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If you’re house-hunting in today’s unpredictable real estate market, you’ve probably heard the advice to get creative. One popular suggestion? Posting on neighborhood boards to find out if anyone wants to sell. It sounds great on paper – reach potential sellers directly, avoid bidding wars and snag your dream home. However, as one homebuyer learned, this strategy can have some serious downsides.
This buyer shared their experience on Reddit’s r/RealEstate and it’s a cautionary tale for anyone considering this approach. In their quest to find a home in a neighborhood with 1,500 houses, they posted online asking if anyone was planning to sell. Several homeowners answered over six months. They made significant offers on three residences that suited their needs and budget, much over the asking price, with flexible terms including rent-back possibilities and no conditions attached.
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Yet, every single deal fell apart.
The homeowners were initially excited about selling for a high price. But once the contract details were on the table, reality set in. Each seller backed out after realizing they had nowhere to go. Downsizing seemed feasible, but the current market meant finding a smaller home would cost them three times their current mortgage for half the size. The sticker shock was too much for these long-term homeowners, who had lived in their houses for over 15 years.
The buyer summed it up: They saw the dollar signs but didn’t think it through. They wanted equity but hadn’t faced the reality of what would come next.
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Downsizing is as much an emotional decision as it is a financial one. Many people have difficulty letting go of their space, memories and way of life. For some, moving to a smaller house feels like losing progress. For others, it’s about facing the reality of aging or saying goodbye to a place filled with memories. These feelings can make it hard for sellers to follow through, even if selling seems like a smart financial choice.
