Here's an email I received from a HP reader from Arizona. He wanted me to post this to the site to get HP readers' feedback and advice
Poor guy. It must be gut-wrenching right now to sign your name to that mortgage, no matter what the situation.
Step up HP readers - give the poor guy your best, serious advice.
I have been following your blog for sometime and am addicted to it.
I am supposed to be closing on a home in Mesa, Az on Feb 6th for 305,000. It is a new build from KB Homes (Summerlin). I bought the house for 279,000 plus 25k in upgrades. It is 1817 sqft and has almost no back yard at all.
Since I am a first time homebuyer the earnst is only $2500. The same house is now going for about 313k but that price has not changed in a couple months.
I am wondering if I should bail on this house.
I cant stop thinking about it and was hoping that you can provide me with some advice. I can still bail on it and the worse case is that I will lose $2500 right now...and I may even be able to get that back. Any help is greatly appreciated.
Here is the link to the home:
Thank you in Advance!
January 11, 2006
Posted by blogger at 1/11/2006