My offer I set the purchase price too high, now what?

[Chingju Hu]

Hey BiggerPocket, it's a silly situation, it's my fault, I hope you don't laugh at me too much LOL

I made an offer on a house, they accepted it almost instantly, I realize the purchase price is too high, what should I do?

What I did wrong are (don't repeat my mistakes >O<):

1) I had offers rejected instantly or ignored the day before, I felt upset and got carried away

2) I listened to the agent way too much without doing lots research myself, the agent said the house will go up 8000k more on the asking price and will have many offers and I listened >O<.

3) I really didn't think I'll get accepted that quickly LOL

The asking price is 125k, my offer is 130k, zestimate is about 128k but i know it's debatable...

 What do you do in this situation??? I think the house has potential if it's lower price, I shouldn't have put that high

[Sandy Thomas]

First comment I have is directed @Felix Goldstein:  unlike you, licensed Realtors have fiduciary and ethical responsibility to the clients that they represent.  You saying ""agents/brokers lie ALL the time. it sounds like you relied on an agents lies when making your offer"" would be like me saying "investors lie ALL the time. They are nothing but slum lords who cheat everyone and pull the wool over peoples eyes with trashy/shoddy improvements"  Your comment was offensive to all of us who work hard and fight daily on behalf of our clients.

@Chingju Hu: Read your contract closely. What state is the property located in? There are typically several areas that a contract will be contingent upon. For example, a buyer may be allowed a specific amount of time after signing a contract to review the home owner association documents. If something is revealed in those documents that is unacceptable to the buyer, they may ask for termination of the contract. (I recently had a buyer back out because they found out that sheds were not allowed per HOA CCR's)

If you reserved the right to have a survey conducted, you may be able to terminate the contract if something shows up on the survey that is not acceptable to the buyer (a drainage or utility easement that was unknown, a fence that is over the property line, etc.)

Deals can fall apart over financing, as well. Perhaps your verified funds for down payment are no longer available (you spent it or simply removed it from your bank account) or you have too high a debt-to-income ratio (you go out and buy a boat, financing the purchase)

Also, ask your agent to provide you with recent (past 6 months) comps for the area, using only homes of similar size/age/upgrades.  Just because a seller accepts your offer quickly does not mean that you are over paying.

Finally, the alert that you received saying that it was a "new listing" was most likely auto-generated from the search that your agent set up for you on the local MLS. There are lots of ways for a property to be re-introduced as 'new', including price changes, new photos being added, being temporarily withdrawn then re-activated, etc.

Sorry for the long response, but I hope that it helps.  Best of luck to you!