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I just closed on a home Aug. 6 but now I may not want the house....what can I do ..will I lose a lot of money ? buyers remorse

by mjvb52668 from Hazleton, Pennsylvania. Aug 6th 2015 Reply

William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

There's nothing you can do about reversing your purchase.. The rescission laws only deal with refinance transactions.. and any rescission you would have had (cooling off periods), were all done before loan doc's were ever printed.. you are now the legal owner.. you can call an agent and list it for sale, but that will include you paying realtor fees and your own closing costs.. so yes, most likely,you will lose money.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Aug 7th 2015
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Sorry to hear that. Best thing you can do now is to wait a bit and look at all your options. Make a list of all of the reasons you don't want the house and a list of all of the good reasons to keep the house. You obviously went through a lot to be able to get to this point and you don't want to waist your money or your time. How can you turn those negatives into positives? Look to others you respect for advice and see how they would handle it. No matter what, make sure to take your time and look at this from the outside in to get a fresh perspective. Best wishes, Sean

Aug 8th 2015
Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 1,105 contributions

That is a tough one. Not sure what your reasons are for having buyers remorse. If it is the loan that you have then talk to a different mortgage broker and find out what options you have. It may be difficult to refinance right away as some lenders may want you to wait a few months. But as long as you improve your payment situation then many lenders will allow you to refinance right away. Otherwise you can attempt to contact the agent that you bought the house with and see if they can work a deal on their commission and help you sell it. But I would sit and think about it for a couple of months. Buying a house is a big step and if this is your first house then I fully understand you being uncertain. But home ownership is a great thing to have.

Aug 10th 2015
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