"Kirsten, sorry this happened to you! We had it happen in our office recently. Remember, all the stable people who make logical decisions are sitting on the sidelines until the uncertainty ends. All the CRAZIES are out there buying now." - Linda Ferrara, Coldwell Banker
This is a response to a post by local agent Kristen Lindquist lamenting the fact that her clients had backed out of a home purchase. Interesting that the first reply, by a Realtor no less, states that people "who make logical decisions" are not buying, however "CRAZIES" are out in full force.
Other comments in the thread are also revealing like:
"Kirsten, I've had this happen to me as well. Everyone is different. My buyers ended up getting a divorce 2 months later after being married for only 1 year. I had another client who almost pulled out of the transaction because he was worried about his job. A week after his offer was accepted, his company had a meeting and gave out pink slips to 20% of the staff and told everyone else there may be more layoffs. Hopefully, your clients will ultimately come back into the market with you when they are ready. In the meantime, keep up the professionalism!" - Anthony Ebright, Santa Rosa Home Loans
Notice the risk of taking on hundreds of thousands of dollars of debt for 30 years when this world throws you life changing curveballs months or even days down the road.
The second example is mindboggling. The client "almost" pulled out because he was worried about his job. Low and behold it looks like it is in serious jeopardy. The real estate professionals involved in the deal should have told him to seriously reconsider buying given his circumstances. It doesn't look like this was the advice he received.