What Is “Buyer’s Remorse” in Real Estate?
Question: Some people get the flu but I think I’ve got buyer’s remorse. We bought a home and now seem uncertain if it’s right for us. Can we get out of the contract?
Answer: It’s entirely common to feel uneasy after making a real estate purchase. Buying a property is a major decision. Not only is a lot of money involved, but there are also issues relating to lifestyle preferences, status and ego.
You need to take two steps. First, ask why you liked the property, if you have seen anything better, and whether there is any property that would not set off the same concerns. Second, imagine if the owners’ got “sellers remorse– and refused to go through with the transaction. How would
you feel?
If you think there is an objective, substantial problem with the transaction have your broker and attorney review your agreement. Among other questions, ask about opportunities to withdraw and possible penalties such as the loss of your deposit and the potential for other damages.
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Syndicated originally by Content That Works and posted with permission.
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