Regretting my purchase

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:Assuming your loan will allow it, turn it into a rental and move.

At these rates I guarantee the rent won't cover the mortgage payment.

Maybe. Probably.

OP whats the bottom line here?

Paying $1M cash so no mortgage. No inspection beyond seller’s inspection (and the ones current owners did 3 years ago) and I am worried. I paid a lot over asking and am worried about unknown issues on top of that, plus it required some big compromises and also needs some updates.

"Paying" Are you closed yet?

How much EMD?

No closed yet. Mid October date. $50K EMD. I want to puke.

Are you within your contingency period still? Just walk!

No contingencies. I would lose the deposit. Possibly the whole thing.

Not to sound crass or privileged, but what is $50K when you're talking $1M in all cash on the most major purchase of your life. That stress would literally kill me. If this was 2021-2022 heck I'd say do the deal and then sell if you truly hated it, but the market has changed A LOT since then and there's a good chance you would be stuck in the house a long time, or move and lose a lot more than $50K.

Need to move. Right, worried I could end up losing a or more than 50K. Love the location. The rest is problems.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Assuming your loan will allow it, turn it into a rental and move.

At these rates I guarantee the rent won't cover the mortgage payment.

Maybe. Probably.

OP whats the bottom line here?

Paying $1M cash so no mortgage. No inspection beyond seller’s inspection (and the ones current owners did 3 years ago) and I am worried. I paid a lot over asking and am worried about unknown issues on top of that, plus it required some big compromises and also needs some updates.

"Paying" Are you closed yet?

How much EMD?

No closed yet. Mid October date. $50K EMD. I want to puke.

Have your attorney communicate to the seller that you wont be closing. Unlikely, but they may accept something less that 50k to get your claim off the title ASAP. Offer to sign a release agreement for 25K. Unlikely, but you can try to negotiate.

Worst case, you learned a 50k lesson.

[Anonymous]

I loved my house when I bought it 10 years ago, but now that we have two teens and a 95lb dog, it’s feeling very small…

[Anonymous]

Anonymous wrote:I loved my house when I bought it 10 years ago, but now that we have two teens and a 95lb dog, it’s feeling very small…

Uhhh .... this doesn't even compare to what OP is talking about

[Anonymous]

Remember to blame boomers they are the real problem with your house cause they are hoarding and stealing your money

[Anonymous]

Anonymous wrote:Meh, this is a normal feeling. What made you want the house in the first place? Do you need to move or did you want to move? Think about what made you look for a new home and choose this one and focus on that.

That or lose $50k!

Location and kept picturing what I could change but can’t afford to change much at this price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Assuming your loan will allow it, turn it into a rental and move.

At these rates I guarantee the rent won't cover the mortgage payment.

Maybe. Probably.

OP whats the bottom line here?

Paying $1M cash so no mortgage. No inspection beyond seller’s inspection (and the ones current owners did 3 years ago) and I am worried. I paid a lot over asking and am worried about unknown issues on top of that, plus it required some big compromises and also needs some updates.

"Paying" Are you closed yet?

How much EMD?

No closed yet. Mid October date. $50K EMD. I want to puke.

Have your attorney communicate to the seller that you wont be closing. Unlikely, but they may accept something less that 50k to get your claim off the title ASAP. Offer to sign a release agreement for 25K. Unlikely, but you can try to negotiate.

Worst case, you learned a 50k lesson.

How do I have a claim on the title if I don’t own it yet?

[Anonymous]

How do I have a claim on the title if I don’t own it yet?

You are under contract, correct?

[Anonymous]

OP I think I would feel somewhat better if they would allow me to inspect it. So worried that it’ll be a triple bit with overpaying, updates and then surprises.

[Anonymous]

OP I think I would feel somewhat better if they would allow me to inspect it. So worried that it’ll be a triple bit with overpaying, updates and then surprises.

As a buyer, what good would this do with no recourse, contingency?

As a seller, I would never, ever allow this.

[Anonymous]

Yes. And I’m still stuck with it 20 years later. I try to focus on the positives. Good schools. Safe neighborhood. Near family. But our house is ugly and small.

[Anonymous]

You can negotiate the EMD if you walk - we did (we got half back). Try if you really really want to get out of it.

[Anonymous]

Anonymous wrote:Yes. And I’m still stuck with it 20 years later. I try to focus on the positives. Good schools. Safe neighborhood. Near family. But our house is ugly and small.

Over the course of the last 20 years you could have easily done things to make it less "ugly". I understand not having the finances to increase the size, but you could paint, landscape, etc.

[Anonymous]

Anonymous wrote:

How do I have a claim on the title if I don’t own it yet?

You are under contract, correct?

Yes

[Anonymous]

Anonymous wrote:

OP I think I would feel somewhat better if they would allow me to inspect it. So worried that it’ll be a triple bit with overpaying, updates and then surprises.

As a buyer, what good would this do with no recourse, contingency?

As a seller, I would never, ever allow this.

It would be that or walk.