What Have I Done? The Big Freak-out!
You found a house, negotiated a deal you are comfortable with, you have opened escrow and turned in your deposit, and now all of a sudden . . . the reality hits. "Oh, my God, I am buying a house." That reality may be frightening, it may be paralyzing. You may be saying, "What have I done?!"
I'm happy to tell you that this is an absolutely normal experience. Almost every buyer goes through what we call buyer's remorse. It's completely natural and it will pass. But you need to understand why it comes up in the first place.
Let me share a little secret. I have bought and sold dozens of homes for myself and every single time I buy a house or property I have what some friends of mine referred to as "the Big Freak-out." My agent jokes with me about the fact that I put myself and my home purchase through an exhaustive reanalysis of the deal every time. Should I or shouldn't I? Do I really want this house? Is it a good deal? Have I made the right decision?
Fortunately, even though I allow myself a period of "meltdown" I am able to rely on my experience and practical approach to home buying to know that I have taken all the steps to seek, evaluate, analyze, and select the perfect property!
So go ahead, have a little moment, freak out, and indulge in some buyer's remorse. But when you are ready to work through the meltdown, here are five questions you need to ask to make sure you've made all the right moves. Once answered, these questions will allow you to know if this freak is going to put you out . . . or into this deal.
The Five Questions That Question Your Freak-out
- Did you complete the three steps to house shopping? Did you start online, check out open houses, then seriously shop with a qualified real estate agent?
- Does this house hit most of your must-haves and should-haves on your must-have checklist?
- Did you get all the dirt on this house? Did you find out about the house's history and the seller's needs?
- Does the accepted purchase price of the house reflect the analysis you did of what the house is really worth? Did you review all the comps with your agent, looking at what has sold and what hasn't sold?
- Most important, did you realistically examine your finances to determine that a house in this price range is one you can afford, now and in the future?
If you just answered yes to at least four of the five questions, then it's time to move forward with your purchase and feel confident that you've made the right decision..
Remember, in today's new market, an educated and well-informed buyer is a smart buyer. Smart buyers make smart decisions.
Michael Corbett is Trulia's real estate and lifestyle expert. He is also the host of EXTRA's Mansions and Millionaires on NBC. In addition to his regular segments on ABC's The View and Fox News, he is a national best selling author with three critically acclaimed real estate books:Find It, Fix It, FLIP IT!; Ready, Set, SOLD! and Before You BUY! His years of experience in buying, renovating, and selling homes have made him a sought-after nationally recognized real estate expert.