Problems With Buyers

Buyers Are Picky

Yes, they are. They are very discriminating. They don't want to fix up things. They expect that you've done everything necessary for getting your home into the best condition.

That means updating and remodeling everything: carpet, vinyl, appliances, roof, interior and exterior paint, light and plumbing fixtures, door handles, etc. Everything got to sparkle and shine, feel and smell like new. Hopefully you've been mainlining your home well, so you won't need to remodel everything prior to the sale.

If you didn't, you'll soon discover that you have a lot of lookers and no offers.

Don't make a fatal mistake of assuming that if it's OK for you, the next guy will like it too. The buyer is probably paying quite a bit more than you did when you bought the home.

Buyers Are Poor Decision Makers

True with very few exceptions. When they start their search (especially 1-st time buyers), they don't know what they want, in what area of town, in what price range, what floor plan, etc..

They'll be wondering around, wanting to see 20 homes, and having to think it over - again and again. Then, all of a sudden they decide to save money and buy a foreclosed home from government.

They'll soon discover they can't tolerate the bad smell of those homes. Then they change their mind and decide to buy next year, so they can save more money for a downpayment, and have lower payments, etc.

Lack Of Funds

A lot of them don't have enough cash for a down payment and closing costs. As a result they look elsewhere for special deals, such as, for instance, $0 down, $0 move-in offered by some builders on new homes. Or they'll want you, the seller, to help them with their lack of cash problems by paying a chunk of their closing cost, points and fees.

Inability To Get Financing

Many of those who do have enough cash, experienced credit problems in the past, are self-employed, or changed their jobs recently, or experienced fluctuations in their income.

Yet some will have too much debt, others will have good income, but don't show it on their tax returns. Then you have couples where one has good credit and other will have horrible. All these and many other reasons stop them cold from getting traditional mortgage financing.

Buyer's Remorse

Once in a while (although much more often than you would like to think) Buyers get cold feet. For whatever reason, even though they loved your house so much when they made you a very attractive offer, they now decide they don't want it anymore.

In theory, you should be able to keep their earnest money as liquidated damages. That's seems only fair, right? Surprise! It's highly unlikely you'll ever get your hands on it.
First, the Buyer himself has to sign a letter instructing the Title Co. holding a deposit to release it to you.

Chances are slim to none that Buyers will volunteer to do so. Most likely they will find a little escape clause in the Contract which grants them the way out of the Contract. Even if they can't find one, you still have to take the matter to court to get that earnest money moved from Title Co. to ..... you ?

No, not quite. Your Realtor in most cases has a prior claim to the earnest money. That's right. The listing agreement you signed likely has a clause granting the whole or a part of the earnest money to your Realtor, in the event a Buyer defaults on the Contract.

Buyer's Agency

Recent changes in the real estate law created Buyer's Agency which introduced full representation of Buyers by Realtors (used to be that Realtors only represented Sellers).

That means, now there's a professional with inside/out knowledge of transactions and contracts on the Buyer's side. That Buyer's Agent will teach and advise buyers to insert certain clauses in the Contracts, mark certain boxes on a paperwork, and make certain demands in their Purchase Offers that benefit them, not you. Before you know it, you'll pay here and there to the tune of few thousands dollars.

On top of that, when you do have a good quality candidate there are all kinds of Problems With Lenders that cause delays, aggravation, and in many cases the loan blows up at the last moment.

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