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Updated almost 8 years ago,
Looking for advice on a loan situation
hello. I am new to BP. I had a unique situation come up and wanted to see if anyone had any ideas.
Last June, my wife and I put down some money to build a town home for us to live in. We got the nicer upgrades because it was for us. Original completion date was set for December 2016. Delays pushed that back till April.
In January I was approached by another company about a unique job opportunity. I told my lender I was going to switch jobs after I closed and that wasn't an issue. My new job start date is 2 weeks after the close date. Shortly after closing, my future employer told me that I was going to be opening an office for the company fairly far from our new town home . The commute would be pretty extreme and would be tough with my family situation. I was told the company strongly encourages employees to live in the area they work.
I'm now not sure what to do. I just closed on an owner occupied house that I can't occupy because of this job. I'd rather loose the house than give up job. The way I see it is there are 3 options.
-rent it out as is
-Refinance for investment property loan
-Or sell the property?
I would appreciate any feed back, Thanks!