In the last few days, I have had two contracts called off at the last minute, apparently by buyers who got cold feet. Oh, they didn’t say exactly that. But it was pretty clear:
- In one case the stated reason was a story about an air conditioner. The buyers backed out because it wasn’t included. When told they could have it, they replied "it’s too late."
- In another, a seasoned real estate investor expressed shock that he would be responsible for the closing costs. How could this surprise him? He backed out all the same.
Why the need for excuses? Who knows. "I have cold feet" is an acceptable position as far as I’m concerned. With so much talk in media of bubbles bursting it is hardly surprising that some people might not feel like buying.
There is a mantra among real estate professionals that buyers are liars. I have never been too keen on that. Certainly some of this buyer stigma must come from buyers’ inability to trust certain real estate professionals. That said, if everyone invloved in a transaction would be straightforward, the real estate market would be much more efficient.