5 Reasons 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 the 5 top reasons why buyers change their minds about writing an offer.

Why Buyers Change Their Minds About Writing an Offer

1. The Seller Talked Them Out of It
There are countless reasons why a home seller should never be home for showings. 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 sellers will give prospective buyers the nickel tour of their home pointing out every single thing they’ve ever done. 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” could prevent a buyer from making an offer as well.

So even though a buyer may have originally walked into the home thinking they might make an offer. The seller could easily make the buyers change their minds if the seller is home for the showing.

2. The Listing Agent Talked Them Out of It
Unfortunately, if the listing agent needs to be present for showings they too can make buyers change their minds about submitting an offer. Just like home sellers, some agents won’t stop talking and sometimes they might say something that will prevent a buyer from making an offer.

When an agent keeps telling the buyer the community isn’t gated but it’s super safe, this will probably make the buyer wonder how safe the neighborhood actually 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.

Sellers often wonder why a buyer decides against submitting an offer on their home and here are the biggest reasons why buyers change their minds.s #homebuying #realestate Click to Tweet

3. Multiple Offers on the Table
When a seller has multiple offers on the table it’s not uncommon to see buyers change their minds about submitting an offer even if they love the property.

Not all home buyers want to get involved in a “bidding war” even if they have a strong possibility of winning it. Then there are buyers who want to negotiate and don’t want to submit their “highest and best” offer, which is a must in a multiple-offer situation.

While others think the only way to win and have their offer accepted is by overpaying for the property. Not many buyers want to feel like they are overpaying for a property, so they just don’t submit an offer.

4. Unrealistic Pricing
When a buyer walks into a home for sale they usually don’t know how much the home is truly worth based on recent sales. It’s next to impossible to determine how much a home is worth without viewing it.

So most buyers won’t spend time reviewing recent comparable sales not knowing if the home is even something of interest. However, once they’re ready to write an offer they most certainly will. It’s at this point they may discover the home is overpriced and it’s at this time some buyers change their minds about submitting an offer.

When a home is overpriced it could be a red flag. Is it because the seller is unrealistic and difficult to deal with? Does the seller owe more than their home is worth? Is the seller even motivated to move? In any event, some buyers just don’t want to waste time dealing with a potentially unrealistic or unreasonable seller.

5. Found Something Better
Some home buyers never stop looking at homes for sale even when they find the perfect home. It doesn’t necessarily mean they are out and about looking at other homes, they could simply be looking online. However, if they find another home they like more it could prevent them from submitting an offer.

Final Thoughts

There are several reasons why home buyers change their minds about submitting an offer on a home. While some of these reasons can be prevented by the seller or their agent others cannot. As a home seller if you’re being told a buyer will be submitting an offer on your home don’t get excited until you receive it in writing.

Unfortunately, buyers change their minds all of the time about submitting an offer. So while a buyer may say they absolutely love a home and plan on submitting an offer things change. So sellers should continue showing their home and listing agents should continue marketing the property until an offer is accepted.

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Sellers often wonder why a buyer decides against submitting an offer on their home and here are the biggest reasons why buyers change their minds.s #homebuying #realestate Click to Tweet

Popular Questions

If I make an offer on a property is it legally binding? No, simply making an offer on a home is usually not legally binding. In order for an offer to be legally binding the seller must accept it in writing. However, if any of the terms were changed all parties, both buyers and sellers, need to initial and sign off on the offer and any changes. Additionally, there may be specific legal requirements that must be met for the offer to become legally binding, such as collecting the initial escrow deposit.

Can you change your mind after signing a contract to sell your house? Once a contract to sell a house has been signed, it generally becomes legally binding, and changing your mind unilaterally is not typically permissible without consequences. Backing out of a signed contract without proper justification may be considered a breach of contract, potentially exposing the party to legal liabilities and financial damages. However, specific circumstances and applicable laws can vary, so it is essential to review the contract terms, consult with legal counsel, and understand the local regulations governing real estate contracts in your jurisdiction

What are the top reasons to withdraw house offer? There can be several valid reasons for withdrawing a house offer, but it depends on the specific circumstances and the terms outlined in the offer or contract. Some common reasons may include the discovery of significant defects or issues with the property during inspections, failure to secure financing or mortgage approval, or a seller fails to fulfill their obligations outlined in the agreement.

Can a seller ask for more money after accepting an offer?  Generally, once a seller accepts an offer on a property, it forms a legally binding agreement between the buyer and seller. In most cases, the seller cannot ask for more money after accepting the offer, as it would be considered a breach of contract. However, there could be exceptional circumstances where a seller might attempt to renegotiate the terms, such as if there is a material change in the property’s condition or if the parties agree to modify the terms of the agreement.

Can a seller accept an offer then change their mind? Generally, a seller cannot change their mind once they accept an offer in writing. However, it depends on the specific circumstances and any contractual obligations in place. If the contract has contingencies either party might have the ability to cancel the contract but once again it depends on the terms both parties agreed to.

Now, if the seller received an offer and verbally accepted it but didn’t sign anything they can usually change their mind. In most jurisdictions, verbal offers or verbal acceptance of an offer or counteroffer are not legally binding.

About the Author

Top Wellington Realtor, Michelle Gibson, wrote: “5 Reasons Home Buyers Change Their Minds About Writing an Offer”

Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.

Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.

5 Reasons Buyers Change Their Minds About Writing an Offer