The uncertainty of some buyers today can lead you to believe buyers are flakey. What? Other words for flakey; crumbling, blistering, peeling, chipped, scaly! When a buyer calls just a day or two after a contract is written and backs out of the contract after it has been and accepted by the seller. The seller finds it hard to understand why someone would waste their time like that. At any rate sellers should realize some buyers are flawed. Or is it their agents? One could easily place the blame on one or the other. Did the agent push too hard to get this contract. What the heck did the buyer sign this contract for in the first place, just to get away from the pushy agent or what? Did the buyer’s agent not present the Seller Property Disclosure to the buyer before the contract was signed? Did the seller’s agent include this as an online document for review by the buyer before writing a contract? This might not even have anything to do with why the buyer backed out. In Utah the buyer can back out for any reason prior to certain deadlines set in the contract. In essence this can make it hard for the seller to get too excited and make final plans for their move. Maybe we should refine our contract some! Maybe we should require the buyer to pay a nonrefundable fee collected by the agent and given to the seller as soon as the contract is accepted!
Here are a couple of scenarios: Buyer writes an offer signs it and has their agent present it to the seller, after some negotiation the contract is accepted by the buyer and seller. One day passes and the buyer backs out. You have to wonder why. They haven’t done any additional inspections, or even seen the seller’s property disclosure. They simply changed their mind with no explanation given from the buyer’s agent. In Utah the buyer does not have to say why, but wouldn’t it be a good idea not to make an offer if you are unsure? Here is another scenario; the buyer signs a contract and waits a week to back out. The buyer has done no additional inspections. They just change their mind. Buyers need to make sure they want this house because there are other parties involved that have plans to make. It would be common courtesy. Agents need to stop pushing agents to write a contract and telling them they can get out of the contract for any reason if they change their mind. This is too frustrating for sellers.
Things happen a buyer might have a change of circumstance like lose their job or something else unfortunate and these things can be understood by the parties involved. A buyer’s agent should explain to their buyers the things the seller will have to go through to make the sale final and let the buyer know that the seller has feelings and emotions too based on what is happening. A seller can’t help but get excited when an offer comes in and the house goes under contract. They will need to relocate. It is a lot of pressure. Buyers should consider the sellers feelings and emotions. If there is doubt about the property that doubt needs to be fully explored before writing the offer/contract. It seems there is too much of this going on in our market place. Agents don’t tell them to just write the offer and they can get out for any reason. let’s make sure they really like and want the house before we write the contract and present it to the seller.
by Teresa Larson, Village Real Estate, Murray, Utah
20+ years real estate experience
©Teresa O Larson PC, 2005-2015