When wanting to buy a home, condo and or townhome, it’s a big deal. I have not forgotten my first time and the time when Paris and I were taken advantage of by the real estate agent we chose.
It was a bad choice – However, in the end – it worked itself out.
We became Realtors due to the issues we encountered and wanted to make sure any of our future clients never experienced the sins we were hit with.
Today, sellers don’t get the full intel from those whom they hire to represent them in the sale of their real estate.
Same with home buyers, they are not getting the “full monty” when it comes to adequate and sustainable real estate representation and knowledge.
Buyers get cold feet. Buyers cancel escrow, buyers change their minds.
OMT – before I get into the meat of the article, it maybe that the buyer did not get cold feet. It could be they became unqualified or were not qualified to buy your home in the first place. It happens, more often than it should. A lender saying “good as gold” without viewing and inputting all of the clients information into the computer to get the “real” approval.
All sellers need to know this, it happens. There are ways in which we can “attempt” to keep the buyers interested, however – in the end – it will be a buyer’s decision.
Some real estate agents will use “tricks or deceit” in their “attempt” to keep their commission in play with the real estate buyer, by keeping the transaction alive. This is bad form and unethical. The real estate agent should be upfront with their home buyers and let them know if they want to cancel, it’s their right.
Some sellers may have issue with my advice. However, in the end – the buyer is going to cancel if they want to cancel. Any unsolicited and misleading attempts to keep the buyer in play, is only going to lead to a delaying of the cancellation process. Which may equate to other potential buyers being lost by the seller.
One of the most “famous” questions, we get from buyers wanting to cancel escrow, is if they will get their deposit back.
We get the same question from the home sellers, but theirs is pertaining to getting to keep the buyers deposit if they cancel.
The answer to both of these questions is “it depends”. It depends on what documents the buyers have signed about the “removal of contingencies”. If they have been removed during the escrow process, then their deposit may become property of the seller if the buyer cancels.
Real Estate advice is thrown around as if anyone can do it. Real Estate agents are a dime a dozen. Good Realtors are Rare Indeed.
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