Gauteng Business News

Send  Share  RSS  Twitter  21 Jul 2010

PROPERTY: Give Me Back My House


Recent Gauteng Business News

Homebuyers are sometimes overcome by the enormity of their new financial commitments and try to cancel the deal – but sellers may also succumb to deep feelings of remorse once the contracts are signed.

“Seller’s remorse is perhaps not as prevalent as buyer’s remorse,” says Martin Schultheiss, CEO of the Harcourts Africa property group, “but that makes it no less intense. Remorseful sellers should, however, take a measure of comfort from the fact that some doubt is quite normal and they should carefully examine the reasons for their anxiety.

“While buyers may be overwhelmed by the financial implications, sellers’ response is more often emotional. After all, it can be heart-wrenching to let strangers take occupation of the home where your family shared years of joys and sorrows.

“Add to that the stress and financial implications of buying and relocating to a new home yourself, and the urge to ‘just call the whole thing off’ becomes understandable,” he says.

Schultheiss cautions, however, that cancelling the deal on a whim may expose sellers to severe legal penalties. He advises sellers who succumb to remorse to take a hard look at their original reasons for selling. “On closer inspection they will probably realise that their emotional response to forfeiting a beloved home does not change the material reasons for selling, such as a need to downsize or to relocate to a more suitable area.

“And tackling the challenge of moving to a new home will do much to take the mind off feelings of loss and remorse,” he adds. “Apart from the obvious arrangements for packing, engaging a removal company and preparing the new home, it also helps to focus on the new destination and its attractions.

“Start investigating available cultural and sporting activities and make lists of things you and your family may want to see or do – and soon your feelings of dread may change into feelings of pleasant expectation.”

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