All Forum Posts by: Amy Muir

We purchased an ocean front 4 bed 4 bath condo on the Space Coast of Florida 4 years ago for $620,000. Our interest rate is 2.8% putting our mortgage at only $1,880. HOA dues are $1100/mo but expecting them to increase to about $1500/mo by the end of the year. I'm debating selling or renting. Would love all your thoughts! We had it professionally decorated and will be leaving it furnished as an option. The agent we are working with would like to list it at $1,300,000 OR I think we could rent it out for $5000-$6000/mo. Would you sell it or rent it out?

*We are married so $500,000 tax free.

*We also own other long term and short term rentals in the area.

*We purchased another home a few miles away from the condo. 

My husband and I went under contract the end of January for close date of March 31st to be our primary residence. We have financing in place and all was well until the Covid crisis halted everything. I am now worried about my husband’s job and the economic outlook and don’t feel now is the best time to move anymore.   While he is still employed I’m not so sure about a few months from now if the travel restrictions are still in place. 

My question is if we back out now, a week before closing, I know we will lose our deposit but if they decide to sue, what should I be prepared for that they ask for. Also, my agent keeps telling me they can force me to close because i have financing approved. Please help! I’ve already consulted an attorney but wanted the wisdom of you fine people and your experience to weigh in. Thank you so much!!!!