Another entry from the Amazing Blogoff of 2006 (courtesy of the Bloodhound Realty blog):
Question: I’m being transferred and need to sell my house in a new subdivision. Unfortunately, the builder is still selling new houses. To make matters worse, I bought during the summer of 2005, and the builder has actually reduced its price from what it sold it to me for. Do I have any hope at all of not losing a boatload of money?
My answer (really, the only possible answer): Probably not.
This is the worst of the worst type of situation to be in. (No, this is not common, and will never be common, no matter what people predict … be serious.)
This can happen in a subdivision of single-family homes, and, more often, in new condo buildings.
What can you do? Well, you can try to rent out your unit, hoping that the developer will sell off all the other units, and that all the units will appreciate in value. Or, you can saddle up to the closing table with a big, fat check, to payoff your loan, to the bank.
Good luck in your new job!
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Updated: January 2018
