I ovrbid and now I dont like the house

[Tom Hall]

Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

[Jason Taken]

Rent it out and wait for the comps to catch up to what you paid. Then refi/sell.

[Chris Seveney]

Quote from @Tom Hall:

Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

Your options would be to sell it, and most likely take a loss on it as you also will have closing and realtor costs involved which you can assume that would be 10%. The other option would be to consider renting it, but you should look at what rents are in the area. Most likely if you rent it, it will not cash flow to cover the mortgage so you could still be losing money every month.

IT would be good to compare what options is better for you. 

[Michael Brattelli]

@Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

[Verna Littleton]

Rent it out if you are in a position to do so.   

[Mark F.]

Quote from @Michael Brattelli:

@Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

This. You must be in south or central NJ. Paying over ask is basically standard here. So where are you? PS I'd live across or next to a cemetery in a heart beat. Quiet neighbors.

[Eric Gerakos]

Across from a cemetery is great. The dead are usually quiet at night….

[Shawn Mcenteer]

Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?

[Tom Hall]

Quote from @Shawn Mcenteer:

Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?

 hi Shawn it is located in NJ  Middlesex County. Single family but has finished basement, with its own entrance!

[Tom Hall]

Quote from @Michael Brattelli:

@Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

 Hows the market in NJ now? the house i bought is located in Middlesex County

[Tom Hall]

Quote from @Mark F.:

Quote from @Michael Brattelli:

@Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

it is in Middlesex County, yes i have been looking for a house for the past 6 months and none of my offers were accepted i got outbid many times and even for this property I got outbid but i was the second highest bidder so they contacted me to get it. 


This. You must be in south or central NJ. Paying over ask is basically standard here. So where are you? PS I'd live across or next to a cemetery in a heart beat. Quiet neighbors.

[Shawn Mcenteer]

Quote from @Tom Hall:

Quote from @Shawn Mcenteer:

Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?

 hi Shawn it is located in NJ  Middlesex County. Single family but has finished basement, with its own entrance!

Marketed towards house hackers may make it sell for more. Single family house hacks preform well in your area.  

[Michael Brattelli]

@Mark F. My market is South Jersey and it’s absolutely on fire still. From what I hear it gets hotter the more north you go.

[Michael Brattelli]

@Tom Hall I’m in South Jersey, Ocean and Burlington counties and lower. There’s very little inventory across the state right now and the market is definitely not down. I think you should speak to an experienced Broker and get a price opinion and ask how your local market is. What makes you think the market is down?

[Henry Lazerow]

Whats your mortgage payment vs rent comps? As others mentioned just rent it out and over time the value will go up and mortgage balance will go down eventually can sell at a profit. You can also look at refinancing for a lower payment, rates are in low 6s now and likely to hit 5s in next few months. 

[Theresa Harris]

Why doesn't it feel homey to you??  You knew there was a cemetery across the street, but is it the view of the cemetery that bothers you?  Put up a fence or plant some trees to break up/block the view of it.  Before thinking about selling, why not try to figure out what it is that isn't working for you?

[Maddie Delayo]

Hi Tom! The rental market is very strong in Middlesex County - I have a rental here myself and work with a local property management company. Just PM'ed you! 

[Chris Seveney]

Quote from @Tom Hall:

Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

 What did you end up doing?

[Drew Sygit]

@Tom Hall there is no magical solution that's going to bail you out of this:(