Posted On: July 30th, 2017 6:33PM
So you did your research, you looked at model homes, you investigated neighborhoods and school districts, you made an offer, and --voila!-- you're a homeowner! This should be one of the happiest days of your life...so why do you feel like driving off a cliff ala Thelma and Louise?
Well, it's called buyers remorse and it's as universal as the common cold. Statistics are on your side: 74% of first-time buyers say they like their new home better than their previous residence and 67% of repeat buyers like theirs better.
Legally you have 3 days to change your mind and cancel the contract. Right?
Nope! But there are several steps within the process where you have the option to opt-out or renegotiate your contract, but after a formal title close and recording isn't one of them. During the buying process a buyer can cancel for failure to qualify for the mortgage financing after a diligent and good-faith effort or based on the reasonable disapproval of some aspect of the home. What consitutes "reasonable disapproval of some aspect of the home"? Read on and find out.
Think structural, health & safety. Notice of violations of building, zoning, fire or health laws.
The best way to prevent (or at least mitigate) buyer’s remorse is to prepare yourself in advance, long before you ever sign on the dotted line. Discuss the process and all your purchase options with your real estate professional before you make an offer. During the process you will see times when you have options to move forward, withdraw your offer or re-negotiate.
When buyer’s remorse hits, as it surely might, remind yourself where and why you wanted to continue to buy a house in the first place.
Then pop open the bubbly and congratulate yourself!