Vendors forced to relist homes as buyers walk away from last-minute deals

Cooling property markets are fuelling a spike in failed home sales, with buyers backing out at the last minute and leaving vendors scrambling to relist. The Real Estate Buyers Agents Association of Australia says it’s hearing more reports of deals collapsing after verbal agreements, and in some cases even after auctions, as nervous buyers rethink their decisions in a softer market. “Deals fall over at the 11th hour, and it’s happening more often than people realise,” REBAA president Zoran Solano said. He said in one recent case an agent believed a sale was effectively done, only to be told the following day the property was back on the market after the buyer walked away. “That’s the reality right now,” Mr Solano said. “Buyers are getting cold feet, they’re panicking, and they’re walking away from contracts they’ve already agreed to.” REBAA president Zoran Solano The warning comes as the housing market shows signs of longer selling times, rising vendor discounting and more listings being pulled from sale. According to REBAA, the shift is creating a more volatile environment for vendors and selling agents, particularly as buyers grow increasingly fearful of overpaying. “They worry th...