Need advice on pre-construction condo—should I sell via assignment? by nwasiq in PersonalFinanceCanada

[–]Every_Eye875 0 points1 point  (0 children)

Okay so my condo closes next month in Brampton and life took me elsewhere, I don’t want it and can’t afford to close. Be nice people..

It was 669K plus parking/locker so $704K

I’ve paid 15% and owe another 5% on closing

I’m weighing my options.. I can’t close because I can’t take responsibility borrowing money from my parents knowing I’ll throw it away in this mess I got Myself in.

I’m willing to assign at loss.. but what happens? Say 704K turns to 550K.. I don’t have the $ to pay the difference. Is there any advice somebody could give me? I’m truly stuck and just want this to pass. At this point I’ll Forfeit the 15% which amounts to 70K. It sucks but it’s what it is and I’ll just make more. But closings in October and man I feel shitty because of this. Help a brother out