Under contract, crazy stuff happening in world, do I back out?

[Deb R.]

Been trying for over a year to buy a personal SFH so we can get out of the current one to rent or sell. Finally under contract and the appraisal price came in above my offer yay me. However it is $5000 below the previous appraisal done within the last 6 months (I was not told the date of it). So what seemed like a good deal and could even be considered a good deal still, except for the virus has hit the fan and made everything crazy.

Considering we will live in the purchase for about 10 years is it still a good idea to close? Do I have options other than backing out?

My main concern is that the place needs work and I cannot do it all myself so will need to hire for some things. Some people are posting that workers are not showing up because of the virus so if I cannot get the place ready to move in then what? Or if I manage to get us moved in then will there be buyers or renters to put the current home on either market? I say this because of the posts about cancellations to move in / out. If people aren't moving how can my plan work out now? Also, lots of STR in the area that may need to change to long term. I really can't think right now. If anyone has any words of wisdom please post away and thank you!

[Jonathan Greene]

Based on the fact that you've pulled out of two prior deals, when you had a good deal, and watched people pay asking price and close, it seems that you have some buyer panic above and beyond the pandemic. Are you sure you want to buy a home or is it just the idea of buying a new home for your family? Or is it about getting a deal? If it was a strict investment, I would say to really focus on the deal, but if you are looking to make a better life and live in a better home for a long time with your family, then that has to be the focus. There will always be better deals somewhere, but getting locked in a cycle of second guessing every deal you bid on hasn't worked well in the past and it doesn't look it will serve you here. The bigger long-term issue is with the second home and whether or not you think you can sell.

In re: the repairs, you said the house you are buying needed work. You could not delay the closing because of that due to COVID unless the repairs were required to close an FHA loan or to get occupancy approved by the city. If they are repairs that you want to make to live there, you would have to close and figure out how to accomplish those with contractors after, and there could be a delay on that.