What would you do? We have had our house on the market for 105 days, starting at 649k down to 600k. We have had 16 showings total- very slow. We bought a new house for 540k in April, suppose to settle next week. We did a non contingency. We weren't able to get an 80/10, but got a 90/10 which means we have to borrow money from a few people. Now we are thinking of backing our of the new house and keeping our current house out of fear we won't sell it in this crazy market. We've talked to lawyers...we can get our of the commitment and even get our 15k deposit back. The sellers are very upset...are offering us at least 16k cash at settlement to go through with the deal. That would cover us for a few months of double mortgage payments but then what? Any advice? We want to move because we love the new house and have been very unhappy in our current house, but a house is just a house....

Going to be very hard to answer the question for you.

You say you are unhappy with the number of showings, what is your real estate agent doing to get your sold?
What are market conditions like currently? Are they expected to slow down? or improve?


Regarding the financial side of things - only you know your financial picture.

The safer bet would be to stay where you are for now if you are uncertain about your ability to get your existing home sold.

Project how long you can carry the 2nd home payment. Do you think you can reasonably get the home sold within that time frame?


Tough situation. Wish you good luck with it.

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Jennifer Karlen & Jon Karlen
Kentucky Horse Farms - Louisville Kentucky Real Estate - Lexington Kentucky Real Estate
Serving the Louisville KY metropolitan area including Jefferson County - Prospect Shelby County - Shelbyville Oldham County - Goshen, La Grange and the Lexington KY metropolitan area including Fayette County - Lexington Woodford County - Versailles Scott County - Georgetown Jessamine County - Nicholasville