AS buyer, you loved your future home when you signed the contract to purchase it, but now you’re not sure if you made the right decision.
- What if you acted too quickly and a better house comes on the market next week?
- What if you paid too much?
- What if something happens to your finances and you can’t make your house payments?
A home is the most expensive thing most of us ever buy and we all want to be sure we’ve bought the right one. Take these steps to determine if your doubts are buyer’s remorse or an indication that there’s a genuine problem with the home.
- Find Your Wants-and-Needs List
- You probably wrote up a wants-and-needs list before you started looking for a home—
- features you really can’t live without and others that you’d really like to have if you could.
- Find it now and review your notes.
- What qualities made this house stand out from the others you looked at?
- Did you find many houses that met your needs or was this one a rarity?
About Those Discussions With Friends
Remorse sometimes kicks in after we start talking to others about the new house. They usually mean well, but it’s not uncommon for family and friends to question your choice and what you paid, especially if it’s your first home purchase and they consider themselves to be seasoned pros. But do they know the market?
It might have been years since your best friend bought a property himself and he probably isn’t in touch with current prices if that’s the case. He might even live in another part of the country, in an area where housing costs a fraction of what you can expect to pay at your location.
And let’s face it, parents rarely think a house is “good enough” for their children. You can’t compare how your parents bought a home years ago with your home today.
You Continue to Look at Houses
This is a big mistake. Stop looking at other houses when you’re already under contract to buy another one unless you just want to torture yourself or you feel that the contract has a good chance of falling apart. Maybe you’re not sure the appraisal will be satisfactory or you think the home inspection might uncover serious repair issues—then it’s OK to keep looking.
Your Real Estate Agent Offers No Guidance
Some agents don’t guide their buyers through the closing process. Questions and doubts pop up and the agents aren’t around to provide answers and assure their buyers that what they’re feeling is normal. Unanswered questions can put buyers into panic mode, especially when it’s their first home. Panic leads to doubt—and ultimately to buyer’s remorse.
Contact your agent and others involved in your closing whenever you have a question. It’s there job to help you. Nothing in life is certain, and we tend to think more about uncertainties when we make important commitments. Sometimes we just need a little reassurance. That’s one of many things your agent is there for during this period.
When Your Concerns Are Valid
Of course, you might be forced to cancel the contract if there really is a genuine problem and it can’t be resolved. There are times when purchases should be halted immediately.
- The conditions of your contract should allow you to back out without penalty under specific circumstances,
- such as that you can’t get financing or because the house didn’t appraise for a value at or above the contract sales price.
- The home inspection might uncover more repair issues than you’re willing to take on.
- You’ll want to pull the plug if there are problems with the deed or title. Maybe the property boundary lines aren’t as represented by the seller. A title search might uncover undisclosed easements that give someone else the right to use the property or undisclosed liens that won’t be satisfied at closing. Maybe the wife of a former owner never released her rights to the property.
- These and other serious problems are all issues that must be resolved before you purchase the property.
The Bottom Line
Ask Realtor or show and discuss your wants and needs list with him
- Give 5 point to one that must have and accordingly give #S from zero to 5, as per your must have or may be have.
- Then ask your realtor to show homes
- Make sure to keep speed and approval letter handy as while you looking at home today, someone might have seen it yesterday.