyer is a relative, which makes it an even more difficult situation. I assured her that even after nearly 40 years of selling Naperville real estate, I also have had my share of challenging deals. Of course, there are a variety of challenges that everyone involved in a direct selling career faces. One of the most frustrating challenges is the problem of buyer remorse. After looking at homes, finally selecting one, and then negotiating a successful purchase, a buyer sometimes notifies their Realtor that they want to cancel the deal.

THESE FEELINGS ARE NORMAL – First of all, buyers need to know that a little bit of caution or mild “remorse” is absolutely normal, especially for first-time home buyers. When people make a large financial buying decision, they often feel some anxiety after the commitment has been made. It is important for buyers to know that the feelings they are experiencing have been shared by many others as well.

WE UNDERSTAND – Even Realtors have experienced these same types of feelings when we purchase a home. We can relate, and are here to walk through the entire process with a buyer to keep them informed and make it as smooth as possible from offer to closing day. We want to find answers for any concerns that may be causing the remorse.

RETRACE ALL THE STEPS THAT LED TO THE BUYING DECISION – The best way to determine if there is a genuine reason to cancel a deal is to go back to the buyer’s original decision and replay all the steps that led to their selection of this particular property. If a review of their finances determines they are within their budget, and the reasons why this house was chosen are confirmed, most buyers feel a new sense of wellbeing and are emotionally equipped to complete the sale.

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Gary Leavenworth
Gary Leavenworthhttp://www.garyleavenworth.com/
Gary Leavenworth is a broker at Coldwell Banker in Naperville specializing in residential real estate. Contact him at gary@garyleavenworth.com.

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