socialmedian: The joys of buying a condo in 2007 that you can't sell AND can't live in

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The joys of buying a condo in 2007 that you can't sell AND can't live in

Submitted by Jasongoldberg

Aug 12, 2008

Summary

My real estate agent back in Seattle (I live in NYC now) assures me that the loan I have on my condo back in Seattle (which I rent out for a loss each month) is probably $50-$100k more than what I could sell the unit for now. Oh joy. Anyone else in this boat?

Comments (3)

Fredneil2,

Aug 13, 2008

If it makes you feel any better, looking to sell my house now and it is worth about $400k less than a cash offer I turned down 2 yrs ago. I won't have to write a check, but will get a much smaller one.

Jasongoldberg,

Aug 13, 2008

Whoa. That's rough. I bet a lot of folks are in this boat. We are stuck right now renting at a considerable loss monthly vs. selling for a huge loss.

Mattmansfield,

Aug 13, 2008

Right there with you. My sad story is in the Bay Area. I'm relocating to teach in Washington, DC. But I will be renting my place at a loss for at least a year to see if the market can shake out. Argh.

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