Reply to Recovering from a real estate mistake

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We’re in this situation, or close to it. Overpaid at the PEAK of the market including interest rates. House ended up having significant issues we discovered after the sale that will legally require us to sell as-is unless we spend $200K+ to fix them.

However, we LOVE our location and the lot we’re on is surrounded by new builds. So we’re debating selling at a loss to a developer and move on, teardown + rebuild, or stay for 5-8 years and spruce it up via an interior designer. [/quote]

Nothing legally requires you to sell as-is but you would need to disclose anything major.

Again also confused about why if you overpaid the move would be to lock in your losses by selling???[/quote]

PP. The part I didn’t add to my original post because I didn’t want to be obnoxious was our HHI has tripled since we bought (big career move) and is higher than our mortgage by a lot now. So there’s a level of “why are we choosing to deal with this when we don’t have to” too. [/quote]

Well, you are smart enough to triple your income but need to ask this question? GTFO. If your finances are in order, do what you want to do.[/quote]

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