re: Got an offer on my house....but below value of mortgage balance, feedback needed

quote:

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You are exhibiting the strong bias of "anchoring".

You need to forget about what your equity once was or "breaking even" on the mortgage. Mr. Market is harsh and he doesn't care at all about that.

You need to figure out the highest price you can get for the place. If that's palatable, then sell it and accept the economic consequences.

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This. 1000x this.

If you truly want to sell the place, then accept the highest offer you can get. What you paid for it is immaterial.

I can give you a personal anecdote. I made the colossally horrible decision of purchasing a home in late 2006, and had to move 2 years later due to work.

Soon after listing it, I was offered a 'lowball' price 30% below what I was asking. Never got another offer until 18 months later, when I sold the house for BELOW that lowball price.

Cut your losses and sell the house.