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Updated over 9 years ago, 08/05/2015
About to make worst decision of my life
In four hours I will be finalizing a purchase of a home that I generally consider the worst decision of my life. I guess the decision is already made since I am going to the closing office to hand over my check.
I made almost every mistake in the book buying this place and I am embarrassed to being purchasing the place. I rushed my self into purchasing a property because I felt I needed to own a building today. I trusted the seller that the property they were selling was in good condition and I did not walk through the property for the 1st time until just days before closing. The inside of the house is in terrible condition and there is nothing in contract I can do about it. I signed a completely one sided deal all because I was too busy with my day job to slow down and seriously evaluate the deal. I am an idiot plain and simple and just wanted to vent. My sole advice I can offer to new home buyers like myself is if you feel rushed to make a deal on a home just stop walk away and seriously think about the decision in a quite place without any outside influences on your choice. Don't let anyone rush you into making a decision.
Worst decision of your life? Are you getting married or something?
Originally posted by @Kevin Beres:
...In four hours I will be finalizing a purchase of a home that I generally consider the worst decision of my life....I made almost every mistake in the book buying this place...I trusted the seller that the property they were selling was in good condition and I did not walk through the property for the 1st time until just days before closing. ...
Tough lesson. Unless the seller is your grand mother (who may also forget repairs the property require), its always good business practice to have the property properly inspected, way before closing.
Originally posted by @Kevin Beres:
In four hours I will be finalizing a purchase of a home that I generally consider the worst decision of my life. I guess the decision is already made since I am going to the closing office to hand over my check.
I made almost every mistake in the book buying this place and I am embarrassed to being purchasing the place. I rushed my self into purchasing a property because I felt I needed to own a building today. I trusted the seller that the property they were selling was in good condition and I did not walk through the property for the 1st time until just days before closing. The inside of the house is in terrible condition and there is nothing in contract I can do about it. I signed a completely one sided deal all because I was too busy with my day job to slow down and seriously evaluate the deal. I am an idiot plain and simple and just wanted to vent. My sole advice I can offer to new home buyers like myself is if you feel rushed to make a deal on a home just stop walk away and seriously think about the decision in a quite place without any outside influences on your choice. Don't let anyone rush you into making a decision.
A lot of this RA RAH if i can do it anybody can, is non-sens! Its hard work and brains that get you 2 where you want to be.
Pats on the head and azz do little good by itself.
i remember when i first got interested i went 2 open houses every sunday for a year be4 i made a purchase.
You need legal advice on this. Contract law can have real teeth and being sued for specific performance could be compounded if the seller has other actual damages.
A law professor once told me "We can't make you buy the house, but we can make you wish you had."
Get thee to a real estate attorney ASAP.
UPDATE*
Thank you all for your advice. I wanted to update this thread since I ended up reaching an amicable solution for all parties. I voiced my concerns about the property not being in the condition that it was suppose to be at closing and how I was unwilling to close AS-IS. I was able to renegotiate the closing cost so that I am getting money to fix the major issues. I am glad I posted this topic as I don't think I would of been so vocal about the issues without your support. I am closing today and I feel 100X better about the property.
Thanks!
Glad to hear you're feeling better about it, @Kevin Beres. If possible, consider doing a deal diary as you go through the fix-up. I'm sure many of us would love to watch your process and success as you move forward.
Glad to hear that things worked for you in the end here, and I, for one, appreciate your willingness to come in here and make that first post - I think a lot of people could empathize with that kind of ¨oh crap¨ moment, but most would not be willing to share it.
Buyers back out all the time. That's the whole point of the seller holding the earnest money. But while you're at it, don't let that go without a little bit of a fight either! Read every word of that contract twice.
Originally posted by @Kevin Beres:
UPDATE*
Thank you all for your advice. I wanted to update this thread since I ended up reaching an amicable solution for all parties. I voiced my concerns about the property not being in the condition that it was suppose to be at closing and how I was unwilling to close AS-IS. I was able to renegotiate the closing cost so that I am getting money to fix the major issues. I am glad I posted this topic as I don't think I would of been so vocal about the issues without your support. I am closing today and I feel 100X better about the property.
Thanks!
And I was gonna ask where this property was since I am working the Richmond area. Glad everything worked out and good luck!
Originally posted by @Kevin Beres:
Plan of action is to extend closing date well I review the contract with a real estate attorney. I called the closing company and asked them to extend the closing date a couple days but they said it couldn't be done. Is this correct information? Are closing companies not able to change the closing date if it is scheduled for that day?
I was only able to get the closing date moved till late this afternoon.
If I am able to move the closing date back I would like to review the contract with a lawyer to see what my options are.
Generally speaking, the closing date can not be moved unless both parties in the transaction agree and sign an addendum to the purchase agreement. The only exception to this I see is if closing is setup prior to the closing date stipulated in the contract itself, then I don't see any reason it can't be moved.
Take an hour and read the contract and everything it says. Most real estate contracts are reasonably easy to understand and there should be a specific area about "If Buyer Defaults..". I use the NV Realtor form and it limits the legal recourse to the EMD.
On a side note, you should read every contract you sign and fully understand what it means. I know most people do not, but understanding what you're agreeing to is critical to being successful long term, as problems will arise.
-Christopher
Originally posted by @Kevin Beres:
UPDATE*
Thank you all for your advice. I wanted to update this thread since I ended up reaching an amicable solution for all parties. I voiced my concerns about the property not being in the condition that it was suppose to be at closing and how I was unwilling to close AS-IS. I was able to renegotiate the closing cost so that I am getting money to fix the major issues. I am glad I posted this topic as I don't think I would of been so vocal about the issues without your support. I am closing today and I feel 100X better about the property.
Thanks!
Good to hear. Sometimes a desperate situation actually turns into some pretty good negotiating