Too few homes for sale and buyers making impulse bids leads to a disease called “buyer’s remorse”.

Usually, desperate buyers don’t have time to really look and think about a new listing that hits the market.  Even the most motivated buyers get cold feet when thinking about buying a home.  And unfortunately, the greater Cincinnati purchase contracts give buyers an “easy out” based on inspections.  Not saying it’s right or wrong- just the reality of what’s happening in real estate today.

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“Buyer’s remorse” can be based on the facts like a poor inspection report or trouble with obtaining a loan or insurance.  Or it can be a major case of cold feet!  

Lucky sellers may have back-up offers to fall back on.  If there aren’t any other offers the property goes back on the market.  Potential buyers may look at the “back on market” home as damaged goods.  Other buyers learned to jump on returning properties as a good deal and rush to make an appointment.

Taking advantage of “buyer’s remorse” is a matter of timing and getting answers.  Your Realtor® can ask if there are any inspection reports available for review or if they can share why the property is back on the market.  The Seller’s agent isn’t required to answer these questions.  However, (with the seller’s permission) most agents try to provide useful answers.

Also, don’t hesitate to give a “back on market” property a look as soon as it hits the MLS.  If it’s not the house for you at least it’s your decision to wait for something else.

The bottom line sometimes purchase offers fail because of the buyer and/or inspection problems.  Don’t ignore potentially great properties just because an offer didn’t stick.

Help combat Buyer’s Remorse by understanding the real estate buying process:  Buyers Guide