Reply to Regretting my purchase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Assuming your loan will allow it, turn it into a rental and move. [/quote]

At these rates I guarantee the rent won't cover the mortgage payment. [/quote]

Maybe. Probably.

OP whats the bottom line here?

[/quote]

Paying $1M cash so no mortgage. No inspection beyond seller’s inspection (and the ones current owners did 3 years ago) and I am worried. I paid a lot over asking and am worried about unknown issues on top of that, plus it required some big compromises and also needs some updates.[/quote]

"Paying" Are you closed yet?

How much EMD?[/quote]

No closed yet. Mid October date. $50K EMD. I want to puke.[/quote]

Have your attorney communicate to the seller that you wont be closing. Unlikely, but they may accept something less that 50k to get your claim off the title ASAP. Offer to sign a release agreement for 25K. Unlikely, but you can try to negotiate.

Worst case, you learned a 50k lesson. [/quote]

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