Wednesday, August 6, 2014

How to prevent buyers from “backing out” at the last moment

It’s happened to all of us at least once. We have what seems to be a good deal for everybody concerned and suddenly without warning the buyer changes their mind. When this happens we (the buyer’s agent) feel betrayed and wonder why in the world our client would do this to us. After all they seemed thrilled about the new house and we spent a lot of time with them. After countless phone conversations and a lot of effort on our part they finally found their dream home and now? Certainly it couldn’t have been anything that we had done wrong, or was it?

The truth is that buyers back out for a lot of reasons and many times there is nothing we could have done as their agent to avoid it but sometimes it could have been avoided if we had done a better job of educating them from the very beginning. The truth is that if we fail to educate our buyer as to the possibilities of things than can (and often do) go wrong after the contract has been signed they have no reason to expect any problems and when they arise the buyer may quickly become disenchanted or even worse, regretful of their decision.

Preparing your buyer for the inevitable “hitches” that occur in most real estate transactions is very important. Nobody likes surprises, especially when they feel that no one (that means YOU) warned them of some of the obstacles that may stand between them and their dream home. As realtors we are all too familiar with how difficult getting all the way to the closing table can be but most home buyers haven’t got a clue; especially if this is the first time they’ve attempted to buy a home.

You can avoid unhappy buyers by taking the time to explain the process of buying a home thoroughly to them. Don’t be afraid to educate them as to some of the problems that may arise in the future. Explain to them how such problems are usually resolved and be absolutely positive that they understand your role in all of this.

There are just too many things that can go wrong in a real estate transaction and the truth is that much of it is completely out of the agent’s control. Help the buyer to understand that in any case you will do everything in your power to resolve any issues that may arrive. After all you are on their side and convincing them of this from the beginning will help to avoid hearing the words “never mind” in the end.

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