Yes, so as some of you may be aware, the owner of the house I’m renting was foreclosed on and I’ve been living in limbo for the past few months waiting to find out what would happen.
Foreclosure is done, the house is in the bank’s hands.
The lawyer of the bank hired a local rental agent to service the property. He just came by to check it out. Was very pleased with what he saw… because our house is nice and well maintained, and the other foreclosures he services are very much not.
Anywhoo, Gabe went over with him everything that is wrong with the place and in need of fixing.
The question now is… is the house “rentable” or not. Meaning, are we moving out or not? This question really depends on how much it costs to fix what needs fixing. The two major issues are the electrical system which needs to be completely replaced with something modern that won’t erupt into fire, or leave me controlling the lights with my stove. The second major issue is that the whole darn building needs re-painting and weatherizing, lest moisture creep in and rot the place out.
The paint wouldn’t be such an issue, but it is of course lead-based… and they’ve become extremely serious about lead in the paint after having had someone die becasue they didn’t do a good enough job of lead-abatement.
So, it really just comes down to how much will it cost to fix these two issues. The other stuff is compartively minor. If the grand total is $7500 or less, no issue for us. We not only get to stay living there (with cheaper rent most likely), but we’ll have two of the thorns in our sides fixed.
If, however, it costs more than that, we’re going to have to move. Which would be a stressful prospect, except this guy really liked what he saw. We’ve been informed that he has numerous other properties for rent, and would be happy to have us as tenants in one of thsoe if we can’t stay where we’re at. And the dogs won’t be an issue for him, which has been our biggest source of angst about it… if we have to move, where are we going to find a place that will take us and our three dogs? Apparently this guy. It helps a lot that one can demonstrate that despite dogs, the property is in better shape today than it was when it was originally rented out.
Gabe tells me he’s lived there for about 8-years now… the whole time not knowing whether he was staying or going… as the house has changed ownership I think four times in total now.
So for him, its all par for the course.
For me… I don’t think I care anymore. Its a win-win situation for me, as best I can tell. Either I stay living in the house I’m in… and get the repairs made that I need/want made… or I get to move to a new place and still not have to deal with house’s issues.
Most likely we’ll be staying put indefinitely… until we’ve saved up enough for a down payment… and if these issues are fixed, we might just make an offer on the house we’re in.