Combat Buyer's Remorse

Real Estate

Combat Buyer's Remorse. 

 

Buyer remorse is as universal as the common cold. It's the sinking feeling that buyers get right after their home purchase. Take a deep breath and relax. It’s going to be okay. Everyone goes through it. Statistics are on your side: 74 percent of first-time buyers say they like their new home better than their previous residence, and 67 percent of repeat buyers like theirs better.

And anyway, you legally have three days to change your mind and cancel the contract. Right? NOT! 

No such law exists. The only way you can cancel the contract is if cancellation rights are written in the contract. Generally, a buyer can cancel  before removal of contingencies built into the contract. One reason can be for failure to qualify for mortgage financing after a diligent and good-faith effort, or based on the reasonable disapproval of some aspect of the home. As your Realtor, I can tell you all about "removing contingencies" if you are new to the process. 

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. Write out the pros and cons. Do your homework. Work with a great Realtor. Then relax and enjoy your new home.