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Can you ask the realtor once again about the comps and price, now that you can be more specific and a tad more knowledgable?
The relo company. Do you mean the house was owned by a relo company? Or that your company's relo company they use sold it to you. Either way, it is not unusual for the relo company to take 40% or more commission on a sale or purchase. The idea is for an agent to do a lot of these for the company to make it a good connection. Otherwise, one might wonder what gets them going for so little commission.
Others have already mentioned all the expenses you can loose.
For more expenses....you might want to stop the settlement company's/attorney's settlement work asap...the title search, etc. Various items are paid by buyer and seller in every area so you might not want to incur more expenses.
I am expecting to stay here for at least the next 10-12 years. I just hate the fact that I could be buying a much nicer property with the money that I am paying for the one I bought.
There was hardly any inventory in the town that we were looking in and now it seems that a lot more houses are coming online (encouraged by the price increases, I am guessing).
Typing this out is helping me out. Now, I am trying to figure out if I am having typical buyer's remorse/ cold feet or are my concerns genuine?
The relo company. Do you mean the house was owned by a relo company? Or that your company's relo company they use sold it to you.
For more expenses....you might want to stop the settlement company's/attorney's settlement work asap...the title search, etc. Various items are paid by buyer and seller in every area so you might not want to incur more expenses.
House is being sold by the relo company to me. Almost all items are done, I am schedule to close next Friday.
I'd use the financing aspect to get out of it. Talk to the mortgage lender, I'd try to get them to deny financing. The mortgage is not final until papers are signed. Hopefully your earnest money is in a trust account. The sellers don't want the house to be tied up... Use that to your advantage. If I were your attorney, looking at your best interest, I'd try to tie up the house until they released the earnest money.
IMO you're going to be liable for all the costs incurred on the banks side.
I am expecting to stay here for at least the next 10-12 years. I just hate the fact that I could be buying a much nicer property with the money that I am paying for the one I bought.
There was hardly any inventory in the town that we were looking in and now it seems that a lot more houses are coming online (encouraged by the price increases, I am guessing).
Typing this out is helping me out. Now, I am trying to figure out if I am having typical buyer's remorse/ cold feet or are my concerns genuine?
what are your realistic chances of getting one of these new properties that are coming online? are any of their prices close to your max approved price? does your market typically have room for a buyer to request assistance towards your closing costs/prepaids?
what if you are now down $10,000, only to end up being beat out on a couple other homes that both you, and new buyers, are seeing as a prime property, and as such, are submitting multiple offers..
I'd use the financing aspect to get out of it. Talk to the mortgage lender, I'd try to get them to deny financing. The mortgage is not final until papers are signed. Hopefully your earnest money is in a trust account. The sellers don't want the house to be tied up... Use that to your advantage. If I were your attorney, looking at your best interest, I'd try to tie up the house until they released the earnest money.
IMO you're going to be liable for all the costs incurred on the banks side.
Why would a lender want that type of exposure? Can't see any good reason for it. And depending on what state you are in it may be easier or harder to tie up the house.
Lenders are amazingly risk averse. Doesn't take much to derail a loan.in Iowa they go as far as pulling another credit check a few days before closing to make sure you didn't commit to any large purchases that would affect your dtir
I'd use the financing aspect to get out of it. Talk to the mortgage lender, I'd try to get them to deny financing. The mortgage is not final until papers are signed. Hopefully your earnest money is in a trust account. The sellers don't want the house to be tied up... Use that to your advantage. If I were your attorney, looking at your best interest, I'd try to tie up the house until they released the earnest money.
IMO you're going to be liable for all the costs incurred on the banks side.
Wow, unethical if not illegal. Why on earth should the sellers have to refund the earnest money when it is the BUYER who decided she no longer wants the house?
OP, it sounds like you're trying to do the right thing even if it means losing your earnest money. I hope that continues.
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In my opinion....
