Avoid acting or reacting out of emotion when buying a home.
As a Rancho Santa Margarita Real Estate Agent, I’ve seen a number of buyers and sellers who either missed out on a golden opportunity, or who lost a qualified buyer because they let their emotions overrule their logic. It happens as often with buyers as it does with sellers and it can have disastrous results.
Emotions & Stress When Buying a Home
Usually right about the time of the home inspection buyers go through a period of doubt and apprehension. A little pre-buyers remorse if you will. And who can blame them? Buying a home is a big decision.
Here is a common scenario: At the home inspection the inspector makes note of two major issues and several smaller ones. The following day, the buyer requests that the seller fix both of the major items and half of the minor ones. The seller faxes back the Request for Repairs and does not agree to any of the requests. This frustrates and angers the buyer, who now feels like the seller is not only unreasonable, but a complete and total idiot. The bent-out-of-shape buyer, deciding that he doesn’t need the headache caused by this outrageous seller and his stupid property, cancels the contract.
This entire situation could have been easily avoided. While there’s nothing wrong with emotions in and of themselves, emotions simply have no good place in a real estate transaction. That being said, it is completely natural for a buyer to be a little more on edge than usual. Even perhaps a little bit overwhelmed.
If you find yourself getting a little snappy, overanxious or on the verge of tears, take a quick break and hold back from making any decisions. Take a walk around the lake, take a nap, shoot a few hoops, whatever works for you. Tell your agent how you are feeling! But whatever you do…make sure you are focused, clear-headed and thinking rationally before you proceed.
By acting on emotions rather than logic, the buyer in the example above missed out on the opportunity to purchase a home that met all of his requirements and was priced well under market value. He was angry because he perceived that the seller was trying to screw him. In actuality, the seller did not have the funds to make the requested repairs, nor did he have the equity to counter with a reduced price in lieu of repairs. Had the buyer applied logic, rather than reacting to a feeling, he would have determined that the transaction made sense with or without a credit for repairs.
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