2. 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.
3. 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.
4. 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.
5. 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.
6. 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?
7. Randy Bett
Investment Realtor/Author/Investor
Real Estate Professionals Inc.
Better Group Real Estate
202-5403 Crowchild Trail NW
Calgary, AB T3B 4Z1
Phone:403-774-7464 Ext:1
Fax:403-208-0082
Toll Free fax:888-711-6801
