I am up the proverbial creek in a bad way. I have done a search of the forum real quick but couldn’t really find anything to help. Let me start with some background.
A year ago while living in DC I entered into a building contract with a builder in Florida to buy a house in an area that was appreciating quite well at the time. I had planned to move into this house with my fiance and live there for at least a year or two. Part of the deal was successfully getting my company to agree I needed to be in Florida to better the work we were doing, I succeeded in doing so. Back in the spring my fiance got in a near fatal car crash and has not had the ability to work. I could still afford to take care of my bills, and most of her bills with my savings while living in my cheap apartment I found down here while the house was being constructed. Though I knew that I would not be able to afford the house and the associated costs (80 miles from the office, so gas costs, extra costs over what I am paying at the apartment, etc) and all the bills.
So basically my thought was that I could turn this house over almost right away and hopefully be done with it.
So the house is about 1.5-2 months to completion and I’ve been shopping around for some loans, hopefully with low closing costs and or a low monthly payment, in case I can’t get rid of the house immediately. Problem is, the accident and things have completely annihilated my savings, and every place I talk to says I need to stay in the house as my primary residence for some period of time (4 months was the shortest). That I won’t be able to do without using my credit cards to pay our bills (which I could do, I have high limits and they are all virtually empty accounts) and such and putting myself in a nightmare of debt.
I figured this would be the correct forum to post it in since speculation like this has turned into is close enough to the more gambling side of flipping. As for the actual appreciation, it did appreciate enough that if I sold it right away, minus realtor fees and the closing costs, I would probably be in the black, but the problem is the selling it right away.
I looked into the reassignment clause in the contract and it says not without written consent by the builder, and knowing them, that’s not an option.
I don’t know what would happen if I defaulted on a building contract. (the default clause is a bit of greek to me) This house should have been finished months ago, if not longer, but I think there have been issues with the builders concerning last years hurricane season.
I am online constantly doing research on this so if anybody needs me to clarify something before advice please let me know.
I thank you all in advance for any help you might give.
