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Sunday, April 12, 2015

Seller’s remorse can spring from lack of planning

When some home-owners latch onto the idea of selling the family homestead, the whirlwind of necessary preparations can easily obscure the importance of planning beyond the final closing.  They’re swept away in a flurry of small repairs indoors, pruning and planting outdoors, often organizing yard sales.

“We see this happen more often in an up-market,” said Nikki.  “Owners whose homes have long been ‘under water’ suddenly discover they can now sell out and do better than break even.  Sometimes far better.  An experienced agent will usually counsel that there’s no need to rush, but others may cave in to fears of losing the contract.”

There are more than a few reasons seemingly successful sellers turn remorseful, but these usually stem from a lack of planning.

·        Sellers don’t know where they’ll live after closure.  They haven’t researched less expensive or smaller homes, and haven’t discussed renting vs. owning again.

·       If the sale is prompted by a job promotion or relocation out of the area, what once sounded like great news suddenly seems a wrench.  The sellers begin to reevaluate the loss of friends, good neighbors, church, and other connections they once took for granted.

·         Loss of a job.  Though the local real estate market is perking up, our rise in business is too often based on down-sizing and automation.  The plight of seeking a mortgage on a new home without regular employment is daunting.

·       Offers from buyers come in above the listed price.  What’s the first question you’d ask yourself in a case like this?  Wouldn’t you wonder if you should hold off selling and maybe net out more in a few months?  Maybe that experienced agent of yours was right in advising you to slow down.  This kind of seller’s remorse can be remedied by withdrawing your home from the market, but you will owe your agent due compensation for finding the buyers you asked for.

In its mildest form, seller’s remorse is a sentiment probably shared by every owner who ever turned over a latchkey.  After all, you’re leaving a citadel that will always encapsulate part of your life.  But as you now know, this syndrome can get costly if you fail to map out the next stages. 

“Always scope out possible new digs,” said Nikki, “and decide whether you want to buy again or rent.  If you haven’t locked up a new home, we can sometimes arrange for you to rent back your “ex-home” for a short time while you sew up a new domicile.  But this search works far better when you run it in advance, and not out of desperation.”

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