Wednesday, June 25, 2014

No "Do Overs" in Real Estate

If the home buying or selling process mirrored government data keeping or reporting imagine how different things might be.  

I saw a report released this morning showing where the government had revised the first quarter 2014 gross domestic product (GDP).

"The economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department's third reading released Wednesday."

What would things be like if a buyer could reassess selling prices three months later and renegotiate the price they paid?  What if the sellers could do this?

And what about the home loans and interest rate terms?  What if  the buyer could get a lower rate three months later?   What about mortgage companies raising the rate because the previous quarter earnings were initially overstated?

Hindsight is 20/20, right?

Unfortunately, in the real estate market, there are no "do overs" or revised prices.

But there is a next time....

Image courtesy of digitalart /