Hmmm ... is there any reason
not to expect that you'll go into an infinite loop about this? You decide on the new house, fire up your browser the next day, go to realtor com "just for fun", "just one more time", and .....
Your situation seems to have "slippery slope" written all over it! Something similar to this made me delay buying a new computer for 2 years.
(Memo to management: I could really use a puritan-looking smiley wagging a very bony index-finger. Can I have one, please?)
Good luck, whatever you decide though
Actually I went to realtor.com not "just for fun" but seeking to reassure myself that I got the best possible house.
But the principle still applies.
Shall Not Visit Realtor.com.
Done is done and there's an end on it.
Now, in the sour-grapes-to-make-you-feel-better department, the low price indicates that not all is ideal.
When is closing?
End of June.
<nibble nibble.>
Think of your house, waiting-waiting-waiting. Think of her anguish now that the Look Good Floozie down the block is Making Advances on her people.
Be true! Be constant! Anguished houses have convulsions in the plumbing and are subject to dry rot.
You promised that house....you promised.
Quote:Later that night or perhaps the next day, you started worrying.
Did you make the right decision? Can you afford it? Is it the right time? Should you have waited? What if you lose your job? What if this happens? What if that happens? Anxiety and stress set in. Sleep may be hours in coming.
This is a normal reaction to buying a home. It is called "buyer's remorse."
Good to hear it's normal.
All this time I thought that when I got buyer's remorse after supersizing a meal I was a freak!
Many I night I tossed and turned with those
exact same thoughts. While I don't have the sleep back at least I have the comfort of knowing that it is normal.
I'ma goan splurge soon and ask for an extra packet of sauce! God I'm impulsive!
<leaves singing "livin' on the edge">
Oh, supersizing a meal. Missed that the first time around. I was gonna sympathize, I know those augmentation surgeries can be pricey.
Craven de Kere wrote:Quote:Later that night or perhaps the next day, you started worrying.
Did you make the right decision? Can you afford it? Is it the right time? Should you have waited? What if you lose your job? What if this happens? What if that happens? Anxiety and stress set in. Sleep may be hours in coming.
This is a normal reaction to buying a home. It is called "buyer's remorse."
Good to hear it's normal.
All this time I thought that when I got buyer's remorse after supersizing a meal I was a freak!
Many I night I tossed and turned with those
exact same thoughts. While I don't have the sleep back at least I have the comfort of knowing that it is normal.
I'ma goan splurge soon and ask for an extra packet of sauce! God I'm impulsive!
<leaves singing "livin' on the edge">
Don't be silly - you're just a freak. Live with it.
Oh THAT old house. It's got bugs and water in the basement. Prolly has termits, too. you don't want that old thing.
(Did that help?)
(It did! :-D)
What's weird about this is that since it's on the same block I'll definitely see it, even if I don't seek it out. I think I'm at peace with the concept, though. I think.
(I said way back when that I'd have a tenuous grip on my sanity 'til closing... this is just too big to not make a dent on my psyche.)
But if you didn't close already, why is everyone already treating it like it's too late?
I avoided this question cause I figure it's the anti-thesis to all the "prtend it's sour" advice you're gettin' but I still can't figure it out.
I mean, I can imagine that the buyer's remorse thing is an inevitability and that you can't let it bring you down but at the same time why is it too late?
I agree with Craven and was going to post anyway that I, at least, would go see it. I suppose we should wait for people who understand the real estate buying process more to post...
but I'd look.
Agh.
Well.
Basically, there are several steps in the process. At this point, we are under contract with contingencies. One of the contingencies has been resolved -- the home inspection and resultant "request to remedy." The other contingency is financing, but we have already been pre-approved, so that's not actually an issue. (It's highly unlikely that we won't get financing.)
The only thing in the pipeline that would break things off in the normal scheme of things is if the mortgage-company-ordered appraisal is alarming. Like, if the sale price is $200,000 and the appraisal finds it is worth $100,000, then the bank won't finance us.
So.
What I am not entirely clear about, myself, is what happens if we exit the contract now without any specific cause. I know that we would lose our earnest money -- a $1,000 deposit. What I think, but am not sure of, is that if we extracted ourselves from this contract and then attempted to buy this other house, the buyers would look at us askanse and perhaps not want to deal with us. Our realtors have said over and over again how well all of the realtors know each other and how the community is too close for anyone to get away with anything. This was mentioned in terms of us not having to worry about the seller being weaselly, as the seller's agent wouldn't let them and if they did, the seller's agent would have a hard time finding work again. I think backing out at this point is considered at least weaselly and at worst downright illegal -- breach of contract.
If I want to even allow myself to think about this stuff, I'd investigate these aspects further.
Maybe I'll ask for the buyer report. I'm a plan B kind of person, the realtors know that.
Hmmmmm.
Interesting. I can offer no advice, because I do not know your system.
Here, it is almost unknown for the deposit to be confiscated if the buyer reneges - even without cause. I was told that when I was selling. I think it weird, but there it is.
Why not have a good look so you know where you are if some legal reason presents itself to get out of your present contract?
The $1,000 seems a small price to pay if you end up getting a better house - over here deposits are 10% (or 20%) of the selling price.
Can you get a definitive answer on whether the reneging without legal cause would have a real effect on your next purchase?
Here you can be sued for backing out of an offer to purchase, for any reason outside of the contingencies in the contract. Which of course messes you up for purchasing anything, cause everything you own is now being held ransom. You definitely want to find out what the deal is in Ohio.
I'm virtually certain that at this point I have a legally binding contract, with all that entails. Just re-read it.
But will check for certain.
I'm going to ask for the buyer report, though; if it's bad, I don't have to think about it any more, and if it's good, I'll have a plan B. (And if it's REALLY good, I'll find out more about the contract specifics...)
Find out what your contract means. Don't get all frothy about another house til you're sure you can get out of the first one.
Look, soz, buying a house is like the rest of life. You can't control all the angles, all the time. You may end up with the perfect house, either the one you are contracted to buy, or this currently interesting one, or some other one. Or you may end up with the right house for right now.
Find out what the contract means.
I've already asked for the buyer's report. That will tell me a lot more, and I pretty much expect that it will show problems. The price is low for what it is, and that probably will be about the condition.
If so, done, won't think about it again.
That's what I expect.
If not, then I start thinking about the other stuff, but at this point I'm just about getting the best possible house and being as clear-headed about it as I can.
Five things you must know before buying a house are, 1. location, 2. location, 3. location, 4. location, and 5. location.
