Please advise us as what we can do , so that we do not loose the house and not pay too much

Asked by Confused Home Buyer, Acton, MA Wed May 26, 2010

hi We made a offer on house and they accepted it, now we feel like the house is overpriced by about 15 to 20k.We still like the house I know it sounds crazy , but we are first time home buyers with no proper guidance.
So pl. help us as what we can do?

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Janice R. Vanderaa’s answer
Janice R. Va…, , Concord, MA
Wed May 2, 2012
Hello Confused Home Buyer, The activity in the spring market in this area can be a bit crazy. I assume you are working with a lender on your purchase. The home will have an appraisal as part of the lending due diligence. The appraisal is another step in the process to verify value compared to other area recent home sales.

Buyers remorse is not at all uncommon. Rest assured that when you move onto moving day you will remember how much you loved the home and why you moved forward with your offer. There is value to the life that you will be enjoying in your new home.

For future reference, there is great value in working with a buyer broker who can help you to establish and understand value. Keep it in mind for your next transaction.
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Kevin Vitali, Agent, Tewksbury, MA
Fri Nov 4, 2011
Ouch..... I can not stress enough how important it is to work with a good buyer's agent. A buyers agent will help you determine fair market value of a home BEFORE tendering an offer.

First of all, breaking a contract can cost you your deposit money. You must read the contract and see what right both the buyer and seller have in a broken contract if you are thinking of backing out. If there is a large deposit involved you should consult a real estate attorney.

Secondly, if you like the house and don't want to break the contract, the mortgage commitment could be your last line of defense. If you do not receive your mortgage because your property did not appraise, most likely you have a mortgage contingency clause that can protect you. As Emelia pointed out the banks interest mirrors yours and if it can;t appraise they will not lend.
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Betsy Purcell, Agent, Concord, MA
Tue Jun 15, 2010
By working with a buyer's agent, who will be working on your behalf (and not for the benefit of the seller), you can feel comfortable that you have the proper information to make an informed decision. A buyer's agent will be able to pull comparable sales information, and will understand the nuances of the various neighborhoods within a community. In addition, if you are financing the sale through a bank or mortgage company, an appraiser will be hired to determine the market value of the home, protecting the bank, primarily, but also protecting you, as a buyer, from paying too much.
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Emelia Sanch…, , Ontario, CA
Wed May 26, 2010

You do not need to worry about paying too much your lender will not let you. When the appraiser comes out to value the property they will tell your lender what they think it is worth and will only lend you that amount. Why when you are making probably the biggest purchase of your lifetime you have no guidance?
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Scott Godzyk, Agent, Manchester, NH
Wed May 26, 2010
The first problem could be you didnt use a buyer broker. you should know buyer brokers can work for you at no cost to yourself as they get paid a commission as advertised in mls by the listing agent paid at closing. They in turn guide you through each step of the buying process.

The first rule of buying is to assess what the value of the property is in todays market and base your offer on that. If you already made an offer, it may be too late to bring in another agent but you may want an attorney to review what you have signed. If you already entered into an agrement you would need to use a contingincy to get out, at this point it is unlikely you can renegotiate a price if you already agreed to it.

good luck working things out
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Anna M Brocco, Agent, Williston Park, NY
Wed May 26, 2010
What is your agent advising--and have you reviewed comps--recently sold similar properties in the immediate area--if so what does the data suggest as to a fair offer--if you weren't provided with comps, ask your agent to review them with you--then make your determination.
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