Have Buyer’s Remorse?
You searched for homes , researched and investigated neighborhoods and school districts, you made the offer, and—boom!—you’re a new homeowner! This should be one of the happiest times of your life…so why do you feel like you may have made a mistake? This is called buyer’s remorse, and it’s as typical as the common cold. Don’t worry…Statistics say: 74 percent of first-time buyers like their new home better than their previous residence, and 67 percent of repeat home buyers like their new home better. What Does the Law Say? You legally have three days to change your mind and cancel the contract. Right? Wrong! No law actually exists. The only way to cancel your contract is if cancellation rights are written in your purchase contract. Usually, a buyer can cancel only for failure to qualify for mortgage financing after a good-faith effort, or based on the reasonable disapproval of some aspect of the home. What constitutes “reasonable disapproval of some aspect of the home”?...