Home Buyer's Remorse

I know I have mentioned in a past blog that a home purchase is one of the largest most people will make in their lifetime. This is still very true ans the real commitment to the process starts the moment you submit an offer on a home.

I say this because once the seller accepts the offer you are now legally bound to the process. You can back out of the process at any time including all the way up to closing date but there will be legal consequences. The longer you wait to back out, the worse they probably will be.

Think of it this way. You've had all sorts of inspections completed. You've negotiated through your agent for the seller to do repairs and as a result the seller has invested more money into the home to your specifications. You decide it's not the home for you.

How do you think the seller is going to feel?

Do you think they'll be okay with you backing out of the contract? That they'll be happy to let you go and they'll just go find another buyer?

Odds are good, you're going to be sued.

Now. If you don't back out, you close on the home, and you get the keys to your new property, then you're still very much in a committed relationship with the home. There are still legal consequences to backing out or failing to make timely payments on the home.

Statistically speaking, most people don't regret the mortgage payment, so much as they regret the maintenance. The costly longevity of maintaining the property. No longer is there a landlord to call and make a complaint, and now it all comes out of pocket now. 

A common assumption when most people think of someone that has buyer's remorse is that it's only first time home buyers. This is a mistake. Whether it's your first home or your twentieth home purchase, make sure you are buying the new home for the right reasons. Another important reason that you pick a realtor that will coach you through the decision and not pressure you into making it. 

Remember, approved amount from a lender does not mean affordability. 

Until next time.

Happy Hunting,

Kurstin Raposa, a Realtor specializing in assisting buyers and sellers throughout St. Louis, Missouri and the surrounding area including, but not limited to, Jefferson County, South County, St. Charles County, and St. Louis County with Exit Elite Realty. Nothing beats a real estate agent with thorough knowledge of a local market that loves to share it with anyone that'll ask. If you have any questions please call or text: Kurstin Raposa 314.596.8608
Location: Arnold, MO 63010, USA

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