Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: Are you seeing Seller's remorse ?

Are you seeing Seller's remorse ?

I was the Buyer's Agent for a transaction last month and the seller accepted the offer that was  thousands below listed price because we had a qualified buyer who was going to settle quickly.( 3 weeks) 

The settlement was to be on a Friday. A week before settlement,  the mortgage company said it might have to be postponed to Monday. I called the listing agent to have the seller sign an addendum extending the date. The agent said the seller was having second thoughts and would be more than happy to give back the deposit . He said the seller was having , "Seller's remorse."

I have been licensed since 1992 and have had atleast four or five instances where the date was postponed at the last minute and the seller never objected.

If you are in a situation where you may have to extend the date, please do not assume the seller will agree to extend the date. You do not want to be without a contract.

We called the mortgage company again and miraculously they got the paperwork in time so we could close on friday.

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 15 commentsGita Bantwal • October 19 2008 09:04AM

Comments

Good thinking.  And I am glad the bank was able to work with you, sometimes they can be so difficult!

Posted by Portsmouth NH Real Estate Agent - Rebecca Skane, Realtor®, e-PRO® (Keller Williams Coastal Realty) about 10 years ago

I've been there myself.

Thanks for sharing

Rich

Charlotte NC

Posted by Rich Ferretti, ABR QSC Realtor/Broker, Charlotte NC Real Estate a (Rich Ferretti Real Estate) about 10 years ago

Rebecca,  and Rich,  Thank you

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

Gita - Because it is a buyer's market we sometime forget that the seller could be the one pulling out the rug.  Glad in your case it worked out.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 10 years ago

Jennifer, Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

I am glad things worked out for you and your buyers.  Out of curiosity, did the house appraise for more than the contract price?

Posted by Rebecca Anne Cole (PNC Mortgage ) about 10 years ago

Gita - I'm glad that you got it done.  In this market you would think that any seller would be glad that their home was getting sold.

Posted by Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse (Gayle Harvey Real Estate, Inc.) about 10 years ago

Gita- Wow I was holding my breath wondering if the Seller canceled....good thing they closed on time, and good advice also.

Posted by Kathy McGraw, Riverside County CA Real Estate (CELLing Realty) about 10 years ago

What a save! It is great that you (and the mortgage company) was able to move mountains, 'cause that deal could have very well gone south! Congrats.

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) about 10 years ago

Hi Gita, I would rather be taking pictures!!!  Glad everything worked out for you.

Posted by Susie Blackmon, Ocala, Horses, Western Wear, Horse Farms, Marketing about 10 years ago

Rebecca, Yes, it appraised for a lot more.

Pam, I agree. The agent worked hard to convince him to take the offer.

Kathy, Thank you. I will be cautious from now on and allow longer time . We can always close earlier if the house is vacant.

Pam, Thank you. Good luck.

Susie, Thank you for taking the time to comment.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

Hi Gita,  Wow that is something in this market!  I wonder if they had a written back up offer?  An appraisal isn't an offer, so they made the right choice for everyone!  Makes one think.... Cheers, Harley

Posted by Harley Ramsey, Chatsworth, CA Real Estate (Keller Williams) about 10 years ago

Harley, Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

It is really not that uncommon especially in a down market when the seller still believes there home is worth more than it is:)

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Bill, Thank you. This is the second time I experienced it.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 10 years ago

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