There are many others in the same boat as you.The real estate market here in the South Bay has been basically flat since late 2004.We sold our last rental house in I.B. April 2005.It was on the market for 4 months and sold for 505,000.The single woman that bought the property is now trying to sell it.She started at 585,000(LOL)and has reduced it 2 times down to its current price of 515,000.I doubt that she will be able to sell at that price either.She’ll be LUCKY to get 500,000.Either way,this person will be bringing a check to the closing.The only question that remains is how much will she have to bring? We came away from our closing with a check for 120,000.We win she loses.We sold at the top and she bought at the top of this current real estate cycle.
I personally know 3 other people who have homes for sale in Otay Ranch(bought in late 2004)750,00-850,00 range that also will be bringing checks to the closing.That is if in fact they CAN sell them at all.There are an enormous amount of homes for sale in the 91913,91914,91915 zipcodes and many of them have been on the market for a long time.
There is something that all 3 of these folks have in common.That is,each one of them is burned out of paying 4000-5000 a month for a place to sleep.They can’t take it anymore and want out.At least these 3 people want to do the honorable thing and are willing to pay for their mistake at closing.How many others will just walk away from their obligations,or try the fraud route errrrrrrrrrrrrr file bk.
Mr.Homey,I know it’s little consolation to you now,but you did the right thing and honored your obligation.At least your credit is intact and you learned something from this experience.Now,save all your dough for the next 5 years and buy at the bottom of the real estate cycle.There will be lots of great deals waiting for those who have cash and excellent credit.
Moral of the story…….Timing is EVERYTHING !!!!!! If you buy at the top of any market you lose.
