Is Your Client Getting Cold Feet?

As a real estate professional, how can you tell that one of your clients may be getting cold feet?

Some buyers and sellers may get the jitters during their last minute actions that could cause a deal to fall through. Here are a few warning signs that could show you’re up against a buyer or seller who may pull out at the last minute and not make it to the settlement table.

Financial Issues.

Sellers should seek assurance up front from buyers that there won’t be any financial hiccups delaying or derailing closing. You may instructs your sellers to ask for proof of funds for a down payment before they make an offer to a buyer, or have the buyer get pre-qualified for a home loan. If proof of funds can’t be shown initially, they may be stalling.

Showing Lack of Transparency.

The buyer or seller may not be forthcoming with requested information. If there’s any attempt at anything less than full transparency, there’s generally a reason. These warning sign may be seen a lot during home inspections.

No Enthusiasm in the Transaction.

A homeowner who may not seem that excited about selling may be having a tough time saying goodbye to their home, among other reasons. You may need to offer them some reassurances. But a buyer showing a lack of enthusiasm may be getting cold feet and sometimes they may have found a different property. Real estate professionals may have to step in to help clients manage the high emotions of a transaction, or help guide them in staying on schedule financially to buy or sell. For the transactions that did face delays, the holdups tended to be centered on finances. Below are some of the reasons for the most common delays: