When The Buyer Backs Out: Real Estate Sales SolutionsWhen The Buyer Backs Out: Real Estate Sales Solutions


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When The Buyer Backs Out: Real Estate Sales Solutions

The first time I sold a house, I had no idea that the buyer could back out of the contract partway through. I was taken aback when it happened to me, and my real estate agent had to explain the process of terminating the contract and requesting the earnest deposit. After the contract was terminated, I spent a lot of time researching why a buyer could back out of a sale, what I could do about it as the seller, and ways to minimize the risk of it happening. I created this site to share what I've learned in the hopes of preventing other homeowners from experiencing what I did. I hope it helps you to be better prepared as you sell your home.

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Reasons To Sign A Short-Term Agreement With A Listing Agent

A listing agent is a key person on whom you'll rely when it comes time to sell your home. Before this process begins, though, you'll need to sign an agreement with the listing or real estate agent of your choice. This is an important document, as it gives the listing agent the right to represent you by listing and selling your home, and stipulates that you'll use this agent rather than switch your representation to another. Before you sign this agreement, you should know there can be some room to negotiate its terms. Many agents will offer short- and long-term agreements; for example, three months or one year of representation, respectively. Here are some reasons to opt for the short-term agreement.

There's More Pressure To Get A Deal Done

You want an agent who will give you results in a timely manner, and signing a short-term agreement can create a sense of pressure. If the agent knows that he or she is only representing you for a short amount of time, you can expect that he or she will do everything possible to sell your home within that duration — after all, given the work that the agent will be putting in on your behalf, it's only reasonable that he or she wants to get the deal done while still representing you. This means that the agent should take an aggressive marketing approach, offer plenty of open houses, and widely publicize the listing to other agents.

You Can Switch Agents If Desired

Although you'll hopefully find the right agent to sell your home, there are times that you may seek an agent with a different approach. When you sign a short-term agreement, you can simply wait until the terms of the agreement are up and then switch agents with no hard feelings. With a longer agreement, switching agents can be a challenge, leading to uncomfortable feelings on both sides of the table.

The Agent Will Know You're A Committed Seller

Many agents enjoy working with committed sellers over those who are indifferent to the process. While a wishy-washy seller will do little to aid in the sale of his or her home, a committed seller will take the opposite approach. This type of seller will keep the home looking spotless for open houses and showings, perform any repair work that the agent recommends, and relentlessly market the listing on social media platforms. A short-term agreement is more apt to be signed when you're a committed seller.