5 Reasons Home Buyers Change Their Minds about Writing an Offer
It’s not uncommon for homebuyers to change their mind about writing an offer on a home. One minute they are excited to submit an offer and the next minute they decide against it. Sometimes it’s because they got cold feet, but other times it’s because something happened along the way. Below are 5 of those reasons why a buyer might change their mind about writing an offer.
The Seller Talked Them Out of It
There are countless reasons why a home seller should never be home for showings, but one of the main reasons is because some sellers will talk a buyer right out of making an offer on their home. Now, not all home sellers will talk and give the prospective buyer the nickel tour of their home pointing out every little thing they’ve ever done to it. However, some will and along the way ask the buyer a million questions making them uncomfortable.
When are you looking to move? Are you paying cash? Do you have children? Then there are the sellers who aren’t “desperate” and let the buyer know. Telling a buyer they don’t have to move or aren’t going to “give their home away” might prevent a buyer from making an offer as well.
The Listing Agent Talked Them Out of It
Unfortunately, sometimes real estate agents talk prospective buyers out of making offers too. Just like home sellers, some agents won’t stop talking and their words might just cost their clients an offer. When an agent keeps telling the buyer the community isn’t gated, but is safe might make the buyer wonder how safe it is. There is certainly a time and place for listing agents to accompany a showing, but it’s always best to be seen and not heard.
Multiple Offers on the Table
Is a bidding war taking place? Even when a buyer falls in love with a home and is excited about making an offer they might change their mind if the seller received multiple offers.
Not all home buyers want to get involved in a “bidding war” even if they have a strong possibility of winning it. Some buyers want to negotiate and don’t want to submit their “highest and best” while others think the only way to win is by overpaying, so they don’t submit an offer.
When a home buyer is looking at homes they rarely know or look at the neighborhood sales. Most of them will assume the list price is in line with the market. However, when they’re ready to write an offer they’ll want to look at recent sales and offer accordingly. So when they discover the home is overpriced they may not write an offer at all. Some feel it’ll be a waste of their time because the seller is unrealistic and they aren’t going to overpay.
Found Something Better
Some home buyers never stop looking even when they find the perfect home. So if something better comes along before they sit down and write an offer they might change their mind. In fact, some home buyers continue to look even when they’re under contract on a home if they have the option to cancel the contract.
There are several reasons why a home buyer might change their mind about making an offer on a home. Some of these reasons can be prevented, but others cannot. If you are a home seller don’t get excited about an offer until it’s in your hand because. While you were told an offer is coming in it may never happen. Homebuyers, never feel pressured to submit an offer. But try to keep an open mind and don’t let a seller or agent prevent you from making an offer because they annoyed you.
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Additional Real Estate Advice from Top Professionals
- How an offer is structured will determine whether or not a seller is going to accept it. Petra Norris shares how to prepare a winning offer.
- Don’t lose the home of your dreams! Kyle Hiscock offers 7 home buying tips to win in a multiple offer situation.
- Are you looking to buy a home, but unsure where to share? Here are 6 tips for picking the best neighborhood from Sharon Paxson
About the Author
The above real estate article “5 Reasons Home Buyers Change Their Minds about Writing an Offer” was written by Michelle Gibson of Wellington Florida Real Estate. Specializing in residential real estate since 2001 in Wellington and the surrounding area. Not only does Michelle assist buyers and sellers, she assists landlords and tenants too. She would love to share her expertise and guide you through the entire real estate process.
We service the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more. If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Realtor in Wellington Florida