Buyer’s Remorse

Buyers Remorse - The Tuttle Group

If you’ve done just about any shopping in your life, you’ve probably experienced buyer’s remorse of some sort. And in most cases, you can take the item back for a return or exchange. Unfortunately, for one of the biggest purchases of your life, buying a home, there is no return policy.

With the Dallas housing market busy right now, with competitive bidding and a low inventory, it can be all too easy for potential homebuyers to jump the gun, but then experience buyer’s remorse.

How do you avoid experiencing buyer’s remorse? Keep a level head and consider the following:

You are not playing to ‘win’ a house

Don’t make a hasty decision in the hype of the moment trying to “win” a hot new listing that you know has other interested buyers. If you find yourself in a competitive situation where there are multiple offers, take a step back and make sure you really want the home, and the price is still right for you.

See the house more than once

No matter how much you think you love the house the first time you see it, make sure you see it a second time (or more). Doing so will keep your heads out of the clouds, and help keep you from making a blind decision. You’ll often overlook something in your first time through that stands out during your second visit.

Revisit the listing photos

Jog your memory of the house with the original listing photos that won your interest in the first place. A lot of buyers fall in love with their house through the pictures first, and then confirm that feeling in person. Revisiting the photos after the fact can give you a new perspective. Were the rooms really that big or were the photos taken with a wide angle lens? Was there damage that was unseen in the pictures? Was there areas of the house that were not included in the listing photos…why?

Read the seller’s disclosure

Ask for available disclosures and thoroughly read them before making an offer. Failing to do so can be detrimental. A lot of red flags can be spotted just by reading these documents.

Is this house what you were looking for in the first place?

Buying a house is a process, and in this process many home buyers change their vision. A change in vision is okay, but don’t give in on your core requirements. Falling in love with a house that doesn’t meet your needs will lead to eventual buyer’s remorse.

All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation

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