[quote=ibjames]
c’mon, you have to admit, negotiating contracts with suppliers and your home purchase is different.
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You buy your house, prices go down, you bail? Even though you can afford it? If he renegotiates, I’m at the point that I don’t care anymore, I’m telling coworkers to make sure they look into it. Why not?
[/quote]
Yeah, don’t get me wrong here. I’m not saying it’s the moral high road to take, or that I’d encourage his actions. I’m just saying he’s legally entitled to attempt to re-negotiate, or walk and held only to the contract he signed. Calling him names might make some people feel better, but it’s ultimately irrelevant.
If prices go down enough on your house, then yes I do suggest walking is the financially prudent thing to do.
If a young coupled paid $600K with little or no money down for the same house that today could be purchased for $300K. Regardless as to whether or not they can service their current loan – it just makes pure financial sense to walk. I’d assume everyone has their own underwater threshold.
If you and I were good friends in real life, and that was your situation. Absolutely I would recommend that you consider that option seriously.
Now if you were a flipper, I’d tell you to ram it up your you know what. Even though the same financial decision makes the most sense. 🙂
