Here, user WolfofWallStr lays out this tragic scenario:
Hey all. Had a buyer, I’ll call them they “Know it All” Family. They knew everything, especially since they watch Home & Garden TV, Million Dollar Listing, and saw something on Youtube that one time.
So anyways, the buyer (The Know It All Family) submitted an offer, solid offer. Seller countered. The two were $10,000 apart. The seller then offered to meet in the middle, so they are no longer apart. Unfortunately buyer refused and actually informed the seller they are considering lowering their offer. The buyer used silly excuses such as values listed on the tax assessment of the property & replacement values from insurance quotes. In the meantime, the seller got a higher offer… we snoozed, we lost and it was all the buyers fault.
Now this buyer is angry and doesn’t want to buy anymore. They’re solid buyers, but they think they know everything because they read some blog on the internet about real estate and watch RE TV shows lol. Any thoughts on how to handle situations like this in the future?