Should I just give up?

[Sunshine]

I'm in the DC metro area (MD). I am supposed to go to settlement. It is a 3br/3fba TH. 2BR upstairs and 1 in the basement. The 2 BRs upstairs each have a private full bath inside the room. The BR downstairs has an adjacent full bath. The house is ok, it is being sold as is, and the neighborhood is nice. The comps in the area are 30-60k more than what the contract is for (but who knows now what anything is worth with the market the way it is). The problem is my head got bigger than my wallet and I decided to go for it. My credit score is really good but my income/debt ratio isnt. After putting down my earnest money (2500) and doing contract, I decided I didnt like the house as much as I liked (prefer 3BR on upper level rather than 2). On top of that. The payments are way more than I can handle and I have a new baby (I am a single mother). I keep telling my realtor that I dont want to do it becaue my childs welfare comes first. I am supposed to go to closing in 2 days and I am just feeling like its a no go for me. I told realtor I was stupid to do such a thing and I will just have to take the $2500 loss. With the marked I can come back and just get something much cheaper with no out of pocket expenses. Are there any reasons why I should move forward with getting this home.

[VancouverWa]

Hi Sunshine,

Wow, it sounds like you need a breather. In with the good air ....
I really don't have much to say because I'm not making your house payment.
I will say that as far as investments go real estate is King and this is a great time to be a buyer.
This is a big step and a big deal and very emotional.

Have a sit down w/ your Realtor.

Best of luck

[Greg]

If you think you might end up defaulting on the loan then take the $2500 loss and save your credit score. Your future is as important as right now.

[IggysListing]

I am in agreement with the prior responses.
Step back, remove as much emotion as possible and look at the
facts.
You pretty much answered the question by saying the payments
are more than you can handle.
However, what are your other options?
Are you able to buy another property in the area you need?
Sometimes renting is a better option in the short term.
There is no one size fits all answer.
Are you locked into staying in this area?
Look at all the variables. Discuss this with an informed person
that you trust.
You may want to try making 2 columns on a sheet of paper,
pro and con and then start writing below the pros and cons.
Sometimes this process can help.
Bottom line, are you suffering from Buyer's remorse or do you
have legitimate concerns?
Best wishes.

[Cedar City Utah Realtor]

If you can't afford it don't buy it. :)

[miracleworker]

I am also in the md/dc area, The prices are expensive even in a "down market" I was in the market for a condo and it was 400k in DC. I ended up moving to baltimore. You can get a large house with everything new for 200k or better. The house I got was 8 bedrooms and 3 baths move in ready with all new everything in a nice quiet neighborhood. The commute to DC isnt bad either you have route 29,95,295,and route 1 that all go to DC.


A thought

[RachelP]

as Oprah says--"Doubt means don't!!!!!"

Go with your gut.

[maciekjed]

I have to agree with the previous speaker. If you cannot afford it dont buy it. But that us just my opinion. It's up to you. Good luck

[Jim]

If you can't afford it do not buy it. That is what is the main reason the market is in it's current state.

[CalGreg]

You know what they say about food in the fridge:

When in doubt, throw it out!

I think this is good advice for real estate too. Of course there is always buyer's remorse, but it sounds like you have serious reasons to let them have the $2500.

I'd consult an attorney too. Is there any chance the seller could take you to court?