A Hemingway character was asked how he went bankrupt. "Two ways," he replied: "Gradually, then suddenly." That's a fine description of how I sold a house in a buyer's market this summer.
How it happened gradually: I inherited the house in October 2021, fixed it up bit by bit, and finally listed it for sale in June 2025.
kAmw@H :E 92AA6?65 DF556?=Ji %96 9@FD6 D@=5 :? `g 52JD]k^Am
kAm$@ 9@H 5:5 x >2?286 E92En u:CDE[ D@>6 4@?E6IEi %96 9@FD6 :D :? 2 56D:C23=6 =@42E:@? @? E96 H6DE D:56 @7 u@CE (@CE9] |@> 3@F89E :E H96? x H2D 2 9:89 D49@@= D@A9@>@C6[ 2?5 D96 =:G65 2=@?6 7@C 564256D 27E6C x =67E 7@C 4@==686]k^Am
kAm}@H x =:G6 :? $@FE9 u=@C:52] u@C J62CD[ x 4@?D:56C65 D6==:?8 >J u=@C:52 9@FD6 2?5 >@G:?8 :?E@ E96 u@CE (@CE9 9@FD6] x >256 FA8C256D 2?5 C6A2:CD[ 3FE F=E:>2E6=J >J H:76 2?5 x 564:565 ?@E E@ >@G6 E@ r@HE@H?] x C6=F4E2?E=J D2:5 25:@D E@ t= %24@CC:6?5@ W>J 72G@C:E6 7@@5 ECF4<X 2?5 q:==J q@3VD WE96 =686?52CJ 9@?<J E@?<X[ 2?5 =:DE65 E96 9@FD6 7@C D2=6]k^Am
kAmx 5:5?VE 6IA64E E@ D6== :E :? =6DD E92? E9C66 H66<D] |6EC@A=6I 9@>6D FDF2==J =:?86C =@?86C U>52D9j 2 EJA:42= yF=J D2=6 E@@< db 52JD] %96 2?2=JDED 2E k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2m 42== :E 2 32=2?465 >2C<6E[ 3FE :E 766=D =:<6 2 3FJ6CVD >2C<6E E@ >6]k^Am
kAmp?5 J6D[ =F4< H2D 2 3:8 724E@C :? D6==:?8 D@ BF:4<=J] %92E D2:5[ =6E >6 E6== J@F H92E x 5:5 C:89E 2?5 H92E x H@F=5 5@ 5:776C6?E=J]k^Am
k9amx :?E6CG:6H65 E9C66 286?EDk^9am
kAmx H2?E65 E@ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^2C6\2==\C62=\6DE2E6\286?ED\E96\D2>6\H9:49\C62=E@C\:D\C:89E\7@C\J@FnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm9:C6 2 C62= 6DE2E6 286?Ek^2m H9@ 925 C6AC6D6?E65 D6==6CD 2?5 3FJ6CD :? E96 ?6:893@C9@@5 — D@>6@?6 xV5 766= 4@>7@CE23=6 H:E9[ H9@ 2=D@ 925 J62CD @7 6IA6C:6?46] x :?E6CG:6H65 E9C66[ 2D<:?8[ 2>@?8 @E96C E9:?8D[ H92E :>AC@G6>6?ED x D9@F=5 >2<6 E@ E96 9@FD6] x H2?E65 2? 286?E H9@ H@F=5 2?DH6C 7@CE9C:89E=J :?DE625 @7 E6==:?8 >6 H92E x H2?E65 E@ 962C]k^Am
kAmx 9:C65 E96 286?E H9@ 925 E96 DEC@?86DE 324<8C@F?5] $96 DA64:2=:K65 :? >J ?6:893@C9@@5 2?5 925 E96 3C:D< 56>62?@C @7 2 r\DF:E6 4@CA@C2E6 6I64FE:G6 H9@ H2?ED E@ D6== 677:4:6?E=J]k^Am
kAmkDEC@?8m(92E x 5:5 C:89Eik^DEC@?8m x 49@D6 2? 6IA6C:6?465[ A6C46AE:G6 286?E] $96 <?6H E@ 36 3=F?E H:E9 >6 2?5 E24E7F= H:E9 >J H:76[ H9:49 H2D 2 D:8? E92E D96 H@F=5 25@AE E96 AC@A6C E@?6 H96? E2=<:?8 H:E9 3FJ6CD 2?5 E96:C 286?ED]k^Am
kAmp?5 D96 AC:465 E96 9@FD6 C:89E]k^Am
k9amx D96==65 @FE 7@C D@>6 FA52E6Dk^9am
kAm|J Sbd_[___ 2D<:?8 AC:46 H2D =@H 7@C E96 ?6:893@C9@@5] %96C6VD 2 8@@5 C62D@?i |@> 925 p=K96:>6CVD[ D@ E96 9@FD6 DF776C65 7C@> D@>6 5676CC65 >2:?E6?2?46] xE E@@< 2 7F== 7:G6 >:?FE6D E@ 86E 9@E H2E6C 7C@> E96 <:E496? E2A[ 2?5 E96 H2==D C66<65 @7 4:82C6EE6 D>@<6]k^Am
kAm~? E96 @FED:56[ E96 92:=\52>2865 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^C@@7\C6A=246>6?E\4@DEnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmC@@7 ?66565 C6A=246>6?Ek^2m[ E96 fd\J62C\@=5 42D6>6?E H:?5@HD H6C6 42F=<65 D9FE[ 2?5 E96 D:5:?8 4@?D:DE65 @7 F?D:89E=J[ 3C@H?\A2:?E65 4652C D9:?8=6D]k^Am
kAmp9[ E9@D6 D9:?8=6D] x C6>6>36C 42E49:?8 2 C:56 9@>6 7C@> 9:89 D49@@= @?6 52J] pD >J 7C:6?5 AF==65 FA E@ >J A=246[ D@>6@?6 :? E96 324<D62E D9C:6<65[ Q{@@< 2E E92E F8=J 3C@H? 9@FD6PQ (96? x D@=5 E96 9@FD6 ce J62CD =2E6C[ :E DE:== H@C6 E96 D2>6 3C@H? D9:?8=6D]]]2?5 x DE:== 76=E <:?52 >@CE:7:65]k^Am
k9bm#6?@G2E:@?D x 5:5 2?5 5:5?VE 5@k^9bm
kAmqFE >J E:>6 2?5 >@?6J H6C6 =:>:E65] x 4@F=5 DA6?5 E96> >2<:?8 E96 6IE6C:@C =@@< 8C62E[ @C x 4@F=5 AC:@C:E:K6 >2<:?8 E96 :?E6C:@C 7F?4E:@? H6==] $@ x 7:I65 FA E96 :?E6C:@C — 3642FD6 H92EVD E96 FD6 @7 92G:?8 2 9@FD6 E92EVD AC6EEJ @? E96 @FED:56[ :7 J@F 92G6 E@ H2:E 7@C6G6C E@ 86E 9@E H2E6C 2E E96 <:E496? D:?<nk^Am
kAm~G6C2==[ x A2:5 >@C6 E92? Se_[___ E@ FA8C256 E96 6=64EC:42=[ A=F>3:?8[ 2?5 w'pr DJDE6>D[ C6A=246 E96 C@@7[ 2?5 C6A2:?E E96 :?E6C:@C WE@ 6=:>:?2E6 E96 4:82C6EE6 D>6==X] qJ =62G:?8 E96 6IE6C:@C >@DE=J 2D\:D[ x =6E E96 3FJ6C 49@@D6 E96:C @H? D:5:?8 2?5 H:?5@HD]k^Am
kAmkDEC@?8m(92E x 5:5 C:89Ek^DEC@?8mi x 7@4FD65 @? FA52E:?8 >2;@C DJDE6>D 2?5 4@>A=6E65 @?=J >FDE\5@ :?E6C:@C H@C<] %96 3FJ6C H2?E65 E@ DA6?5 E96:C >@?6J C67:?:?8 E96 26DE96E:4D[ ?@E C6A=24:?8 E96 p^r]k^Am
k9amx <6AE >J 4@@=k^9am
kAm%@ C62DDFC6 A@E6?E:2= 3FJ6CD[ x >256 2 DAC625D966E @7 C6?@G2E:@?D[ 9@H >F49 E96J 4@DE[ 2?5 H96? E96J H6C6 5@?6] w@H6G6C[ E96C6 H2D D@>6E:>6D 2 82A 36EH66? E96 52E6 @7 2 4@?EC24E@CVD :?:E:2= 6DE:>2E6 2?5 E96 52E6 H@C< H2D 4@>A=6E65 — 2?5 E96 3FJ6C FD65 E9:D :?7@C>2E:@? E@ DEC@?8\2C> >6]k^Am
kAmQxE :D 4=62C E@ D66 E92E E96D6 C6A2:CD 52E6D 2C6 :?4@?8CF6?E E@ J@FC >2C<6E:?8 >2E6C:2=D 2?5 D6==6CVD 5:D4=@DFC6 >2<:?8 E96> @3D@=6E6[Q E96 3FJ6CVD 286?E 6>2:=65 27E6C E96 :?DA64E:@?] QuFCE96C>@C6[ E9:D H@F=5 36 4@?D:56C65 s646AE:G6 |2C<6E:?8 !C24E:46D]Q %96J C65F465 E96:C @776C 3J Sbb[___] x 76=E 7FC:@FD @?6 D64@?5[ 2?5 A2?:4<65 E96 ?6IE] (@F=5 E9:D D2=6 8@ E9C@F89nk^Am
kAm|J :>AF=D6 H2D E@ E6249 E96> 2 =6DD@? 2?5 :?D:DE @? E96 AC:46 H6 925 28C665 E@] %92E 27E6C?@@?[ x 7=@2E65 :? >J u=@C:52 A@@= H9:=6 2?8C:=J >:>:4<:?8 |:4926= r@C=6@?6 D2J:?8[ Q|J @776C :D E9:Di }@E9:?8]Qk^Am
kAmqFE E96? x C6>:?565 >JD6=7 E92E E9:D H2D >J @?=J @776C] x 925 A2:5 2EE6?E:@? E@ DE2ED 7C@> k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2m[ E96 r2D6\$9:==6C AC:46 :?56I6D[ 2?5 >J 286?E U>52D9j x <?6H 9@>6 AC:46D :? u@CE (@CE9 H6C6 72==:?8 H9:=6 :?G6?E@CJ H2D C:D:?8] x >256 2 4@F?E6C@776C 7@C Sbae[___[ E96 =@H6DE AC:46 x H@F=5 92G6 2446AE65] %96 3FJ6C E@@< :E]k^Am
kAmkDEC@?8m(92E x 5:5 HC@?8k^DEC@?8mi q6:?8 DA64:7:4 23@FE 52E6D 2?5 5@==2C 2>@F?ED @7 C6?@G2E:@?D @A6?65 FA 2?@E96C C@F?5 @7 ?68@E:2E:@? E92E x 5:5?VE H2?E] x H@F=5 92G6 366? 36EE6C @77 AC@G:5:?8 86?6C2= :?7@C>2E:@? 23@FE E96 FA8C256D]k^Am
kAmp?5 x 5:5?VE C64@8?:K6 E96 244FD2E@CJ 6>2:= 2?5 =@H6C @776C 2D 2 92C532== k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^9@H\E@\D6==\J@FC\9@FD6nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm?68@E:2E:@?k^2m E24E:4] %92E H2D E96 ;F58>6?E @7 >J 2EE@C?6J[ H9:49 3C:?8D >6 E@ E96 =2DE E9:?8 x 5:5 C:89E]k^Am
k9amx 9:C65 2? 2EE@C?6Jk^9am
kAmr2?5:5=J[ E92E 286?EVD 6>2:= H:8865 >6 @FE] x 7@CH2C565 :E E@ E96 =2HJ6C H9@ 925 C6AC6D6?E65 >6 E9C66 J62CD 62C=:6C :? |@>VD 6DE2E6] w6 =2F8965 @77 E96 6>2:= 2?5 42=>65 >6 5@H?]k^Am
kAm{2HJ6CD 4=@D6 C62= 6DE2E6 EC2?D24E:@?D :? D@>6 DE2E6D[ 3FE %6I2D :D?VE @?6 @7 E96>] $@ 6G6? E9@F89 x 5:5?VE E649?:42==J ?665 2? 2EE@C?6J[ x 9:C65 9:> 3642FD6 E96 3FJ6CVD 286?E 925 :?E:>:52E65 >6]k^Am
kAmkDEC@?8m(92E x 5:5 C:89Ek^DEC@?8mi |J 2EE@C?6JVD D6CG:46D H6C6 H6== H@CE9 E96 4@DE] w6 96=A65 >6 E9C@F89 E96 ?68@E:2E:@?[ 2?5 96 AC6G6?E65 2 A@E6?E:2= 56=2J 3J DA@EE:?8 2? 6CC@C :? E96 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^9@H\=@?8\5@6D\:E\E2<6\E@\4=@D6\@?\2\9@FD6nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm4=@D:?8 A2A6CH@C<k^2m] x?DE625 @7 =:DE:?8 |@>VD 6DE2E6 2D E96 D6==6C[ E96 5@4F>6?E =:DE65 |@> 96CD6=7 2D E96 D6==6C — 2D :7 D96 H@F=5 >2E6C:2=:K6 7C@> 96C FC?[ =:<6 2 86?:6 7C@> 2 3@EE=6[ E@ D:8? E96 A2A6CD] |J 2EE@C?6J 7:I65 E92E[ 2?5 H6 4=@D65 2E E96 D4965F=65 E:>6]k^Am
k9am(92E xV== 5@ ?6IE E:>6k^9am
kAmtG6?EF2==J[ x H2?E E@ 86E 2H2J 7C@> E96 9FCC:42?6D[ C:D:?8 D62D 2?5 9:89 9@>6 :?DFC2?46 4@DED @7 $@FE9 u=@C:52] (96? x D6== E9:D 9@FD6 2?5 >@G6 E@ E96 >@F?E2:?D @7 H6DE6C? }@CE9 r2C@=:?2[ xV== 5@ 2 =@E @7 E9:?8D E96 D2>6 2?5 2 76H E9:?8D 5:776C6?E=Jik^Am
kAmx H:== 6>A=@J 2 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^C62=\6DE2E6\2EE@C?6JnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmC62= 6DE2E6 2EE@C?6Jk^2m 7C@> E96 @FED6E[ DE2CE:?8 H:E9 C6G:6H:?8 E96 4@?EC24E H:E9 E96 286?E]k^Am
kAmx H:== <66A >F> 23@FE DA64:7:4 4@DED 2?5 52E6D @7 H@C< 5@?6 @? E96 9@FD6] p?JE9:?8 x D2J 42? 2?5 H:== 36 FD65 282:?DE >6]k^Am
kAmxV== k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^AC@A6CEJ\=:?6\C62=\6DE2E6\A9@E@8C2A9JnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`fhgfghU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm49@@D6[ 9:C6 2?5 A2J 2 A9@E@8C2A96Ck^2m[ 2?5 92G6 7:?2= D2J @G6C E96 A9@E@D] W|J 286?E 49@D6 E96 A9@E@8C2A96C[ 2?5 x H:D9 E96 A:4EFC6D 925 366? 36EE6C]Xk^Am
kAmp?5 xV== C6;@:46 E92E xV> ?@E D6==:?8 2 9@FD6 H:E9 3C@H? D9:?8=6 D:5:?8]k^Am
k5:G 4=2DDlQ?H\>@C6\7C@>\?6C5H2==6EQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ|@C6 uC@> }6C5(2==6EQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0>@C607C@>0?6C5H2==6EQmkAmkDEC@?8m|@C6 uC@> }6C5(2==6Ek^DEC@?8mk^AmkF=mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^9@H\E@\D6==\J@FC\9@FD6nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`fhgfghQ E:E=6lQw@H E@ $6== *@FC w@FD6Q E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmw@H E@ $6== *@FC w@FD6k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^>@CE8286D^72==\a_ad\9@>63FJ:?8nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`fhgfghQ E:E=6lQ(9J %9:D u2== xD E96 x562= %:>6 E@ qFJ 2 w@FD6Q E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qm(9J %9:D u2== xD E96 x562= %:>6 E@ qFJ 2 w@FD6k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^>@CE8286\C2E6DnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`fhgfghQ E:E=6lQr@>A2C6 %@52JUCDBF@jD |@CE8286 #2E6DQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmr@>A2C6 %@52J’D |@CE8286 #2E6Dk^2mk^=:mk^F=mk^5:Gm
k5:G 4=2DDlQ?H\2FE9@C\3@I\HAQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@I \ (!Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@I0HAQmk5:G 4=2DDlQ?H\2FE9@C\3@I\HA\\:??6CQmk2D:56 :E6>D4@A6lQQ :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAmw@=56? {6H:D HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@i9=6H:Do?6C5H2==6E]4@>Qm9=6H:Do?6C5H2==6E]4@>k^2m]k^Amk^2D:56mk^5:Gmk^5:Gm
kA 4=2DDlQ?H\@C:8:?2==J\A@DE65\=:?<Qm%96 2CE:4=6 x’> 2 #62= tDE2E6 (C:E6C (9@ $@=5 2 w@FD6 :? 2 qFJ6C’D |2C<6E] w6C6’D (92E x {62C?65 @C:8:?2==J 2AA62C65 @? }6C5(2==6E]k^Am