Re: Sick to stomach
Posted by Bill H on August 07, 2006 at 19:08:17:
In Reply to: Sick to stomach
Posted by LB on August 07, 2006 at 12:34:32: : Almost 2 years ago, when the market was booming here, my parents and my husband and I decided to do a spec home that was supposed to be completed in 6 months. (took a year) Thinking we were knowledgeable in the subject, since I work for a lender, ends up we did everything wrong. Got a horrible builder reference and it's been a nightmare from day one. home has been on the market for over a year, been making the $4700 a month payments on a credit card (owe $40,000 now) made repairs ourselves since builder won't do anything, oh man it's a nightmare and it just needs to go away. Don't know what to do, where to turn, what our options are. I work for the lender that has the mortgage, the loan is in my parents name, and the credit card is in my mom's name. I thought about refinancing it, paying off the credit card and taking 5 months cash out to make payments and keep on the market before drastic measure of foreclosure...just don't know what to do!! It's a really tough price range, just don't think it's going to sell! We've tried about 10 different 'will pay cash for homes' numbers.... If it forecloses are my parent's other properties in jeopardy? Are they screwed on the credit card? They can't afford a lawyer, do they need one? The mortgage is $690,500 the credit card is $40,000, my husband and I are out $10,000. Home appraised for 900,000 last December and is listed at 799,000. at this point we just need out. Any advice? we are desperate. thank you
LB:
Dave is giving you some good advice....sell it for whatever you can get....the hardest part of real estate investing is "Knowing when to Hold'em and Knowing when to Fold'em."
If you sold it for 590K and you had to pay the balance of 200K...isn't that a LOT Easier than carrying the 790K note???
I have been around this business for lots of years and have always said, "If you hve never lost money at real estate...you ain't doing much real estate."
You have learned a hard lesson...do not give up...just bite the bullet..sell it and move on.
It is not a matter of how many times you get knocked down...it a matter of how many time you get up again and start over.
Remember: "Professionals built the Titantic...an Amatuer built the Ark."
Good LUck,
Bill H
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