What if I think I made a mistake?

Asked by Dennisport, Massachusetts Tue Aug 11, 2009

I purchased a forclosed condo a few months ago. Now for several reasons I am wishing I hadn't made the purchase. Any advise?

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Raymond Card…, , Middletown, RI
Wed Aug 12, 2009
Hi Dennisport,

If you are unhappy with your current situation then the best thing is to improve it. If the problem is with the unit itself, then some simple, CHEAP redecorating may make a big difference. If it is the complex, the location, or the cost then you should find out what its current value is. You can ask a Realtor such as myself to do a FREE Comparative Market Analysis to determine how much you could sell it for in today's market. As stated in previous answers, you probably got a great deal on the property. This should allow you to walk away clean from the property or with a small profit that you can apply to a new place.
There is a chance though not as great that you could use it as an income property.
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Dave Dubak, Agent, Attleboro, MA
Wed Aug 12, 2009
The easy one is to just sell it. If it was a foreclosed condo you probably got a good deal, whats the reason you feel you made a mistake? A home,or condo, is a major investment and shouldn't be treated litlely. But if you feel you made a mistake correct it. It might cost you a little but why go through life uncomfortable?

First question is did you use a buyers agent? You should always use a buyer's agent to help you get answers to all your question to make you comfortable. A buyers agent works for you and there are many question they should help you get answers too. Are you comfortable with the payment, is the home close to your work, do you have family in the area, how is the school system if you have children? These are just some of the question a buyer agent will help you get comfortable with your decision.
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Kelli Cassidy, , 01950
Wed Aug 12, 2009
Where did you buy your condo? Do you think you can put it back on the market?

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Debra (Debbi…, Agent, Livingston, NJ
Tue Aug 11, 2009
Unfortunately, Dennis, buying a home isn't like buying a blender......you can't return it. Now, maybe Macy's might take it back,, but for sure the sellers (or especially, the bank) won't!

I don't know why you now wish you hadn't made the purchase. If it's financial, then the best you can do is hang in there, stay current with your payments, and wait for the market to at least stabilize, and then try to sell. That, however, is most likely several years away.

Whatever the other reasons might be, there isn't much you can do but make the best of it.
Of course, you could always look into renting it out if the numbers work. Call in a Realtor, and find out how much you might get asa a rental. If you can cover your monthly payments then that might be one solution.

Good luck.........
Debbie Rose
Prudential NJ Properties
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