Asked by Windycitygolfer, California • Tue Dec 16, 2008
Here is our situation. We paid 10% earnest money for a nice 2b, 2ba condo in south loop back in summer 2006, with the intent of being our primary resident. However, my wife and I have since relocated to a different part of the country for work. With no near plan to return to Chicago, we were wondering if we should go though with the sale and keep the unit as rental. Or we should just walk away from 50K.
We do have the 20% down needed for the purchase. Our main concern will be given the state of economy, I am not sure if it's a good idea to throw good money at bad money. By the time we sell, after paying taxes, commission, transfer fees, title fee etc, I am afraid we will end up losing that much anyway. Even if we keep it as rental, we will be looking to sell in about couple years, since 20% will almost deplete our saving. Leaving us without much down to purchase a home at our current location.
The unit is on high floor with nice views
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