Put our home on the market last weekend (FL) and received 7 offers in 3 days. Nothing too crazy – 2 offers were $15k over ask and we went with one that was cash as quick close.
Signed contract Tuesday, they sent the earnest money Wednesday morning. Wednesday evening their agent calls ours saying they are terminating because they are getting cold feet. They are out of towners that are relocating, it was the first offer they put in and they got it, they love the home but it’s just too fast – yadda yadda.
My agent calls the other offer and they are still interested and thrilled – they absolutely want the house.
Before my agent can call us and send over the termination, the first agent calls back. Her clients are in tears they changed their mind, they’re all in. They love the house. Please don’t sign the termination.
So we tell our agent, we want a substantial non-refundable deposit (like $20k) or we go with the other offer. This cash buyer still has inspection period to hem and haw during – the home is only 6 years old, has a structural warranty and roof warranty and we have maintained it immaculately. I’m not concerned that there is anything wrong with it. But I don’t need these buyers using some small inspection report thing to terminate. It feels like they are just trying to buy time to make a decision.
They have until noon today to decide if they are giving a $20k deposit or walking. From there we go back to the other 6 offers frustrated that we wasted our time.
So for the buyers out there who are frustrated with sellers, you have these kinds of buyers to thank. They are playing games out of FOMO. Don’t submit an offer that you don’t want to be chosen.