Contract To Build Home In Development
In Oct 05, we contracted for a new home to be built which should be done by Nov.06. We have since changed our minds due to the housing market. We were planning on selling our current home for a certain price, but the area homes are now selling for less. My question is what is our best option; continue and close on the new home and try to sell it right after closing (possibly for same price if prices remain the same), or try to back out of the contract now (contract says we would lose down payment (35,000) plus possibly other expenses, or try to assign the contract to another buyer (contract says it can be assigned if approved by builder), if so, how does contract assigning work, .. or we can continue with original plans to sell current house (possibly for less than originally anticipated, but possibly still a 50,000 profit, we closed on our current house last month) and go forward with buying the new home (costing 100,000 more than our current home). Tax consequences? Any ideas would be appreciated.
Comments(0)