What is it?
Buyer’s remorse is classified as the afterthoughts and emotional response of fear which is triggered after the excitement of a large and costly investment. It may also include a sense of guilt associated with the purchase, perhaps even culminating in mistrust over the persuasive arguments of the selling or buying agent.
Buyer’s remorse is a normal response after the excitement wears off and when the realization of the enormity of a purchase and its ramifications hit home. The overwhelm and gamut of emotions could very well cloud a buyers judgment to make rash decisions or reversals that may or may not in fact be true. The emotional state, unless worked through in a sensitive and sensible approach, looking objectively at all the pros of the new purchase, could very well jeopardize the purchase of a property you have long been waiting to procure; especially when purchasing in a seller’s market.
In the Contract of Purchase and Sale, the purchaser has the protection of clauses that include securing financial wherewithal to purchase the property; the property inspection to reveal any defects that might need repair and an adjustment either to the purchase price, or agreement for the seller to do the repairs without any penalty to the purchaser. Until the contract shifts from being conditional and is sold “firm,” the buyer can walk away from the contract; however, waiting for the eleventh hour may end up costing the buyer money, and the seller in lost time and opportunities to reshow the property.
What can you do to prevent feeling remorseful about your purchase?
It is important to know right from the start what you are getting yourself in to. Your very first course of action, as your REALTOR® will inform you, is to have your mortgage agent pre-qualify you for the type of purchase you can comfortably afford. Armed with this information, you can feel confident that given your specific situation and earning capacity, savings, or gifts from relatives, you are well within your budget and comfortable to make the purchase.
Understand what you might be entering into if any repairs need immediate attention. Who is responsible for them? How will they be reflected in the final purchase price? Is the quote your contractor gives you realistic and doable at the end of the day? These are all the questions you need to ask and the due diligence you need to participate in with your REALTOR® to support you every step of the way. While REALTORS® may not give you professional answers to your legal, financial or renovation questions – they will certainly steer you towards the professionals who will do what they are trained to do.
Take a deep breath, take your time, and write down all your questions. Give yourself the time, focus and attention. Handle each question and situation one by one. Consider the market you have entered into. What are the forecasts for the future? Would that same property come back on to the market only more expensive in the future? Do you have the time and luxury to wait for the what-ifs?
Check off each concern as you deal with them. As your list gets shorter, so too do your fears – which you may find were unfounded, and just part of meeting and dealing with the other side of the spectrum of human emotions. Always remember to breathe and let your decision making come from an informed, focused and grounded, empowered position.