Home Buying in 52317>Question Details

Mary, Both Buyer and Seller in 52601

Buying a house and having serious regrets. We are having to relocate for my husbands job. We were looking for a home in a friendly quiet neighborhood

Asked by Mary, 52601 Sat Aug 11, 2012

And seemed to find one, but not perfect. My husband liked it, but it has features I can't see myself living with for ten years or raising a family in. It's a zero lot and I wanted a detached. We were told another offer was coming in so we offered full asking price. Found out there is a short sale RIGHT across the street for 20k less!!! The sign was kicked down when we went to look at ours! I am worried sick that we are paying way too much and will not be able to resell in a few years when these things turn out to make me miserable every day :( very worried that we are being taken, that the home is not worth what we are paying, despite the appraisal coming in right AT purchase price.ugh. I am crying and obsessing every day. Now things are coming up like the sellers can't fix items on the remedy request, will I accept escrow instead? I just want to walk and find the house I really wanted :( is this possible. The sellers have a backup offer.

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The short “sale” across the street probably won’t sell, most don’t. Your lender will not close a loan if the value isn’t there. If the seller isn’t able to make necessary repairs that probably gives you an out.

None of that stuff is the real cause of your stress, the relationship between you and your Realtor isn’t as strong as it should be, that is the foundation of your problem. Buy lunch for your agent, block out a couple of hours to spend with each other, make notes before the meeting about your desires, needs, past, future plans, etc. Let them get to know you but more importantly get to know them. It is the fear of the unknown that causes stress, eliminate it and you will relax, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Sat Aug 11, 2012
Mary,

Are you working with an agent? Buyers regret is a common issue. It would be helpful to know what other homes that are similar to yours have sold for recently to know if you are getting a fair deal. Usually this is done by your agent prior to writing an offer.

Regarding the foreclosure, it may bring the value of your home down, but it may also have needed a lot of repair to bring it up to the same value as yours. It is very hard to know without having seen it.

Overall, the North Liberty market is an excellent place to invest your money. And newer zero-lots have been reselling well in our area for more than a decade. The National Association of Realtors Chief Economist is predicting a housing market recovery over then next 1-3 years. This is excellent news! And has stated that now is the best time to purchase a home in recent history due to affordability and low interest rates.

All of this makes me believe that you will not regret your purchase, but without knowing the details, there is no way for me to know if you are getting a fair deal.

That being said, if you cannot come to agreement within the inspection clauses of your contract, you may be able to walk away with your earnest money in tact. But please, please be sure this is what you want to do. If North Liberty is your location of choice, housing is tight and finding another home may be difficult.

I hope this is helpful. If you do have an agent, please discuss this openly with him or her. They will certainly be able to help address your concerns.

Best of luck!
Tia
0 votes Thank Flag Link Sat Aug 11, 2012
Without knowing how your contract reads, Otis impossible for us to answer. Would suggest you y'all with your agents broker since it sounds like you don't really trust your agent. Or maybe a real estate attorney. Think I would make an appt with the. Broker, take your contract with you and go over it with them. Also ask for a good market analysis to show the value of the home. A short sale is normally listed for less to compensate buyers for months of not knowing if they get it or not. Also, the bank may not be willing to sell at that price, the agent just wants an offer to get the process going.
I wish you peace with your decision
0 votes Thank Flag Link Sat Aug 11, 2012
Or at least I was told they have a backup offer by my buyers agent.... However I spoke with the sellers agent and he, not knowing who I was, encouraged me to make a backup offer!!!! Do you understand why I am so scared. I don't even know who I can trust to represent my best interests, moving into this brand new community. If the seller doesn't abide by the remedy request can I walk?
0 votes Thank Flag Link Sat Aug 11, 2012
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