Crisis averted, for now
Well, we wound up moving back the closing on the little house. Due to ongoing shenanigans with the mortgage people, we're just giving up on doing the refi on the old place altogether and cashing in some other chips to buy the little house cash.
We're going to sell Chateau Danneel ASAP, so we're not over-invested in property in this area. Values for houses that didn't flood are up like 50% right now, and it's a good property to begin with (a large duplex) so I think it's a fair time to cash out. I kind of hope it doesn't actually sell until our tenants' leases are up, as I don't want them to be shut out. I'll have to find out how leases are handled when houses sell. I fully expect whoever buys it from us will convert the two units from 4 bed/1 bath to 3 bed/2 bath and resell them as condos with a big profit. Well, more power to them. I'm not doing it, I've got enough on my plate already.
God willing, we'll close on the little house this week and get started on repairing it right away. I'd really like to be back in town by the end of August. I just hate apartment living. Well, this apartment, anyway. It sucks.
posted by Nola @ 7:29 AM
1 comments
1 Comments:
As sellers, you could easily make it a condition of any sale/contingency to not evict tenants until their leases reached the ends of their terms. By letting the tenants know that you had done that, they could have some recourse should new owners try to do so precipitously.
When i bought my house one of the tenant's leases actually stated that should the building be sold their lease would not terminate until the its original end date, so they stayed. Ironically, they hated being in an owner occupied house would have probably prefered to move, and the tenant who was evited so i could move in would have been happy to stay. I guess you never know.
Good luck, and glad to hear things are going okay for you. I wonder if there's ever a feeling of "survivors' guilt" for those who didn't come out as well in terms of being able to rebuild? You are obviously stressed and maxed out and have had a lifetime of beaurocracy wrangling in a few months, which likely feel like years, yet at least you have houses and financial resources to come back. No need an answer that if it's too personal, it just was a thought i had. Take care,
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