Sunday, November 18, 2007

Buyer's Remorse

I offered for a house on Friday. I was in low level panic all afternoon, because I began to realize it wasn't the right house for me. There's nothing scarier than hoping someone WON'T accept your offer!

It's a really cute house at a very good price, but it just wasn't right for me. The tough thing was that there was another offer on the property. I felt internal pressure to make an offer or lose the house. My realtor didn't pressure me at all and she has been SO great in all of this.

But I have some tips for other house hunters:
  • Do NOT let yourself fall into the "Me, too" feeling if you're not sure about a house.

  • Do NOT talk yourself into a house because it's cheaper than another house you'd looked at. Not good.

  • DO set a short deadline if there's another offer. It may save your life.
How does a short deadline save your life? Let me explain. Because there was another offer, my realtor set an 8pm the same day deadline for the offer. If the sellers hadn't responded by then my offer was off the table unless I CHOSE to keep it there. The sellers decided they needed to consult a lawyer but couldn't talk to him until Monday. I was off the hook. I've never felt so relieved as when 8pm passed on Friday evening. I thought about my decision and let the seller know today that I wanted to pull my offer. This gave them the opportunity to accept the other offer if they chose to, but I was clear of the deal.

I may still be house hunting, but I survived the weekend.

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