We received an offer on the house, and like all previous offers, they underbid what we were asking. The difference this time is that we accepted anyway since the three previous times we counter offered the potential buyers backed out. We didn't want to lose this chance to sell so we're just going to cope with forking over money to get this house off our hands. In the end, the sale alone is costing us 30 grand. Counting the mortgage payments we've put over 100 grand into that house and it was only worth 250 to start with. We've learned a valuable lesson, and that's not to buy again unless we're really sure we want to stay in that house for a long, long time.
No one could have predicted the market would actually continue to get worse in our area, but we unfortunately experienced a perfect storm of bad market conditions unique to our little subdivision and not just a reflection on the overall national housing market. We've had to compete with our home builder selling the exact same layout for not only less than what we paid for it, but for less than we were listing it for. You can't compete with a cheaper, newer version of the same house from the same builder. We paid extra on the mortgage just to get the balance down so we could drop the price to a competitive level.
We have a few hoops to jump through including home inspection and getting a POA for Aeyong since she will be in Korea during the projected closing time. Hopefully by this time next month or shortly thereafter we'll have permanently washed our hands of that debacle.