Agent

First-time investor lives real estate nightmare

Unusual purchase terms should raise red flag

DEAR BOB: I feel like we made all the first-time-investor mistakes. A year ago, we bought a house in a new neighborhood one hour away from our current home. We were offered no mortgage payments for six months, but then we had to sell or refinance. When we tried to sell or rent the house, we learned the builder sold all 20 houses to other investors who were doing the same thing. We sold the house for $90,000 less than our purchase price, and will have to come up with $33,000 cash to close the sale. Our monthly payments of $3,000 are way above the rental market of about $1,750 per month, plus a $100 monthly homeowner's fee. Is there any way out of this nightmare? --Zaneta M. DEAR ZANETA: After reading, and re-reading, your e-mail, I can't figure out why you would buy such a rental house an hour away from your residence under those very unfavorable purchase terms requiring you to sell or refinance within just six months. Purchase Bob Bruss reports online. I don't understand how the house ...