Less than 3 years ago, I bought a condo. I picked it up for $74K, which at the time was a bargain (places in the same condo were going for $120K).
Fast forward to October 2009, I get laid off or relocate to Texas. I took the second option and so therefore put my condo on the market. Begrudgingly I accepted my realtor's asking price of $60K (which was the higher of the two).
Fast forward again to today. I got an offer this morning. My first offer. $50K. 2 bedroom, 1.5 bath, hardwood floors, free water/hot water, indoor pool, underground car wash/parking, $1211 a year taxes, $50K. 900sq ft, custom tile floor in kitchen, new dishwasher, "a patio you can play cornhole on", $50K. $10 cab ride or 5 minute drive to downtown metro area, one block away from the lake and across the street from a beach/park and walking distance to grocery stores and 5 bars, $50K.
And I now I have 2 days to decide to accept the offer or wait what is looking like another 4 months to sell it. Keep in mind I am paying rent in a differnet place already.
I still owe $67K on the place (as I have only been in it less than 3 years) so I am upside down even if I got what the realtor was asking for it.
Do I stop the bleeding now or hold on in one of the worse cities to be selling right now?
Fast forward to October 2009, I get laid off or relocate to Texas. I took the second option and so therefore put my condo on the market. Begrudgingly I accepted my realtor's asking price of $60K (which was the higher of the two).
Fast forward again to today. I got an offer this morning. My first offer. $50K. 2 bedroom, 1.5 bath, hardwood floors, free water/hot water, indoor pool, underground car wash/parking, $1211 a year taxes, $50K. 900sq ft, custom tile floor in kitchen, new dishwasher, "a patio you can play cornhole on", $50K. $10 cab ride or 5 minute drive to downtown metro area, one block away from the lake and across the street from a beach/park and walking distance to grocery stores and 5 bars, $50K.
And I now I have 2 days to decide to accept the offer or wait what is looking like another 4 months to sell it. Keep in mind I am paying rent in a differnet place already.
I still owe $67K on the place (as I have only been in it less than 3 years) so I am upside down even if I got what the realtor was asking for it.
Do I stop the bleeding now or hold on in one of the worse cities to be selling right now?