Zubin’s Home Buyers Guide: Should I Freak Out?

Buying a home is one of the biggest investments you’ll ever make, and it’s natural to feel anxious. But before you panic, take a moment to assess your situation using Zubin’s Home Buyers Guide.

If You Bought Resale:

If you recently bought a resale property, there’s no need to worry! Most of the time, the buyer’s remorse you’re feeling is entirely normal. However, if you signed the agreement prior to 2020, it’s still important to double-check a couple of things:

• Value: Is your purchase price equal to or higher than the appraised value? If yes, you’re in the clear.
• Monthly Loss: For investors, are you prepared to absorb any potential monthly loss on the property? If so, no need to panic.

If You Bought Pre-Construction:

Pre-construction buyers, it’s time to brace yourself. Post-2020 agreements might present a few challenges:

• Value: If the appraised value doesn’t meet the purchase price, lenders may reduce the mortgage amount, leaving you responsible for covering the shortfall in cash.
• Monthly Loss: On top of this, you might face additional monthly losses if the rent doesn’t cover the mortgage.

When to Seek Legal Advice:

In both scenarios, if the value or monthly losses don’t add up, it’s crucial to speak to a lawyer. They can help you navigate closing challenges or understand the consequences of defaulting on the transaction.

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