Seller's remorse is not as common in real estate as buyer's remorse, but it does occur



Seller's remorse is not as common in real estate as buyer's remorse, but it does occur - and in some cases so powerfully that the home seller seriously contemplates cancelling the sale and staying put. Leaving a home where a family has lived for years, selling possessions for which there won't be room, packing, moving and the thought of having to fit into a new community is all very unsettling - even traumatic. 'But,' says Dr Piet Botha, chairman of the Nationlink estate agency group, 'doubtful sellers should know that the legal penalties resulting from a cancelled sale could be even more severe.' Most sale agreements, for instance, provide that the defaulting party will forfeit any deposit made - and then the potential buyer might still go to court to force the sale or, at the very least, to seek compensation for damages incurred as a result of the deal being called off. What is more, the reluctant seller may still have to pay the estate agent's commission, on the basis that he or she did fulfil a mandate to deliver a 'ready, willing and able' buyer and was not responsible for the sale falling through. And there is a further consideration, says Botha. 'If the homeowner later decides to come back into the market and sell after all, he may find that he is still bound to pay the commission. Most mandates stipulate a time period in which the seller cannot negotiate a new sale without paying the original agent.' So homeowners should be certain that they really want to sell, before they put their property on the market. And, once they are committed to a move, they should be able to think of it as an adventure or a growth opportunity. 'And that should start with the agent they contact about buying a new home. He or she should be thoroughly knowledgeable about their new area or town and willing to provide all the information needed to put them at ease - and reassure them that they have done the right thing.' Article: Property24 News 04/04/2002 For the latest real estate news, visit www.property24.co.za