Combat Having Buyer's Remorse
You did your research, possibly viewed some model homes, searching school districts in your selected neighborhoods and then you made an offer, and—ta-dah!—you’re a homeowner! This should be one of the happiest days of your life…right?! But why do you feel like Thelma and Louise and about to go over the cliff?
You now be wondering if you paid too much as you got the home? Questions if you really found the right house for you? Finding you may have a fear asking yourself... will we ever scrape up enough to pay the enormous mortgage payments? How can I get out of it?
Well, it’s called buyer’s remorse, and it’s as universal as the common cold. So take a deep breath, do a few yoga poses 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?
Wrong! No such law exists unless its a condo in Florida. The only way you can cancel the contract is if cancellation rights are written in the contract and have an inspection period. Here in FL we make sure you get your inspection period that gives our an out of the contract for a specific number of days. Andrea can explain the contract details prior to signing the contract once we find the right property.
Generally, a buyer can cancel only for failure to qualify for mortgage financing after a diligent and good-faith effort, unless we have the inspection clause. What constitutes “reasonable disapproval of some aspect of the home”? Read on and find out.
- Notice of violations of building, zoning, fire or health laws.
- Flood hazard designation (resulting in the cost of flood hazard insurance).
- The title commitment report from the title company (which may indicate liens, unpaid taxes and easements restricting the use of the property).
- The Seller's Property Disclosure Statement.
- Condo association disclosures (such as the restrictions contained in your community's covenants, conditions and restrictions or other governing documents).
- Inspection results due to various issues
If a buyer tries to cancel the contract just because of cold feet, the buyer is in breach of contract. The seller is then entitled to request mediation, file a lawsuit, keep the buyer's earnest money as damages, or ask a court to order the buyer to purchase the property. Andrea wants to help buyers avoid these.
You're less likely to suffer from buyer's remorse if you have a real estate agent, like Andrea Simon and Mark Simon, you trust who can help you evaluate your housing needs. But 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.
So when buyer’s remorse hits, remind yourself why you wanted to buy a house in the first place. Now pop open the bubbly and congratulate yourself on becoming a homeowner.