So the latest update on the house is that we have agreed we just need to sell it. Of course, it's not as simple and just finding a realtor and putting it on the market. With the current housing market, we would not be able to sell it to even break even, which means we would have to bring money to the table at closing to cover the difference with our loan. Those of you who know me, know that there is zero chance of that happening.
So if we sell, we will have to do a short sale. If you don't know what a short sale is, read the link. :) Basically, it means, we have an agreement with the bank upfront that we know we will be selling the house for less than our loan. We would put it on the market for 120 days at the appraisal price and hope someone puts in an offer by then. It is a lengthy process, especially for the sellers, so it's not the most desirable option. However, the impact on our credit for a short sale is much less than a foreclosure, which will be our option if we don't sell it in the allotted time.
It's not really the best situation, but it's really the only one. One way or another we need to be rid of the place. And I need to be able to move on. I'm not going to even discuss all the things I would have to deal with once the house is sold... we'll deal with that when it happens (and please God, I hope it happens sooner rather than later).
So that's where we are right now. I've been bugging him to tell me what our next step is so we can start submitting the paperwork we need to and get the ball rolling. He hasn't been the most responsive unless its an emergency, so it's going to take some prodding this summer. I'll keep you updated as always. :)
On an unrelated side note, I'm wearing my new favorite summer shoes today. I am VERY picky about my espadrilles, so this purchase was very thought out. They are from Nordstroms and I love them. The pattern and the bow make them feel very retro (which you know I am a HUGE fan of).
looooovvvvvee the shoes!
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