Has anyone ever sold a house for a loss? How much of a loss and what were your reasons??

Asked by Beebee, Tue Apr 29, 2008

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Graham M. Lo…, Agent, Franklin, TN
Wed Apr 30, 2008
Beebee-Unfortunately, I have had to sell two of my houses for slight losses. The first one was bought under the assumption that a family member was going to move in with us and help with the purchase price. It had a full walk out basement and the house was larger than we would have wanted in a normal situation. Right after it closed, the family member changed her mind and then so did we. After expenses, we lost a little under 20K. Shortly after, the market dumped and the price declines in the neighborhood are substantially more...so I guess you could say we did all right. The second house (current) we are taking a wash, or a slight loss because we dislike the builder/developer, and decided we needed a home that was in an area that is more kid friendly. Also we just bought it last year, so there has been no appreciation. We are makining up the difference in the home we just purchased to replace the one we are in. Loss after expenses will be about 10K. I guess the lesson we took from this was keep family out of the decision and make sure you research the builder before buying. Good Luck!
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