Why Are So Many Buyers Walking After Inspections? My Theory.
A couple of years ago, there were a lot more houses on the market, and a lot more to choose from. Buyers had looked at many of them, and when they decided to put an offer on a property, they were fairly satisfied that this was the best home for them. In their mind they were committed. Even if there were inspection issues, they were willing to work with the seller, because they felt good about this house, after having eliminated so many others.
These days, when the market is so hot, the buyer has usually lost out on at least one or two homes that they wanted, plus they may not have even gotten in to see others because the home was under contract in the first couple of days. So they have to move fast to make an offer.
They move so fast that they are not totally sure that this home is the one for them. They have not had the chance to eliminate many others so that they feel good, and committed, about their decision.
When the inspection comes back with some needed repairs, even minor ones, the buyers bolt, and want an earnest money refund. Many times they don’t give the seller a chance to offer to take care of issues.
Maybe this is another good reason for sellers to have the home pre-inspected, and at least take some of the objections away.
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