Buyer’s remorse can be deadly to a sale. Buyer’s remorse is fear or anxiety about the purchase that leads to outright panic and can lead normally sane people to act outrageously. Panic can take the form of anger or rage, and it can lead to lies and misrepresentations by buyers. Buying a home can be one of the most stressful times in a person’s life.
The excited buyers write an offer on a house and then go home and discuss what they did. Did they offer too much money? Is the home in the right neighborhood? Did you realize how much the taxes would be each month? As they wait for a response on their offer, their anxiety grows.
At some point, it could become a panic attack, which could collapse the sale of your home. Your goal is to try to keep the transaction moving forward toward settlement, without having the buyer walk away from the purchase.
A few months ago, Ted and Gretchen put an offer on a home they felt would be their dream property. They were very excited when they viewed the home and wrote the offer. After the seller agreed to their terms, Ted started wondering if they may have paid too much for the property. With that thought nagging in the back of his mind, he became very critical of every aspect of the home purchase process.