This week I received an offer on one of my listings requesting a closing date of month’s end. Normally this wouldn’t be an issue, except the current owners still are living in the house and need to find a new place of their own.
Given current market conditions, about the last thing you want to do as a seller is lost a potential buyer by not being able to close when they want to move. In fact, this is the second such situation I’ve run into this year and the only viable solution is for the owners either to move in temporarily with friends or family or to find a new home.
We spent Thursday, Friday and yesterday working on the new home angle, going so far as to write up an offer on one of the houses we’d viewed. But something clearly wasn’t right … these folks weren’t comfortable and it was clear, so I told them I wouldn’t be sending in the offer for a couple of hours.
In that interim, my phone rang. “Don’t send it.”
The speed at which everything was taking place was becoming overwhelming, which is understandable. I told them if they’re not sure about the purchase and they have a place to go once we close on their home, then take some time to think things over.
We can slow down the purchase. The sale, however, keeps rolling on as much as anything because the Arizona real estate contract doesn’t allow the sellers any outs. Once they have agreed to sell they’re locked into the contract.
It’s easy to say that sellers need to be prepared to move the day they put their home on the market but as marketing times continue to grow, mindsets easily can change. Over time, a sense that there’s plenty of time is fostered though the ending remains as sudden as ever.
Buyers’ remorse is a normal reaction. Should it stop someone from purchasing? Probably not as it usually isn’t rooted in anything dealing with the house itself. But is there any harm in taking an extra day to make a decision? Probably not.
The home you’re looking to buy could be off the market by the time you decide - that happened on a Westbrook condo I’d been discussing with a buyer last month - but if you are willing to take that risk, take your time.
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Tags: General Real Estate, Tips for Sellers, Tips for Buyers by Jonathan Dalton
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