Buyer's remorse, everyone gets it from time to time. Once all parties have agreed to the terms of a real estate transaction in the state of Virginia than it is a legal binding contract and the penalties of default could be very expensive.
Well, I sold this cute little lady a house. It was a great corner lot with new windows, new air and heat systems, new laundry room, new roof and updated plumbing and electrical. She got a great buy and a wonderful front porch to sit on. It was an older home and had a lot of charm too!
She was excited the day we made the offer and it was accepted! She had looked at many homes and she had finally found the one!
The next day she calls me. "Nannette, I've been doing some thinking and I just don't think this house is for me. I think this is the wrong house."
"What? What about the house is wrong?" I asked.
"Well, Nannette, it is a corner lot and I just don't want to live on a corner lot."
"Gloria, (Not her real name) the house was sitting on a corner lot when we first pulled up to look at it and when we walked through the house and around the yard it was apparent that it was a corner lot and you made an offer on it which was accepted. Nothing about the house has changed since we first saw the house."
"Yeah, I know but I told you I didn't want a corner lot. And I just got all caught up in the emotional stuff and I made a mistake." She said.
"Wait a minute there Gloria, you are right you did tell me you did not want a corner lot however, everything about the house was exactly what you wanted. It had the large closets, the old charm, and all upgraded systems not to mention a great price. When you first walked into the property, you said to me, ‘Nannette, this is the perfect house for me.' I didn't twist your arm or pressure you to make an offer. It sounds like you are scared. Moreover, this makes good sense to me. Sounds like you are experiencing buyer's remorse."
She agreed that she was feeling very emotional and she was terrified. Perfectly understandable with a first time homebuyer.
This is why working with a professional is so important. We were able to work through her emotional crazies and today she is the proud owner of this cute little home on a corner lot. In addition, could not be happier.
If you or anyone you know is interested in purchasing or selling real estate in the Central Virginia area please call me at 434-546-3078 or email me at nannette@liveinlynchburg.com. Alternatively, you can stop by my website at http://www.nannettesells.comfor a complete search of homes in the Campbell County, Bedford County, Lynchburg, Roanoke or Danville Area.
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At least you were able to salavage this deal. I've had clients experience buyer's remorse & they've moved on--and I've had nothing to show for it! Congrats on succeeding with this one.
Dalia I explained that this could get expensive for her if she backed out of the deal without a good reason. The house being on a corner lot is not a good reason at least in this state.
I am glad that you were able to calm your client down. I have one client who seems to be sitting on the fence. We actually wrote one offer on a home that they were super excited about, but they called the very next morning and requested that I withdraw the offer to purchase. (before we had heard from the seller about our offer) I did my best to calm them down, but nothing worked. I ended up just telling them that if they were this nervous then maybe we should hold off, but in the mean time we also needed to discuss what really making them nervous. Well, they are still in contact with me, but they are still not ready to commit even though I know we have found several that would be perfect for them. I will continue to help them until their nervousness has subsided. Hopefully everything will work out for them and I am glad that everything worked out for your client too!
Nannette, that was a great job you did on helping her to understand that she had the jitters and that consideration, not cancellation was in order. Congratulations.
Krista you handled that one well. As a Realtor we wear several hats. Sometimes we need to be a counselor as well.
Mark thank you. This time it worked out well.
I can only imagine. Working with first time home buyers gets to be quite a challenge at times...
Nannette - Buyer's remorse is something we all have to deal with you handel your buyers remorse well
I usually explain buyer's remorse in my initial meeting with the person. That way they know there is no perfect house and that buyer's remorse is usually inevitable.
This is a classic example of buyers remorse. I am glad you were able to smooth thing over and your buyers is now quite happy! Have a great day.