Regretting my purchase

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

You are under contract, correct?

Yes

Speak with an attorney. But in broad terms you have like a claim to the title until there is a signed release agreement. Like, the seller can’t re-list the property until there is a signed agreement saying your are no longer involved in a purchase agreement. Because the seller would not be able to re-list until your default is settled – which could drag out making the attorneys happy - sometimes sellers will negotiate the EMD to make you “go away”.

The devil is in the details (your contract).
Don’t take legal advice from the internet.
Speak with an attorney to weigh your options.

[Anonymous]

Anonymous wrote:

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.

You’ll be able to change things eventually but you can’t change location… remember that.

Yes you’ll have to save and wait to renovate but make small changes if you move in or changes you can make yourself.

[Anonymous]

This is hilarious considering people like you that wave all rights, pay cash and go over asking are part of the reason why housing is so unaffordable now.
Ah well, try to deal for the next 10 years. You can’t rent it out so focus on your “location”. Lol

[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.

OP, can you take out a mortgage instead of paying $1M cash? Even a $200,000 mortgage? Then you could have more set aside for emergencies and improvements.

Why can you not inspect the property? Even if inspection isn’t a contingency, you could inspect? You just couldn’t use anything found as a reason to back out of the deal.

Is getting someone else to take over the contract an option? People do this purposely with real estate (they find deals that others would want).

[Anonymous]

I gave up on having a house I love. Housing is too expensive and I can’t afford what I like unless we move to St Louis.

So yes, I kind of hate my house.

[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.

You’re paying a million dollars cash for a pig in a poke? 😱

[Anonymous]

Hi OP. I hate my house, and I felt the same way when under contract five years ago, but my husband refused to consider backing out.

Now we are stuck here, can't afford to move anywhere decent, and lost our chance to buy a better house when we could afford it. I spent a long time trying to learn to appreciate my home but I don't, and it feels better to recognize it as a mistake.

We will renovate, and it will be better, but not as good as if we had just bought a better house five years ago, and I'm still bitter about it.

[Anonymous]

Anonymous wrote:Hi OP. I hate my house, and I felt the same way when under contract five years ago, but my husband refused to consider backing out.

Now we are stuck here, can't afford to move anywhere decent, and lost our chance to buy a better house when we could afford it. I spent a long time trying to learn to appreciate my home but I don't, and it feels better to recognize it as a mistake.

We will renovate, and it will be better, but not as good as if we had just bought a better house five years ago, and I'm still bitter about it.

Couldn't be that bad: you're still married!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

You are under contract, correct?

Yes

Speak with an attorney. But in broad terms you have like a claim to the title until there is a signed release agreement. Like, the seller can’t re-list the property until there is a signed agreement saying your are no longer involved in a purchase agreement. Because the seller would not be able to re-list until your default is settled – which could drag out making the attorneys happy - sometimes sellers will negotiate the EMD to make you “go away”.

The devil is in the details (your contract).
Don’t take legal advice from the internet.
Speak with an attorney to weigh your options.

Thanks so much. First time homebuyer so didn’t know all this.

[Anonymous]

Anonymous wrote:This is hilarious considering people like you that wave all rights, pay cash and go over asking are part of the reason why housing is so unaffordable now.
Ah well, try to deal for the next 10 years. You can’t rent it out so focus on your “location”. Lol

Yeah super hilarious since I have no equity, have been looking for three years, was priced out of two cities, was outbid five times on cash offers in the last 8 months, and just committed a third of my net worth to a house that is overpriced with no inspections that needs updates. It’s so so funny.

Not sure why you think I can’t rent it out though if I would own it.

[Anonymous]

The days of buying a house you love are over. Everything is too expensive. I settled for a place to live. I hate it but it was the best of what was available when we needed to move in our price range.

[Anonymous]

Anonymous wrote:Hi OP. I hate my house, and I felt the same way when under contract five years ago, but my husband refused to consider backing out.

Now we are stuck here, can't afford to move anywhere decent, and lost our chance to buy a better house when we could afford it. I spent a long time trying to learn to appreciate my home but I don't, and it feels better to recognize it as a mistake.

We will renovate, and it will be better, but not as good as if we had just bought a better house five years ago, and I'm still bitter about it.

Let it go. Being bitter doesn't serve you or anyone. If you can afford to renovate like you say then make it into what you want.

Grass is greener isn't always true. You could have bought a "better" house and had a huge sewer backup or a foundation issue or a nightmare neighbor. Don't live in the "what ifs"

[Anonymous]

Why did you pay cash? Why did you not get an inspection????

[Anonymous]

Anonymous wrote:We bought a place prior to the pandemic and it took at least a year before it felt like home. We needed to do so many things to make this place liveable it was a lot of work. I really dislike my neighbors, our old place was so nice, had a better location and the neighbors were amazing.
The interest rate is at 2.5% so we're stuck and will make best of it.
But, yes, wish we had stayed in the old house.

Why did you move?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is hilarious considering people like you that wave all rights, pay cash and go over asking are part of the reason why housing is so unaffordable now.
Ah well, try to deal for the next 10 years. You can’t rent it out so focus on your “location”. Lol

Yeah super hilarious since I have no equity, have been looking for three years, was priced out of two cities, was outbid five times on cash offers in the last 8 months, and just committed a third of my net worth to a house that is overpriced with no inspections that needs updates. It’s so so funny.

Not sure why you think I can’t rent it out though if I would own it.

If your net worth is $3 million, you can afford a $50K mistake (or whatever smaller amount your agent can negotiate). If you bought then decided to move, you'd be out much more than $50K.