Expert: Dick Dennis - 6/3/2008

Question
Dick,
I signed a contract for a new home to be built in VA 7 days ago.  I was going to relocate back to VA from PA due to my job preferring me to be in VA.  The home has to be built, permits are not pulled yet. Well, my company has now said that it is not necessary for me to be in VA.  I put $10,000 down, can I get out of this?  I do not have a house to sell in PA.  I did talk with the sales manager that I dealt with and she said if I could find someone to buy the house is the only way.  Please let me know if you know of anything.  I just signed the paperwork on May 25.  They just submitted the permit paperwork 2 days ago, so they said.  

Thank you for your help.
Adam

Answer
Finding a buyer for the house does indeed seem like your only route, Adam. However, there is another way: sell the house on a lease/option. Someone somewhere might be looking for a nice new house at a reasonable rent. You rent it to that person for, say, two or three years, giving that person credit from the rent towards his downpayment. Being a brand new house should allow you to get a buyer or a lessee/optionee. In any case, you will have to really work at it.
Get yourself a real good real estate agent, if necessary. Maybe that agent might be good enough to find that buyer for you.

Other than that, talk with a real estate attorney and see what he/she can offer you in VA. I wish you well.

Dick Denni