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Status Update

So it’s about time for an update. Things have been a bit… interesting lately, and not really what I’d call a good way.

The Saturday before Mother’s Day, we received two phone calls; from our realtor here in Boston, and from our landlord. Turns out, the owners of the house (our landlord’s wife and her sister in law) are kind of done with having a house that’s losing money, as the third floor hasn’t been rented out for over a year, and I suspect they have some sort of reduced rent arrangement going on with the 2nd floor tenant, as he’s supposed to be the caretaker.

Long story short, the house is on the market to be sold, and while our current landlords have said they want to make it a condition of the sale that we are ‘taken care of’, legally once the title changes hands, there is absolutely nothing that can be done. Our apartment is the only one that is remodeled, and while the realtor showing the place assures us that everyone looking has no plans of living there… we’re not really comfortable with assuming that the new owner will want us as tenants.

Our initial thought was, ‘Maybe we can buy the place ourselves!’ Much glee and daydreaming ensued until we sat down and heard the asking price. Maybe in 10 years we could afford that, but I wouldn’t pay it for this house; the 2nd and 3rd floors need extensive remodeling, new siding, the porch needs to be scrapped and redone, new windows in the basement (They are not up to current code, neither, I suspect, is some of the electrical work in the basement). The 715k asking price is, I think, way steep for the area, but… Davis Square IS a happening place, so.

So anyway, we discussed with our Boston realtor (the same agency selling the place, which is handy), and talked amongst ourselves. We want a bigger place, because we have a couple of folks wanting to move in with us, and while I love our small apartment, 4 people would be claustrophobic in it.

We had a couple of weeks to adjust to the knowledge that we were going to be moving; and start gearing up to look…. When we got a phone call from OUR tenants in Illinois. Without going into details of their personal lives; they have to break the lease and will be moved out by the end of the month. So… we’re faced with having to make that mortgage again.

We’re working with our Illinois realtor, and are going to put the place back on the market (If anyone is looking for a sweet little duplex up on the Wisconsin border, have we got a deal for you!!). On a whole, this is a very frustrating and stressful position to be in, but we’re hoping that the changes we put in (some improvements to the deck, new furnace/AC, new dishwasher, all new carpet, new ceiling in the basement, the bamboo flooring, new paint, etc etc) will entice someone to buy it and we can cut loose of that responsibility.

I have nightmares of last year repeating itself; the house on the market for months with no movement, the house we’re in getting sold out from under us and we have to scramble to find something and move… agh. Ultimately it would be simpler for us to just buy here in Boston, but obviously with the Illinois house still a question mark…. Yeah.

Apparently the universe decided things were going too smoothly for us. -.-


( 25 comments — Leave a comment )
Jun. 6th, 2012 02:26 pm (UTC)
Bleh, I hate that feeling of the universe being out to get you sometimes. The house we bought had been on the market for over a year by the time we finally put in a bid on it, and the guy initially rejected our bid (part of the reason it wouldn't sell was that the guy was adamant on getting the list price).

I hope you can sell your Illinois home and get your Boston situation sorted out.
Jun. 6th, 2012 03:03 pm (UTC)
When we tried to sell the place last year, the offers we were getting were just.. trolling. 50k below the asking price kind of trolling. When we reached the desperation point, we were still looking at having to bring 30k to closing because we were so far underwater.

We were underwater because we took out a traditional mortgage, did everything right, paid our bill every month, and those assholes that messed around with the real estate market pretty much ensured that the people that overborrowed and took out ridiculous loans got bailed out... and the people that were doing everything right, just HAPPENED to have a job offer across the country got screwed.

(I am so bitter about this, I am sorry.)
Jun. 6th, 2012 03:34 pm (UTC)
Don't be sorry, you're entitled to feel that way, in my opinion. I'm reasonably sure that's what happened to the guy we bought this house from. He was a police officer and went through a divorce, and while he "won" the house, he decided to sell it. He moved to California, so he couldn't come over to Indiana easily for any reason, and he absolutely could not budge on anything, which was frustrating for us.

Our agent told us traditionally, the seller pays the closing fees, but this guy couldn't afford it. The only reason he didn't clean out the appliances was simply because he couldn't afford to move them out. I mean, it was a break for us, but really sad for him to be in that situation.

Our first offer on the house was only like 10k less than his asking price. He shot back that he could only take asking. We tried to counter bid at 5k less, and he insisted he could only take asking price, which was too much for this house, in my opinion, but we really liked it and needed to move quickly, so we caved.

I hate that the banks have fucked over so many people with that loan shit.
Jun. 6th, 2012 09:02 pm (UTC)
Yeah, we were really fortunate that we found a renter, it's just... really horrible timing that things are going south now. It's a teeny little farming community (that's being absorbed by the larger Chicago suburbs), so.. I dunno. Guess we'll see.

If our @#$^$#& realtor ever returns our calls. >.
(Deleted comment)
Jun. 6th, 2012 03:04 pm (UTC)
Thank you!! <3

I have no doubt that something amazing is lurking around the corner; because that's the way it works sometimes-- You go through some really tough, stressful things, and when you emerge on the other side you realize it all happened for a reason and it was so you could get $reallygreatthing in your life.

But I'd be happy to settle for $prettygoodthing if it meant this part was a little less sucky. >.>
Jun. 6th, 2012 03:21 pm (UTC)
So there with you... Just... so there.
Jun. 6th, 2012 09:03 pm (UTC)
I know. <3
Jun. 6th, 2012 04:41 pm (UTC)
Bleah. Good luck!
Jun. 6th, 2012 09:04 pm (UTC)
Thank you! I remember reading your horror stories of being on the selling end and thinking, 'Oh god, please don't let that happen to us.'

Somebody up there has a sense of humor.
Jun. 6th, 2012 09:07 pm (UTC)
But it all worked out okay! We sold the old and bought the best house in town.

It'll work out for you too. :)
Jun. 6th, 2012 06:52 pm (UTC)
Yee! *hugs* Still, there's the hope that the economy in general is turning the corner so there may be some more receptiveness to houses on sale.

Jun. 6th, 2012 09:04 pm (UTC)
Hoping so! It goes on the market at the beginning of next month, so. Good energy, prayers, etc are all appreciated!
Jun. 6th, 2012 08:33 pm (UTC)
Wish I knew someone around here looking but alas I don't :/ Good luck finding someone tho :o
Jun. 6th, 2012 09:04 pm (UTC)
Yeah, it's a little out of your territory, I know. But we appreciate the thought!
Jun. 6th, 2012 09:06 pm (UTC)
Hrm maybe perhaps post a note to Wisconsin Furs FA page? *Thinks* Or the LAFF community?
Jun. 6th, 2012 09:59 pm (UTC)
I don't think any of them are in the market for buying a home, and I've been a member of LAFF long enough not to trust any of them as renters.

Thanks for the thought though!
Jun. 6th, 2012 10:13 pm (UTC)
Bummer, well good luck :D
Jun. 6th, 2012 08:49 pm (UTC)
Oh gosh... good thoughts for you! I hope things work out really well for you!
Jun. 6th, 2012 09:05 pm (UTC)
Thank you! And we're hoping it goes more smoothly than our last attempt. :)
Jun. 7th, 2012 12:12 am (UTC)

Fingers crossed for you guys, hon! <3
Jun. 7th, 2012 05:44 am (UTC)
Hopefully the housing market has improved a bit more than last year and you'll have better luck with the IL home. Or if not that, then you find a new renter ASAP!

Good luck!

Jun. 7th, 2012 03:37 pm (UTC)
I'm sorry about to hear about the housing situation, and I hope it gets better for you two!

I will say, from the point of view of just having bought a house here in the past month, that my agent and my attorney have both been busier with showings and closings than a one-legged man in an ass-kicking contest, so perhaps that's a good sign that the buyer's market is improving. Hopefully, that also applies to Chicagoland as well.
Jun. 7th, 2012 09:24 pm (UTC)
considering that we're thinking of buying in the area, I'm not sure if this is good or bad.

(although 'one legged man in an ass kicking contest' made me choke on a pomegranate aril. Can't laugh and swallow at the same time, apparently!)
Jun. 7th, 2012 06:31 pm (UTC)
Damn, when it rains it pours, eh?

I am so very sorry you guys are going through this. Wishing you the absolute best of luck with your situation...

Hang in there...

Jun. 7th, 2012 09:25 pm (UTC)
Thank you. I know things are tense at your house too. *hug*!
( 25 comments — Leave a comment )

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