We knew what the realtor would tell us, but DH and I were holding out hope that maybe we were wrong. Nope. We nailed it. There is no way we can sell right now. We are about $20,000 upside down on the house. Its dropped about 40% in value since I bought it!
So now the options are:
1. Walk away. Yeah, not really an option. Fun to think about though.
2. Short-sale. (see above)
3. Rent. Not really an option because we can't absorb the risk of getting a bad renter that trashes the place. If we could do that, we would just pay to leave.
4. List now, and hope that we could come up with the money/pay off enough debt/borrow enough to come to closing with when/if we get an offer.
5. Sit tight and wait. For who knows how long. It would take us 2 years to save up $20,000 if we socked away every spare penny. By that time our house would probably have dropped another 40% and we would be screwed again.
I just want to cry. Or scream. Or cry :(
*ETA - Yeah, apparently I really suck at math when I am pissed. Because its $40,000 that we would have to bring to closing. We are sooooooooooooooooooo screwed.
Our journey...
2 comments:
I'm sorry to hear that. I can't believe that its dropped 40%. That is such a huge amount.
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