I pity your mom. I have a friend at work who bought in mid 2005 against my advice. He paid $900K and put 20% down. Now he wants to sell due to a job change, but he’s delusional. He has lowered his wishing price to $800K but even better houses than his are selling in the low $700s. So, the house now sits empty. With HOA, property tax, insurance, etc., his monthly expense is close to $5,000 (pre-tax).
He listed the house as a rental for $3500 but no one wants it. He has lowered his wishing rent to $3300, and I heard that another co-worker has offered him $3000.
Bitter owners, throwing money away on mortgage payments! This guy has lost more than his $180K down payment, and will probably lose more over the next 18-24 months. Of course, I never say “I told you so.”
