We are set to close on a home next week. So we’re very close to finalizing the purchase. It’s taken about a month to get to this point.
We keep feeling buyer’s remorse and wondering if we should back out. To be clear, it’s a great house in a great neighborhood. There is no contingency we could trigger — everything went swimmingly during the whole process. Inspection was great. It’s a “clean house” — we haven’t been able to find anything wrong with it despite trying pretty hard. Zoned to the best schools. Etc.
But it’s very expensive — over $1.1M — and we just kind of don’t want it anymore. We can definitely afford it no questions asked, but do find ourselves wondering if it’s the best way to spend our money when we don’t need that much space. It’s a 3500 sq ft house in a family oriented neighborhood and we don’t have kids and aren’t planning on having kids.
We love the neighborhood and thought it would be cool to get a dog and go for walks and stuff but it all is starting to feel like a waste of money. Our 1200 sq ft apartment has been plenty of space for us and it’s more centrally located and dramatically cheaper. We’d love to have a guest bedroom for friends and family to visit but we didn’t have to go so big to get that.
Anyway, what would happen if we backed out? We have $12k of earnest money offered which I wouldn’t even ask to get back because I’d feel so bad. Yes, that’s a lot but it’s a seven figure home and was necessary to get the winning bid. We can stomach losing it.
Our bigger concern is whether we could potentially get sued or find ourselves in other legal battles since we don’t have any contingencies to trigger. The builder (it’s new construction) told us he’s planning to use funds from our sale just a few days later for another closing he’s a part of. So clearly if we back out it’s going to screw up some of his plans and he’ll probably be pretty pissed off.
What should we expect to happen if we tried to back out now?