Seller’s Remorse: Its Definition and Ramifications
The good times are here for those who plan to sell a home in Wichita, Kansas. According to Zillow , it’s a very hot seller’s market, and home values have been increasing.
Properties these days sell for about $130,000. It is nearly 4% higher than the previous year. By 2020, it will further increase by 2.5%.
With the right real estate agents in Wichita, KS, you can get your home off the listing quick. But wait, selling it might not be the only challenge you have to overcome. You can even deal with a problem called the seller’s remorse.
What Is Seller’s Remorse?
A seller’s remorse is an apt description for homeowners who develop cold feet. Their property is already on the list, negotiations are on the way, and then boom!
They decide they don’t want to go through it anymore. They believe it’s a mistake to sell the house in the first place. Why did they even decide to sell the house? It can be due to the following reasons:
- Testing the waters, which is finding out whether their home has market value and how much it’s going to be
- Emotional attachment
- A financial need that disappears during the selling process
- Personal conflicts
Regardless of the reason, the seller’s remorse can lead to severe and costly repercussions. That’s why the first step homeowners should do is to talk to Wichita realtors, such as from Madrigalteamgold.com . This team, in particular, currently ranks as one of the best in the city.
They can walk you through the real estate process, including understanding your motivation for selling. They can tell you the pros and cons of canceling the listing or the contract at any point. In many cases, knowing the consequences of your actions will help you decide better.
The Effects of Seller’s Remorse
In real estate, as well as in most types of deals, everything is fair play until you sign an agreement or a contract. The moment your signature appears on the document, it becomes binding. You need to honor the fine print.
Depending on the agreement, the following things might happen if you decide to cancel the sale:
- You have to pay the realtor’s commission. It can range from 5% to 10%, depending on factors such as the sale price. You might cough up this amount even if you didn’t receive an offer yet. The terms might be on the listing agreement.
- The realtor might not allow you to cancel. This doesn’t happen all the time, but the agreement can leave you with no recourse for the seller’s remorse.
- The seller can sue you for damages. It can happen if the buyer has already made an offer, and you accepted it. Worse, the other party has met the conditions under the contingency contract .
These days, it’s an excellent time to sell your property in Wichita with the help of realtors such as madrigalteamgold.com . You can even find it more appealing when others in your community are doing it. Selling a home, though, demands careful thinking. The last thing you want to happen is to entangle yourself in legal battles because you changed your mind. Before you decide to put up a property on the market, talk to a realtor.