Sunday, July 06, 2008

Sold!

Looks like my old Renton house is sold. It was only on the market for about 2 months, but we priced it aggressively. We ended up with two offers (both lower than asking). After some negotiations, we ended up at the low end of my range, but it was what I felt was still a good deal for me. Closing is in two weeks and everything seems to be on track. At the end of the day, the original mortgage will be paid off, the HELOC will be paid off (which I used as part of the down payment for my new home), and we'll still net about $18k. If I had sold it at the time we moved out (which was probably the height of the real estate market), I would have made $30k more, but hindsight is 20/20 and at the time, renting it out seemed like the best investment idea. If I hadn't gotten a reasonable deal by end of July, I would have gone back to renting, but at least now I don't have to worry about it.

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