Today I closed on my old place. I bought it around 2003/4. When I got married in 2008, I moved to G's place and put mine on the market. About that same time, the housing market collapsed, and I wasn't getting offers anywhere near what I'd paid for it. It sat empty for a couple of years and we continued to make the payments on it. Eventually, I did get a renter for it, but her rent didn't cover the monthly payments.
So I found an agent that specializes in short sells and listed it with her. It still took a long time because a short-sell is a tedious process, but I finally closed on it today. Huge weight lifted.
I had some great times and have lots of good memories in that place...I hope the new owner enjoys it as much as I did.
Conga rats, Amber!!! I know that is a huge relief.
I sold my house in a short sale in October. I didnt post much if at all about it here because really the whole thing almost killed me and I was severely depressed for a long time. I didnt want to sell my house but I had to. I paid $200K for it in 2007 and it appraised for $65K in 2011. I was throwing money out the window and I couldnt find a job that would even allow enough $$ to pay the mortgage. I went through a HAFA gov't program and it was THE. MOST. STRESSFUL. THING. EVER!!!. It took about 6 months to finally close and I am so glad that is over. I was about 3 weeks away from a foreclosure. Horrific.
The funny thing is that a couple of weeks ago someone asked me about the house and how everything went. I seriously blanked and was like. "what house?". LOL!!! Just another exercise in "This too shall pass".
I SQUEAKED out of my condo in DC. Just before the collapse. Even then, the party was over in terms of rapid appreciation. I got exactly what I paid for it about four years after moving in, which meant that with all the sales costs it was a loss - but a dealable loss.
My best friend is dealing with the same issue right now in Florida. He has a place on the edge of a good hood going towards not so good. It is a great double lot near the water, but when he purchased he thought the area would improve. Then of all things he refi'd just before the boom. His neighborhood of course is worse then ever. His place is now valued at less then 35g and he owes 185g.