REMAX Commercial real Estate Kansas City

Argus Kansas City Chapter Commercial Real Estate

Kansas City Remorse

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The effects of buyer and seller remorse disable people rendering them unable to think clearly. Remorse by definition is anguish caused by a sense of guilt. We all second guess ourselves for whatever reason. However in real estate transactions buyer and seller remorse may cause legal problems for one or more parties. We know The symptoms of remorse and have identified the best ways for sellers and buyers to avoid or at least minimize the consequences of the condition.

The operative words in the definition of remorse are anguish (or anxiety) and guilt. Anxiety is synonymous with fear and fear lives where lack of knowledge resides. The remorse in real estate transactions often goes beyond fear and the quilt factor generally involves a fear that something has been overlooked.

Fear is a powerful emotion. Buyer and seller remorse occurs most often AFTER all of the legal documents have been signed by all parties. The buyer,seller or both fear that the perceived risks out weigh the perceived potential benefits. Said another  way,one or more parties feel the potential for pain is greater than the potential for pleasure.

We tell clients they WILL feel remorse at some point in their transaction(s). We suggest buyers and sellers expect remorse,prepare for it and set it aside when it occurs. There is a time in every real estate transaction when risk management ends and trust begins. The time to prepare is early and as completely as possible.

The best way we’ve found to avoid remorse in real estate transactions is to acquire as much information about the process as possible. Every client should request copies of each form they may sign during the buying and selling process. Contract forms are not pleasurable reading. An average real estate transaction in the KC Metro area utilizes eleven fifteen contract pages.  Removing the fear of the forms can go a long way toward eliminating or minimizing the potential for remorse.

Before making the decision to buy,sell or both,write a list of positive and negatives. Draw a line down the middle of a  blank sheet of paper and list all the good things on one side of the page and the bad things on the other. Ask yourself what is the worst thing that can happen. Analyze why you want to move. Involve the entire family because input from everyone involved will decrease the chance of remorse. If the positives out way the negatives on your list and a vote is made to move  forward,just do it and don’t look back. When remorse occurs you will be prepared.

Whether
you’re thinking about buying or selling or seeking information,rely on RE/MAX
Best Associates 800-391-BEST(2378) or 913-345-BEST(2378) to provide accurate up
to date information about the marketplace today.

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