Dealing with Seller’s Remorse
Seller’s remorse is a state of mind that can be compared to “cold feet” at a wedding. Just before the point of sale the seller changes his or her mind and backs completely out of the sale. This is maddening for the buyer but even more so for the agent who may have been working for the deal for some time.
Sometimes there is nothing you can do about a sneaky secret non-seller who may have been using an agent to “test” the market to see how much a buyer will offer. This of course hurts agents who spend money on advertising and viewings that just don’t pay off. That is why it is very important for an agent to make absolutely sure that their sellers are motivated to sell the home.
It is the real estate agent’s job to prevent these last minute changes of mind by explaining the benefits of selling so that the seller is strongly motivated to do so. It is helpful to draw up a “bucket list” with the client outlining all of the things he or she will be able to do once the house is sold.
Sometimes the seller backs out because he or she is worried about not being able to find somewhere to live in time. In this case you can offer a contingent contract that gives the seller time to locate another residence with no obligation to sell if a home is not found.
If a seller balks at the last moment, remind him or her that the buyer can sue! A listing agreement can be drawn up to be a binding contract between the seller and real estate agreement which means that if the home seller backs up, the agent is protected and gets his fee anyway!