Buyer’s Remorse In Real estate and strategies to avoid it
TWO WORDS: BUCKET STRATEGY!
This is how you avoid buyer’s remorse and how you stand up to the trifecta of bullies: the ring leader “A Hot Sellers Market” and her mean side-kicks “Low Inventory” and “Bidding Wars”. Joking aside, do not let the market bully you into doing something you’ll regret.
Before diving into your Bucket Strategy worksheet, I was wondering if you are an Arrested Development fan?
If so, in Season 4 - Episode 3, Lindsay & Tobias meet with a real estate agent and are getting totally away from their actual goals. With no income, no job, and no assets, they are offered a crappy mortgage they can’t afford and with the catch phrase “that way you’ll have it” echoing in the background they go from their initial goal of a 1 bed / 1 bath to a 5 bed / 5 bath with a 4-car garage and a double gatehouse.
But more importantly, you hear them say “this really isn’t what we discussed…” which leads us back to the Bucket Strategy and how all real estate journeys need to start with an honest discussion!
That’s the gist of the 2-minute clip. It’s a hoot and I highly recommend you watch it for fun.
Note about copyright law: As much as I’d love to make it super easy for you by linking you to YouTube to see the clip, I cannot due to copyright law, but if you head over to YouTube and type in “Arrested Development Ninja Loans” you’ll easily find it.
SO WHAT SHOULD YOU DO? HERE ARE MY TOP 5 TIPS:
“Andy” is probably in prison, but just in case he’s not, don’t hire anyone like him! Hire a Realtor who understands your actual needs and advocates for you (can you tell I’m a big Office fan too - he’ll forever be Andy to us)
Use the Bucket Strategy to write down everything you want. Couples should do this separately and then refine the list together
Start prioritizing what is negotiable and what is firm, and why
Get your finances in order and get smart about what options are available to you. We have so many home buying programs and excellent mortgage companies in Rochester MN. We can help facilitate an informal sit down meeting with a lender so you are prepared when you’re ready to buy. They have lots of specialized loans to match your financial picture, including zero down payment physician loans. Do not leave this until the last minute! You will lose all of your negotiating power if you are not prepared. It’s not about spending more. It’s about spending smarter!
Train your eye (and have a good Realtor by your side) so you can scrutinize each property with the list from your Bucket Strategy in hand. That way you can have confidence in the process and know the property is right for you before making a strong offer.
Dad Throwing Little Girl in Lake for Fun in Article Regarding Finding the Perfect Home for your Family
YOU GOT THIS!
Breathe. Prepare. Ask Questions.
‘Living by water’ was on the important list of our Bucket Strategy as a family. What is on your important list?
If you need help with organizing your Bucket Strategy or getting introduced to lenders, we’re happy to help. This service is complimentary to you, so just reach out. I’m here to help.
Sandra Reid
