Buyer’s remorse, continued
How do I know if my concerns is a case of temporary Buyer’s Remorse or if the concerns are legitimate grounds to cancel the purchase?
If you gain new information that you did not have before, and the information negatively affects your overall reasons for buying the house and cannot be remedied, you should consider cancelling.
Make an informed decision by reviewing the physical inspection report, the seller’s disclosures, appraisal report, etc. for any such problems.
Here are examples of information is does not affect your overall use of the house: the dishwasher does not work; the association does not allow satellite dish; there is termite damage in the house.
Here are examples of information that may be cause to cancel: problems with the foundation or other major damage to the house; neighborhood noise that you were not aware of before; city plans to put in an establishment or road that will negatively affect your house.
If you have legitimate cause to cancel, make sure you do so within your contingency period.