I ovrbid and now I dont like the house

Buying & Selling Real Estate
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I ovrbid and now I dont like the house

Tom Hall
Member since 2023 · 29 posts · 34 votes

Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

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Mark F.Pro Member
Rental Property Investor · Northern NJ · Member since 2019 · 673 posts · 678 votes
2y
Quote from @Michael Brattelli:

@Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?


This. You must be in south or central NJ. Paying over ask is basically standard here. So where are you? PS I'd live across or next to a cemetery in a heart beat. Quiet neighbors.
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  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    2y

    Rent it out and wait for the comps to catch up to what you paid. Then refi/sell.

    3Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Tom Hall:

    Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 


    Your options would be to sell it, and most likely take a loss on it as you also will have closing and realtor costs involved which you can assume that would be 10%. The other option would be to consider renting it, but you should look at what rents are in the area. Most likely if you rent it, it will not cash flow to cover the mortgage so you could still be losing money every month.

    IT would be good to compare what options is better for you. 

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  • Michael Brattelli
    Real Estate Broker · Medford, NJ · Member since 2018 · 236 posts · 177 votes
    2y

    @Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

    1Reply
  • Verna Littleton
    Real Estate Agent · Memphis, TN · Member since 2015 · 152 posts · 132 votes
    2y

    Rent it out if you are in a position to do so.   

    0Reply
  • Mark F.Pro Member
    Rental Property Investor · Northern NJ · Member since 2019 · 673 posts · 678 votes
    2y
    Quote from @Michael Brattelli:

    @Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?


    This. You must be in south or central NJ. Paying over ask is basically standard here. So where are you? PS I'd live across or next to a cemetery in a heart beat. Quiet neighbors.
    4Reply
  • Eric Gerakos
    Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
    2y

    Across from a cemetery is great. The dead are usually quiet at night….

    4Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    2y

    Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?

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  • Tom Hall
    OP
    Member since 2023 · 29 posts · 34 votes
    2y
    Quote from @Shawn Mcenteer:

    Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?


     hi Shawn it is located in NJ  Middlesex County. Single family but has finished basement, with its own entrance!

    0Reply
  • Tom Hall
    OP
    Member since 2023 · 29 posts · 34 votes
    2y
    Quote from @Michael Brattelli:

    @Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?


     Hows the market in NJ now? the house i bought is located in Middlesex County

    0Reply
  • Tom Hall
    OP
    Member since 2023 · 29 posts · 34 votes
    2y
    Quote from @Mark F.:
    Quote from @Michael Brattelli:

    @Tom Hall Values in NJ certainly aren’t going down right now. There’s a huge shortage of inventory. What town or area is it in?

    it is in Middlesex County, yes i have been looking for a house for the past 6 months and none of my offers were accepted i got outbid many times and even for this property I got outbid but i was the second highest bidder so they contacted me to get it. 


    This. You must be in south or central NJ. Paying over ask is basically standard here. So where are you? PS I'd live across or next to a cemetery in a heart beat. Quiet neighbors.

    0Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    2y
    Quote from @Tom Hall:
    Quote from @Shawn Mcenteer:

    Hi @Tom Hall what type of home is it;  multi, single?   Where is home located? Is there room to renovate/did you renovate?


     hi Shawn it is located in NJ  Middlesex County. Single family but has finished basement, with its own entrance!


    Marketed towards house hackers may make it sell for more. Single family house hacks preform well in your area.  

    973-975-3895
    House Hacking New Jersey561 Reviews
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    0Reply
  • Michael Brattelli
    Real Estate Broker · Medford, NJ · Member since 2018 · 236 posts · 177 votes
    2y

    @Mark F. My market is South Jersey and it’s absolutely on fire still. From what I hear it gets hotter the more north you go.

    1Reply
  • Michael Brattelli
    Real Estate Broker · Medford, NJ · Member since 2018 · 236 posts · 177 votes
    2y

    @Tom Hall I’m in South Jersey, Ocean and Burlington counties and lower. There’s very little inventory across the state right now and the market is definitely not down. I think you should speak to an experienced Broker and get a price opinion and ask how your local market is. What makes you think the market is down?

    1Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    2y

    Whats your mortgage payment vs rent comps? As others mentioned just rent it out and over time the value will go up and mortgage balance will go down eventually can sell at a profit. You can also look at refinancing for a lower payment, rates are in low 6s now and likely to hit 5s in next few months. 

    1Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    2y

    Why doesn't it feel homey to you??  You knew there was a cemetery across the street, but is it the view of the cemetery that bothers you?  Put up a fence or plant some trees to break up/block the view of it.  Before thinking about selling, why not try to figure out what it is that isn't working for you?

    1Reply
  • Maddie Delayo
    Realtor · NJ · Member since 2024 · 19 posts · 4 votes
    2y

    Hi Tom! The rental market is very strong in Middlesex County - I have a rental here myself and work with a local property management company. Just PM'ed you! 

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Tom Hall:

    Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 


     What did you end up doing?

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    2y

    @Tom Hall there is no magical solution that's going to bail you out of this:(

    [email protected]248-209-6824
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