3 Last-Minute Real Estate Regrets and How to Combat Them

Any time you make a major commitment, financial decision or move to the next step in your life, there’s a chance you’ll have regrets at the last minute. Just as brides and grooms commonly experience cold feet before they walk down the aisle, many a home buyer has found themselves sitting at the table, pen paralyzed over paper, mentally cataloging their last-minute regrets.

1. I left money on the table - could have gotten more (or paid less) for it. This regret showcases a classic case of buyer’s - and seller’s - remorse. The day an offer is signed, sometimes within moments after acceptance, sellers second guess whether they might have been able to get more cash if they’d negotiated harder, and buyers beat themselves up over not going in lower or holding out against the seller’s counteroffers.

2. I’m overwhelmed by the mortgage commitment. 25 years seems like a long, long time. But here’s the rethink: you need to live somewhere forever, and I hope that your forever will last 25 years times 4! So, unless you have access to free housing somewhere, here are your options:• You can rent a home and pay rent to a landlord

every 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 cash cushion! In this relatively new mortgage era, lenders are requiring buyers to put some of their own skin in the game, by requiring down payments in a way they once did not. Beyond that, the vast majority of the down payment assistance programs that once helped buyers meet these requirements are now gone. As a result, today’s buyers frequently spend a couple of years saving up their cash, and optimizing their credit creating strong financial habits and getting used to having a fluffy cash cushion along the way, then end up writing a couple of cheques, initial deposit and cash to close - that wipe nearly the whole thing out in 45 days or less.

Realtors: What regrets do you see buyers and sellers express, and what are your tips for handling them?

Buyers/Sellers: What about you? Ever faced down regrets, valid or invalid? How'd you do it?

Randy BettInvestment Realtor/Author/Investor

Real Estate Professionals Inc.Better Group Real Estate 202-5403 Crowchild Trail NWCalgary, AB T3B 4Z1

Phone:403-774-7464 Ext:1Fax:403-208-0082Toll Free fax:888-711-6801

Randy Bett www.BetterGroupRealEstate.ca