In their subsequent post the desperate seller writes:
We made an extremely bad investment 4 years ago when we bought our condo. There are several foreclosed units in our community, making it impossible to sale. We're asking 30% less than we paid and can't even get buyers to look at our property. The neighborhood is going downhill fast. I have personally witnessed drug deals, gang activity and people fornicating in park cars outside our house.
We want out, right now we have good credit and are current on all bills. But I am willing to throw it away to get out.
As a last resort we are considering buying a new house while our credit is still good and waling away from the condo. Anyone have any thoughts? What would happen if we just cut our loses now and let the bank take it back.
I forgot to mention a few more key points that are leading us to explore this idea.Looks like they bought a newly built condo in a marginal neighborhood. Despite buying 4 years ago and listing it at a 30% less then they paid, they still are having trouble selling. This condo project must have been an absolute disaster. Yikes!
The property is in colorado, the builder walked away from the property 6 months ago with 3 buildings left to build. The builder ran out of money to pay his subs so the subs posted leins againt the entire community. It think that about sums it up
Thanks for your input