Q-Last spring we were house shopping when we found one we fell in love with. The price was a little high, though. An additional problem was that we hadn’t sold our home.
We really wanted the house, but wanted to make sure we sold our house first. The following sequence of events bothers us.
Our agent told the listing agent of the house we liked that we were very interested, but hadn’t sold our home. The other agent told our agent that there were some other interested parties.
Within a week or so, we sold our home. Working with our real estate agent (whom we have known for many years and have worked with in the past), we put together a purchase offer. The other agent said that there was another offer coming in that afternoon.
We offered full asking price; we had initially thought of offering $5,000 less because we believed the house to be overpriced.
At a recent neighborhood party, we were told that the previous owner and his agent were golfing buddies.
We now realize that there might never have been any other bidders and we were probably duped into offering more than we would have.
Do we have any recourse in this situation?
A-Your letter indicates that you may be suffering from a condition known as “buyer’s remorse.” That is, after purchasing a car, boat, home, jewelry, etc., the buyer begins to question the wisdom of his or her decision.
The fact that the previous owner and real estate agent were friends is not indicative of anything. After all, you had known your agent for many years.
Based on the facts you provided, I don’t believe you have a cause of action.
You got the house you wanted because you paid a price high enough to make sure it wasn’t sold to someone else. Relax and enjoy your dream home.
Varied U.S. prices
Q-How do the prices of houses in U.S. cities compare?
A-The variation in median housing prices throughout the United States is nothing less than astounding. Among the housing prices tracked in more than 120 cities, the most expensive is Honolulu, where demand and rising costs pushed the median price last June to $358,500.
Conversely, a weak economy and lackluster demand helped set a $50,100 median price in Waterloo/Cedar Falls, Ia.
In the continental United States, the most expensive housing is found in California, Washington, D.C., and Boston. Least expensive housing is primarily found in Iowa, Illinois (outside Chicago) and Oklahoma.
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Have a question about real estate? You can write to George Karvel in care of the Chicago Tribune’s Your Place section, 435 N. Michigan Ave., Chicago, Ill. 60611. Answers will be provided only through the column.
