BUYERS' REMORSE AFTER A BIDDING WAR!
I'm really surprised to see, after properties go into fast and 'wild' bidding wars a couple of days, back on the market. "What was wrong with it?" customers, ask. "Did they find something inspections?" or "I bet it didn't appraise out!" But alas, I've had this happen on a deal of mine recently where the Buyer, who wasn't going to be OUTBID, offered over asking and then once he got it, waiting until the escrow was due (typically 3 days) and then withdrew his offer. It's old fashioned "Buyers' Remorse" and I'm seeing quite a few come back as 'Active' on the MLS. When I am representing a Buyer in one of these deals and we don't get chosen as the 'winner' I always suggest that they put in a Back up Offer. It's a real contract that has been signed by the Buyers and Sellers with an addendum that states if the first position buyer pulls out, this contract takes it's place. Any listing agent worth their salt will get 1 or 2 lined up or at the very least, when the deal is falling apart, call any other bidders' agents on the phone with the heads up (with their customers permission) and get them in there. Sometimes it's a little kiss of poison when people see a property go from Pending to Back on the Market. Best to having something waiting in the wings! Call if you have any questions. Experience Matter and for close to 20 years I have been working and riding this often turbulent market. This time is no different. (941) 350-2243