"Non-Buyer's Remorse"

Coaching 1st-Time Buyers

Everyone knows what Buyer's remorse is: the feeling you get, after you've bought something, that you just made a horrible mistake.

So, what is non-Buyer's remorse?

The feeling you get when you find out that the house you were furiously deliberating about buying, instead sold to someone else.

I counsel first-time Buyers weighing a purchase decision to imagine how they'd take such news.

If they think their reaction would be indifference (or similar) . . . it's not the right house.

(I suppose the appropriate name for that sentiment would be "non-Buyer's non-remorse").

P.S.: Buyers should trust their gut on this one only if they already have done their homework and know the market.

And, this test doesn't apply to investors.

P.P.S.: It's been awhile, but my advice to Buyers in multiple offers is similar: 'the right price to offer is the price you can live with if you get the house . . . . and the price you can live with if you don't.'

Suicide and Seller Disclosure

Disclosing, But on a "Need to Know" Basis

[Editor's Note: thanks to Henry Brandis, Edina Realty Senior Vice President, for providing background on this post.]

Currently under Minnesota law, home Sellers have no obligation to tell prospective Buyers that a suicide occurred on the premises (originally, there was no disclosure requirement; then there was; now there isn't again).

Yet experienced Realtors will often advise Sellers to disclose that fact, anyways, for two reasons: 1) the Buyer is inevitably going to find out; and 2) given #1, it's better for the Seller to get ahead of the issue, and defuse it.

"Need to Know" Basis

So, what is the preferred strategy?

Given the sensitivity of the subject, the most appropriate way to handle it is to wait until a prospect shows serious interest in the home -- typically, when they do a second showing.

Then, the listing agent will provide the prospective Buyer with an informal but written disclosure, and ask them to initial it.