Buyers Are Liars!?

[Ruby Ruiz]

I have been in Real Estate for over 3 years now, and even though I find myself to be experienced and know the difference between a real buyer and a fake one, I still get it wrong from time to time. I have recently purchased my first Sub-to property that I will be owner financing, after 2 weeks of looking for a buyer- I found the perfect couple to buy it, or so I thought. They gave me their sob story about not being able to buy traditionally due to immigration status, they told me how hard they work and how excited they were to finally be able to own their home after 12 years of renting. I was very moved, we made a deal that fit their needs, we brought down the interest from the original 8% I was asking to 6.5% to meet their monthly max budget. Maybe I got over excited, since this was my first owner finance deal, but I was really taken by them- I wanted them to live and buy our home. I thought I was creating the sought after "win, win" scenario we all want in Real Estate. I was helping a couple become home owners, while making a smart business move for myself. My heart sank to the floor when I received a text message from them telling me they will not be moving forward in the purchase. They "were not ready". They "wanted to wait". Everything leading up to this text message was positive, I never noticed anything wrong or remotely hinting to not buying. It stung for sure, even after 4 years in real estate I still got played. Sighhh. 

Has anyone else experienced this before? Is there anyway to catch fake buyers up front? or maybe I was blinded by being emotionally connected to the deal? I have been in Real Estate as a Realtor, wholesaler but just recently started to purchase properties as an Investor myself. Thoughts?

[Jay Hinrichs]

if in 4 years this is the first buyer to bail thats extremely good.. people get buyers remorse all the time does not mean they lied  they just get worried and change their mind.

Most important word in Real Estate sales is   NEXT  

[Ruby Ruiz]

Yes Sir! NEXT Indeed!!

[Victor Patel]

It sounds like they were the real deal but all of a sudden got "buyer's remorse".  It happens very often with first time buyers.  They get scared of the mortgage, maintenance, property taxes, etc.  Keep communication open and they may come around after they get over the fear.

[Ruby Ruiz]

Quote from @Victor Patel:

It sounds like they were the real deal but all of a sudden got "buyer's remorse".  It happens very often with first time buyers.  They get scared of the mortgage, maintenance, property taxes, etc.  Keep communication open and they may come around after they get over the fear.

 Thank you Victor! I will keep communication open, great advice!

[Eric James]

If you want to make money in real estate you don't cut special deals because of a sob story.

[Ruby Ruiz]

Quote from @Eric James:

If you want to make money in real estate you don't cut special deals because of a sob story.

 Lesson Learned!

[Eric Blair]

@Ruby Ruiz I

Don’t feel bad about falling for sob stories, even though I don’t think that’s what they were doing. I use to be a cop and all cops fall for sob stories when we are rookies. Mine was a veteran giving me this crazy sad sob story. I let him go with medics to the hospital only to find out later that he had 22 felony warrants. He was a vet but he was a lying pos. Never fell for another one

[Nathan Gesner]

This is part of the business. Nothing in your story indicates they are liars. They may have been very solid buyers that changed their mind for some reason. There are some pretty big names on this website that expressed interest in buying something in my market, only to change their mind and disappear. I've shown a dozen houses to a pre-qualified buyer, only to have them tell me they decided to rent for a couple more years or they are moving to another state. 

C'est la vie!