There is one factor when purchasing a home that every buyer should be aware of. This is a very common affliction that comes upon most buyers.

You have been excited looking for the home of your dreams, found the one you want, made an offer, the seller has accepted your offer, and the purchase agreement has just become a contract. Shortly after, often that night, you can't sleep, your mind is going over all the details, worries arise about money or debt you have committed to, and a concern develops as to whether or not you should have made this purchase. You have just become afflicted with "Buyer's Remorse", a very useless and unnecessary affliction.

You manage to get through that phase and it comes back when you sign the mortgage papers. Then again when you get the inspection report back and again when you prepare for the closing. Usually after the closing and the property is actually yours, the affliction just disappears.

Being aware that this is a very common affliction and you will survive okay, may be enough to keep it from happening at all. If it does occur, recall all the positive attributes of the purchase: you found the home you wanted, you negotiated an acceptable deal, you get tax deductions, you have something that appreciates over time, you have made a good investment, you own it and can develop it as you desire.

However, if you develop a very serious case of Buyer's Remorse, you then have to look at the negative aspects of not going ahead without a legal reason to void the purchase agreement and Buyer's Remorse is not a legal reason. First of all, the seller can keep the earnest money deposit you provided with the offer. The seller may also sue for any monetary damages they incurred or may sue for "specific performance" which forces the buyer to buy under the contract terms.

Being aware of Buyer's Remorse and how to deal with it will remove a problem that has no benefit to the person afflicted.