I must admit, I am getting a little confused with all the different advice I`m getting. Most have said to hold til things come back at least(which is what I`m tending toward). Some have said to get out asap and take my 35K loss, but if I do that , what about the possibility of being sued? NOT...

Thankyou all for your insight and experience. As I kind of expected, It looks like I will be renting it out and hoping and praying the market comes back to at least my break even point. Live and learn. My first 4 flips went so well but i should have clued in this couldn`t last forever. I will...

QUOTE (SamEfford @ Jun 7 2008, 06:17 PM) Do you still have the "subject to financing" condition to get you out of the deal? No there was no such clause on this new condo to be constructed. They have "infinite" wording in the sales contract drawn up by their lawyers to protect them so I have no...

I will probably have to rent it, however I will talk to the builder also. No, I have no experience renting but I think I`m going to have a crash course in it in a few months. What does happen if the banks appraisers refuse to loan the money now that the property has depreciated?

I am afraid I CANNOT pick up any more properties, like I said, I need every penny of what we have to put down just to make this thing fly(or crawl,whatever the case may be). Has anyone heard of builders renegotiating their contracts if the property is worth significantly less than what the sales...

A little more info: this is a 1100sq` 2bedroom 2bathroom (full) small den apartment-style low-rise condo in a steel and concrete structure. YesI have figured out my interest costs, utilities, insurance,taxes, condo fees,ect and the normal going rental rate would put me in a break even situation...

QUOTE (mark186 @ Jun 6 2008, 09:53 PM) Part of your title is wrong, this is not an investment, it is a speculation. The best thing would to have done proper due diligence and not be in this situation, however I think you already know that. You should not walk away from your initial deposit -...

To all you experienced rein guys,I have a question. I put down a 10 % (35K) deposit on a apartment style condo last March of 07. The condo sales agreement is for $353K and is continuing to be built. They say it will be ready by November,5 months away. The almost identical new building beside it...

Hi guys. Need some professional advise. Put 10 % down (35K) on an adult steel and concrete condo in nice building under construction in Sherwood Park near Edmonton. Did this in the spring. Prices have corrected since. It will be ready summer,08. We cannot possibly choose to hold it til prices...