Learn how to tackle buyer’s remorse and avoid contract cancellations.

Selling a home can feel like navigating a minefield, especially in today's market, where many contracts fail to reach closing. Understanding why these failures happen can help you take proactive steps to ensure your sale goes smoothly. As an agent with 26 years in the business, I've dealt with many wishy-washy buyers and numerous contract terminations. Today, we will dive into the top three reasons contracts fall through and how you can avoid these pitfalls.

1. Buyer's remorse. Did you know that in many markets, about 25% to 30% of contracts never make it to closing? In Metro Atlanta, it’s even higher, with one in four contracts terminating before the due diligence period ends. One major culprit? Buyer’s remorse. As the market slows and inventory increases, buyers feel pressured to make quick offers. Economic news, family opinions, and general uncertainty can lead buyers to jump into contracts before they're truly ready.

What to do: To keep buyer's remorse at bay, it’s essential to have your agent thoroughly vet potential buyers. Ask them how long they’ve been searching for a home if they’ve had previous contracts fall through, and what their real motivation for moving is. The goal is to find motivated buyers who absolutely need to make a move.

2. Inspection issues. Picture this: a buyer is head over heels for your home, but once they receive that lengthy inspection report, their excitement can quickly turn to dread. If their agent hasn’t prepared them for what to expect, buyers may feel overwhelmed by the list of issues. In today’s market, many buyers simply don’t have the cash to handle repairs, which can be a dealbreaker.

““The goal is to find motivated buyers who absolutely need to make a move.””

What to do: Consider getting a pre-listing inspection to avoid potential inspection issues. Many homeowners believe their properties are in great shape, but it's common for homes to have electrical, plumbing, or structural problems. Identifying these issues beforehand allows you to decide what repairs to make and gather quotes to discuss with your realtor regarding disclosure.

3. Drawn-out negotiations. Long negotiations can cause buyers to lose interest. Spending days or weeks discussing terms can diminish their initial excitement, leading to frustration and reconsideration of their decision.

What to do: To maintain enthusiasm, negotiate terms promptly and efficiently. Clearly define your terms and act swiftly to finalize them. Capturing buyers' interest while they’re excited about your home is crucial. If negotiations extend too long, buyers may enter the due diligence period feeling irritated and ready to walk away.

Navigating the complexities of selling your home requires proactive measures to ensure a smooth transaction. Addressing potential pitfalls early and maintaining clear communication during negotiations sets the stage for success. If you're ready to sell, connecting with an expert can provide tailored strategies and support. Reach out to me for expert guidance by contacting me at +1 404-606-2219 or emailing me at kelly@kellycohomes.com. Let's ensure that you successfully reach the closing table!