buyer remorse

When Buyers in Sacramento Refuse to Close Escrow

Businessman expressing refusal with open handKeeping up the spirits when buyers refuse to close escrow is an art form in itself. Not only do I need to keep myself pumped and ecstatic to move forward, but my primary focus as a real estate agent is to help my sellers move past the disappointment and crushed feelings. Sellers aren’t just unhappy when a buyer cancels, they are often furious. They would like to stomp on the heads of those buyers and drop the assholes into the river in cement shoes.

Me? I just lost a commission and money is replaceable. Another buyer will eventually show up. But the seller has lost a lot more. Sellers lose hope. Whatever plans a seller has had in the works for after the closing are put on hold or, worse, permanently canceled after a buyer walks out the door. It can be a life-changing event.

During escrow, it’s common for sellers to put their emotional attachments and any unwelcome baggage associated with the home into the past, but when a buyer cancels it all comes rushing back at them. It’s as though they failed in their mission. It’s heartbreaking, and buyer’s agents don’t ever see this side of the business. They skip merrily on their way to buy another home with their buyers and don’t look back.

After the feelings settle down a little bit, the sellers often want to sue the buyer. I understand that sentiment. Unfortunately, buyers in Sacramento have 15 ways from Sunday to cancel a contract while in the contingency contract period. If they cancel during that time period, they get their earnest money back.

Isn’t there some way to get that good faith deposit when buyers refuse to close? Not really. Not if there are contingencies in force. Unfortunately, no matter how well a seller qualifies a buyer, there is never an assurance that a buyer won’t refuse to close escrow. In squirrelly markets, cancellations can happen more often than not. Rely on your Sacramento real estate agent to help guide and navigate. I am here for my clients, especially if it gets rough.

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