Beware the Psuedo Buyer

You’ve had a demanding but great year.  As you put the finishing touches on 2011, you reflect on your successes and are humbled by the glowing testimonials that you have received from satisfied clients.

The One That Got Away

Not all transactions end successfully, however.  Every top producing realtor has at least one every year that doesn’t.  In retrospect, if you emotionally remove yourself  from the process, you can generally spot them from a mile away.  A client has shown interest in purchasing a home.  They’ve signed a Buyers Agency Agreement with you.  You’ve referred to them as “my buyers” and you’ve represented them to the best of your ability.  You’ve even gone so far as to negotiate offer and acceptance on their favorite home.

Buyer’s Remorse? 

 The buyer seems to become more irascible as time passes, especially since the completion of the building inspection.  “What has changed?”, you wonder?

The building inspection often alters the buyer’s perspective.  It’s at that point that they realize it’s official.  This is the home that they are purchasing for so many thousands of dollars.  This is the home that they will be living in for “x” amount of years.  This, for many, is the demarcation of a new phase in their lives.

“Tell Tale” Signs

It may be emotions stemming from the building inspection or fear of buying for some other reason; one that even the buyer may not realize.   Perhaps they never really intended to buy in the first place.  Whatever the cause, the signs that the buyer is uncomfortable with the purchase begin to manifest themselves in the strategy that they utilize when negotiating issues from the aforementioned inspection .

The Dilemma

It’s a dilemma for you, the buyer’s agent.  You’ve worked so hard to find them the perfect home and negotiate the best price.   You are confused, as the seller is willing to remedy nearly every issue from the inspection and you don’t understand why the buyer seems to be “hung up” on seemingly inconsequential minutia.  But you’ve put so much of your heart and soul into making this happen for your clients that you can’t give up on them now.  And so you persist.  You may even have paid for an electrician to look at the wiring, as was recommended by the inspector. 

 Alas, you are happy.  In exchange for a more preferred closing date, the seller has agreed to rectify everything.  The deal is done.

Not So Fast

The dinner with your spouse that evening was fabulous and the wine was even better.  Your spouse was aware of the trials and tribulations of the entire transaction and gives you an ardent congratulations.

You arrive at your office early the next morning to finish processing the paperwork for the support staff.  Then approximately at 10:00AM you receive an email.  The buyer thanks you for your time and informs you that they are no longer interested in purchasing the house.  No other explanantion.

Word to the Wise

When a buyer becomes unreasonable about minor issues, they are becoming fearful of the purchase and are looking for a reason to say “no.”  At that point you need to:

• Probe with questions
• Help them verbalize their fears
• Quickly give them a reason to say “yes”

Otherwise the deal is likely to fall through.  Beware the pseudo buyer; you can spot them from a mile away!

Have you ever had this experience?  Please let us know.

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