DEAR BRUCE: I own a condominium that is worth around $65,000, according to the appraiser. I want to relocate to Michigan because I was offered a better position in my company.
I have $35,000 left on the loan. A nice young couple offered me $55,000 cash.
Do you think I should settle for a $10,000 loss or wait until a better offer comes?
What if a better offer doesn't come?
The housing market doesn't seem to be very good. – Peter, via email
Dear Peter: Your problem is a simple one. The appraisal of $65,000 is strictly a matter of guessing and not written in stone.
You want to go to Michigan for a better job, you have $35,000 left on the loan, and you've been offered $55,000 cash.
That seems to be a no-brainer. It would be different if the market was on a definite uphill, but that doesn't seem to be the case.
You never know when you buy real estate whether it's going to go up, down or stay the same. In this case, it apparently went down. If your investigation is correct, take the $55,000, pay off the mortgage and get on with your new life.