Managing Buyer's Remorse

I've heard it said that the last day either Buyer or Seller is truly happy with the price and terms of the transaction is the day the offer is accepted. I would say that's the last moment either side is happy. Here's how to prevent "Buyer's remorse".

That same night, or the next morning at the latest, the buyer sits wide-eyed in bed thinking they paid too much for the place. The seller gets their agent on the horn and complains that they were bamboozled into accepting way too little for the home. Whether you call it second guessing yourself, the 'hindsight-is-20/20' phenomenon, or Monday morning quarterbacking, the fact is buyer's remorse happens. And seller's remorse does, too.

You can't totally prevent buyer's remorse, though you can minimize it by having a strategic house hunt that is driven by your clear Vision of Home. Expect it to come, sit with it for a moment, know that your feelings are normal and watch it pass on as you dive into your escrow process and start envisioning yourself in the home. If it gets very severe or feels inescapable, pull out your Wants and Needs Checklist.

Go over it with your Realtor and compare the house you got with the house you said you wanted. If it matches many or most of your wishes, I guarantee you that your remorse will subside. If it is completely different than what you said you wanted, first try to remember why you made those compromises and determine whether they still make sense. If so, you're good -- do whatever you do to relieve stress (so long as it's legal) and keep on trucking! If the compromises you made don't stand up to your scrutiny, decide whether you still want the place and be grateful you made sure you had a contingency or objection period in the contract!

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