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Wednesday, December 1, 2010

"Non-Buyer's Remorse"

Coaching 1st-Time Buyers

Everyone knows what Buyer's remorse is: the feeling you get, after you've bought something, that you just made a horrible mistake.

So, what is non-Buyer's remorse?

The feeling you get when you find out that the house you were furiously deliberating about buying, instead sold to someone else.

I counsel first-time Buyers weighing a purchase decision to imagine how they'd take such news.

If they think their reaction would be indifference (or similar) . . . it's not the right house.

(I suppose the appropriate name for that sentiment would be "non-Buyer's non-remorse").

P.S.: Buyers should trust their gut on this one only if they already have done their homework and know the market.

And, this test doesn't apply to investors.

P.P.S.: It's been awhile, but my advice to Buyers in multiple offers is similar: 'the right price to offer is the price you can live with if you get the house . . . . and the price you can live with if you don't.'

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