cashing out of apt in uncertain market?

We’re wondering whether to “cash out” with our apt, for which we are in contract with buyers at a good price (our place went into bidding war, since it’s a rare property in prime PS. We put our apt on market just as went into contract on a house, but then discovered legal problems with the house. We have option to back out of our apt sale if house falls through (we find out in 2 weeks) but we’d have to pay a small cash penalty to cover buyers’ legal exp. Most people tell us to cash out now given that we got over $800sf (and 50K over ask) but I’m a little nervous about renting. Seems like the overall market is dicey but prime properties in prime areas are holding up – anyone noticing otherwise?

If we sell, our hope would be to find another house within a year or two (and hopefully the money we spend on rent would be less than what we might lose if we wait to sell, and prices dip). My fear is that prime PS won’t go down and then we’ll just have thrown rental money away…

Curious about other people’s thoughts??

By guest | 04/08/2008 9:38 PM