buyers who cancel and change minds
Rarely does a buyer decide to revoke a cancellation when buying a home but it seems to happen enough lately. Makes me wonder if there is something in the water. One day the buyer is madly in love with the house; the next day, cold feet. They find some peculiar aspect of the situation to focus on, blow out of proportion, and the next thing you know, they execute a cancellation.
Always for silly insignificant things it seems. Then, for no known reason, they suddenly change their minds. Nope, they really DO want to buy the house, and they regret signing the cancellation. Fortunately, there are several ways to revoke a cancellation. The easiest solution is to sign an addendum agreeing to revoke the cancellation and pick up where the parties left off.
Usually, it is also wise to offer some kind of an incentive to the seller. Buyers need to look at the situation from the seller’s point of view to understand how upset, angry and annoyed sellers can get when buyers flip out and cancel a contract. Few sellers that I know have hearts so big they will overlook the irritation and agree to go back into contract. Especially if other buyers start to sniff around the home and make buying noises.
Sellers think: go with the devil I know, which irritated the hell outta me and whom I no longer trust? Or, go with new buyers who seem more promising?
Another way to revoke the cancellation is to write a new offer, clean and straight forward, perhaps with more favorable terms. That could restart the clock, most likely, with the loan. Whereas, with an addendum, if the cancellation was still wet, the closing period is generally shorter.
Either way, buyers may find they will need to sweeten the deal. Buyers need to persuade the seller to grant them another chance. Some of the things buyers can offer is to release the earnest money deposit to the seller. Little speaks louder than handing over non-refundable money. They can offer a higher sales price. They can release all contingencies.
Sometimes you have to make the seller an offer the seller cannot refuse.