The good news is ...I finally have another contract on my property on Stoneborough Ct.
The not so good news is ...Even after negotiating them up $25,000 from their initial bid, their final offer was still $2,300 below the county tax appraisal on the property and over $12,500 below the contract I had in September that fell through due to the loan issues (which was already "low" due to the current market & loan situations).
In the end - with what it is costing me to continue to own it, the low probability of being able to rent it for enough to cover that, and the belief that it will be 2 to 3 years at least before the market turns around - I decided to take the offer and "stop the bleeding."
I don't have a closing date yet. This buyer does already have funding approval and the lender's appraiser went today to assess the property. I am
hoping (praying!) to close before Christmas. The buyers wants in as soon as possible.
As for how I feel ... numb.
I'm trying to assess how far "in the hole" I am with the difference between what I am getting and what I expected to get when I took out a loan based on the equity I
thought I had in the property, combined with the drain on resources with the ongoing expenses of having continued to own it for an additional 11 months.
Obviously, choosing to move and then get the house ready to market was not a good decision. Nor was the decision to spend thousands to make sure everything was repaired, in good order, etc., so that it would bring "top dollar." I doubt any of it added $1 to the final sale price.
Change "numb" to "ill."
