I’m now one month from having to pay two mortgages
March 27, 2008When I bought my place here in Nashville, the timing worked out such that I would not have a payment due until May 1. So as we near April 1, I’m now just one month away from having to make simultaneous mortgage payments on two homes. I know I’ll be able to carry them both, I planned for that when looking for a place here. But it’s not going to be a lot of fun.
I’m hoping of course that my realtor in Louisville manages to get the house there sold before this happens. She’s had a couple leads that she says were solid, but of course I have no way of knowing if that’s true or if she’s just being ever the optimist. She does have a plan to start reducing the price so we can see if there’s more interest at lower price points. I’d rather sell for a little less than have to carry it for months and months.
The other complication in all this is my relocation benefit at the new employer. It includes a 6% rebate on the sale of my old home, essentially it covers the cost of my realtor’s commission. But you have to apply for the refund within 6 months of starting work, which for me means this August. That seems like a long time away, and in any normal market I’m certain we could have the house sold by then. This however is no normal market, I don’t know how it’s going to work out.
In the meantime I’m not looking forward to the next few months. No more jumping into the car and driving wherever and whenever I want, not with gas at these prices. No more travel on a whim, probably no travel at all until I get the Louisville house sold. No more impulse purchases of any kind, everything will be by the book and according to budget.