From the Orlando Sentinal:
Some folks just cross their fingers
Mixed in among all of Central Florida’s home sellers are thousands of investors looking to leave the market.
Still, there are many like Mitesh Gandhi, a 30-year-old self-employed information-technology consultant in New Jersey, who saw opportunity to make money in Florida’s red-hot housing market.
So he purchased a tract of land and had a house built. It was completed in April.
But with the market wobbling, he wants out. Gandhi is trying to sell a new four-bedroom home in Palm Bay, initially purchased as a rental property.
He tried the Realtor route for six months before growing frustrated and deciding to go it alone. It’s now listed at $269,000, $40,000 below its starting point. And he’s offering a $5,000 bonus at closing.
Still, if there is no sale by year’s end, he faces a decision: pay a little extra for a no-frills listing on the Realtors’ Multiple Listing Service or seek the full-service help of another Realtor.
Mitesh,
Did you read about the 1925 re crash in Fla.???
Trapped desi….
I put down 10% on a condo preconstruction in harrison nj. Completion 2007. If prices continue to fall Im thinking about defualting on contract lossing my deposit and buying a house any thoughts.
“I put down 10% on a condo preconstruction in harrison nj. Completion 2007. If prices continue to fall Im thinking about defualting on contract lossing my deposit and buying a house any thoughts.”
10% on a new condo has got to be a solid chunk of change. I’d be very reluctant to just hand that over.
Can you renegotiate the price?
“I put down 10% on a condo preconstruction in harrison nj. Completion 2007. If prices continue to fall Im thinking about defualting on contract lossing my deposit and buying a house any thoughts.”
10% on a new condo has got to be a solid chunk of change. I’d be very reluctant to just hand that over.
Can you renegotiate the price?”
I dont think so maybe I can get them to give me an up grade or help with closing cost but to reneg price not likely.