While the Urban Dictionary describes the phrase, back on the market to reference a person who either was in an exclusive relationship or newly divorced and is dating again, so they are ‘available’ (much like a fresh chicken at the supermarket), in real estate, it feels like being hit by a tsunami. When a house goes from “active” (for sale) to pending status, and then suddenly appear back on the market, what was once “new” to the market now appears old. With just the snap of a finger, your listing has now aged (dramatically). Hopefully, you have a back-up offer that still wishes to go in back-up and hasn’t already found another house. You hope for that. But if you don’t have it… you might be slightly screwed…….
Unfortunately, many buyers and their agents will immediately think there is something wrong with the property and make assumptions about why the sale fell through. We build stories that the house must have something giant that came up in the home inspection, a failed foundation, or some enormous oil tank spill that has reached ground water. But maybe the buyers simply got cold feet over a little knob and tube wiring that could have easily been fixed had they asked. Or maybe it was asbestos tape on some duct work that could have been removed or wrapped. Whatever the reason – Back on the market carries a stigma.
I believe that buyers remorse is a real thing. Just as dating remorse is a real thing.
Sometimes buyers believe they made a bad decision and develop cold feet. They slowly begin to realize that with home ownership comes other financial obligations such as maintaining the home, paying for repairs and upgrades, and they become frightened of what they perceive to be an unnatural burden. Unfortunately, this realization often happens at an inopportune time such as during the middle of escrow.
For us agents and our sellers, its a draining process. You start back from the beginning but you feel deflated.
We believe it important to do everything we can to help keep deals together. For both sides. We promise to work at keeping a deal together if we write on one of your listings. We will get the bids. Make the calls. We will counsel our clients for hours before they write an offer. And if we can’t keep it together, we will feel like dog poop.
