Going back to the house issue, it was first listed at $249K. After reducing the price a few times, it was listed at $235K at the end. With the way market has been, and the house being on the market for months, real estate agents plus people I know who are in the housing construction business said that the house wouldn’t fetch more than 190K in current market. My outstanding mortgage is around $200K.
Even in a perfect scenario, lets say I get an offer of $190K. After paying 6% agent fees, it would be off by $21,400 to cover the outstanding mortgage. I would have to come up with $10,700 out of my pocket for my share of the mortgage to cover the difference.
Being a bit more optimistic lets say that there is an offer of $200K, after the expenses I would be $6K in the hole.
After doing the math, I decided to give up on the house so I could move on with my life. I knew until I either sell or hand over the house to ex, she would not just go away.
I lost money in this transaction, but I can always make money and start fresh. All I wanted to do was get done with this and start my life with SO. That, however, doesn’t seem to materialize now since she has decided to move on thinking that I was taking care of the ex just because I couldn’t sell the house and that I am handing it over.
Is my decision justified to give up the house? Or is it a financial mistake?
Thank you all for a nice and warm welcome.
Financial Mistake?
June 26th, 2008 at 04:13 pm
June 26th, 2008 at 04:22 pm 1214497324
June 26th, 2008 at 04:48 pm 1214498909
Well, I am with compulsive debtor on this one. Sometimes we pay a monetary price to learn a non-monetary lesson, whether it be emotional, spiritual or whatever. Is it a mistake? Only you can answer that. If you have been able to move on to a new place, it may have been well worth it. Money is, after all, only money. (I am learning this as well, it doesn't exactly have to dictate all areas of my life). As sad as it is that SO moved on, she may not have been the one for you after all.
June 26th, 2008 at 06:49 pm 1214506199
Severing yourself from the house, is symbolic of moving forward. The only reason to have kept the house was if ex didn't want and you still wanted to live there.
Maybe you are now afraid of moving forward especially since the relationship with SO didn't materialize as you expected. The fear is having you question the house sale.. and trying to call it a mistake. It was not...it was necessary for you to change and move forward.
Make a new plan to move forward emotionally and financially. Take small steps. You will be fine.