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I overbid and need advice

I need urgent help!

I’m in a really hot market in NY and my agent called me about an off market listing. They were going to list it at $999k but said the sellers were hoping for a bidding war and wanted $1.2M (not sure if that’s true but that’s what he said). I really didn’t want to go past $1.05M, which I thought was fair given the comps that I ran myself. It’s by far the nicest house in the block.

Somehow I went up to $1.1M as best and final……. But it still didn’t even end there. I was convinced in the heat of the moment to go up to $1.125M. The house really is perfect and has everything we were looking for and I know deep down we won’t find that again but it’s just slightly over budget. I barely slept that night and felt so sick.

And then we were there for inspection the very next day (yes everything happened so fast) and the sellers decided to tell me that their taxes are low because they have a disability exemption which we obviously won’t get because we are clearly not disabled so now my monthly mortgage is going to be EVEN higher. I called my agent and freaked out and said I couldn’t do it. It’s just too much money.

Then I went back to Zillow and started looking again - other homes listed at $1.1M are basically gut jobs and I felt sick again. This house even though it’s slightly out of price range really is perfect. And what’s the alternative- wait and buy something for the same price later down the road that’s in worse condition?? I’m so torn.

What do I do? Should I call my realtor and ask if there’s anyway they’d come down to $1.075M? Or maybe $1.1M and we’ll just have to do a better job of cutting back other expenses? Do we just wait until next year and see what the market holds…even though there’s a chance the market will be even more expensive in NY by next year?

We currently own a house but are not in the nicest part of town so staying here long term is not an option. Please help and be kind I’m really torn up about this.

submitted by /u/Desperate-Piccolo
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source https://www.reddit.com/r/RealEstate/comments/1klip3p/i_overbid_and_need_advice/
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