3 last minute real estate regrets - and how(finished)
3 Last-Minute Real Estate Regretsand How to Combat Them
Any time you make a major commitment,financial decision or move to the next step inyour life, there’s a chance you’ll have regrets atthe last minute. Just as brides and groomscommonly experience cold feet before they walkdown the aisle, many a home buyer has foundthemselves sitting at the table, pen paralyzedover paper, mentally cataloging their last-minuteregrets.
1. I left money on the table - could have gottenmore (or paid less) for it. This regret showcasesa classic case of buyer’s - and seller’s - remorse.The day an offer is signed, sometimes withinmoments after acceptance, sellers second guesswhether they might have been able to get morecash if they’d negotiated harder, and buyersbeat themselves up over not going in lower orholding out against the seller’s counteroffers.
2. I’m overwhelmed by the mortgagecommitment. 25 years seems like a long, longtime. But here’s the rethink: you need to livesomewhere forever, and I hope that your foreverwill last 25 years times 4! So, unless you haveaccess to free housing somewhere, here are youroptions:• You can rent a home and pay rent to a landlordevery month for the rest of your life, or• You can buy a home with cash, or• You can use mortgage financing to buy a home,and make payments on it over time.
3. I can’t believe I went through all of my cashcushion! In this relatively new mortgage era,lenders are requiring buyers to put some of theirown skin in the game, by requiring down paymentsin a way they once did not. Beyond that, the vastmajority of the down payment assistance programsthat once helped buyers meet these requirementsare now gone. As a result, today’s buyers frequentlyspend a couple of years saving up their cash, andoptimizing their credit creating strong financialhabits and getting used to having a fluffy cashcushion along the way, then end up writing a coupleof cheques, initial deposit and cash to close - thatwipe nearly the whole thing out in 45 days or less.
Realtors: What regrets do you see buyers andsellers express, and what are your tips forhandling them?Buyers/Sellers: What about you? Ever faceddown regrets, valid or invalid? Howd you do it?
Randy BettInvestment Realtor/Author/InvestorReal Estate Professionals Inc.Better Group Real Estate202-5403 Crowchild Trail NWCalgary, AB T3B 4Z1Phone:403-774-7464 Ext:1Fax:403-208-0082Toll Free fax:888-711-6801