Everything went according to plan with our closing last Wednesday. We have a wonderful new home with a wonderful new mortgage and everything is as it should be. There are two remaining problems for me to get worked out, one is finding all of my stuff and figuring out how I'm ever going to get back to some level of organization at the new house. The second is a bit more out of my hands, selling our old house.
Considering the current market, I was able to get such a great deal on our new home and the reasons for that are exactly the same reasons I can't sell the existing home. Lower property values make it more difficult for a seller to "get out of it what they have in it." That said, I'm not trying to make any money on the current home, I just want it sold. The reality of it right now is that I may very well end up having to take money to the closing, assuming anyone ever actually comes to look at the house, let alone make an offer. But even still, I know that what we did was the best thing for me, long term, and I will be willing to take that loss knowing that I picked up a better home, a more valuable asset, and purchased it with the cheapest money in history. That will far outweigh any heartburn over the existing home. I recommend that other do the same.
When blood is on the street, that is exactly when you buy. Fear is causing people to take the path of "inaction" to avoid risk. The reality of it is that inaction is the riskiest option on the table right now.
