House Buying halp o halp the stress the stress

[Caligulette]

Here is the list, because that's the way I feel like writing it out: (Mostly in order of stressyness)

We have to close by June 30

The assessment - may have been done this week, maybe not

There will be repairs required, so contractor bids are needed

I will have to establish residency, so will need to evict someone

I have someone in mind (the "dishes people" from another thread)

I will have to bribe them and hope they don't have a sledge hammer

All the deposits these people (all tenants) paid were eaten by the forclosure out of which I am buying the place and I have to tell them this. I think the realtor will come with me to do it.

What if suddenly no one has jobs and no one can live anywhere?

PLEASE help by telling me the upside of your house-buying experiences?

[Qingdai]

Upside? Not having to worry about rent suddenly going up or getting evicted.
Being able to fix things in a way that is pleasing and timely to you.

[Chris Porter]

One of the things a renter has to worry over is that even if one paid rent on time, one can still get thrown out if the apartment owner didn't pay the mortgage. Owning a home alleviates that concern.

My "rent" went down quite a bit. I got almost 3x the space I was formerly renting. The utilities are not as high as I thought they would be.

[Caligulette]

Chris - thank you about the utilities.

Qingdai - thank you about the evicty thing.

I also fear riots, but this house has a lot of stairs to even get to it, so maybe they'll be too tired to come up and smash things.

[Qingdai]

Riots in that coastal city? They'd be unlikely to be that energetic.

[livius drusus]

My rental apartment was foreclosed upon without my knowledge. All four tenants were summarily given 2 weeks to gtfo or watch the sheriff throw our shit onto the street. Before that in the "good old days" we got mold infestations that were never abated, plumbing leaks we had to fix ourselves, months of unpaid water bills resulting in regular shut-offs, and vociferous vermin in the attic.

This process blows, Cali, but it'll be over soon enough, and then you'll be master of your own destiny. :cheer:

[Dingfod]

Upsides for us:
1) Not having to go to the laundromat.
2) Not having people with "squeaky pipes" living one wall away.
3) Not having asshat with loud stereo that bitched about my piano playing as a neighbor.
4) Not having to hunt for an outdoor parking space every time you leave.
5) Not having to get permission to hang a picture on the wall.

[LadyShea]

Buying a home in which people live as renters does present a few extra challenges.

To relieve stress on them, try to imagine what you would like. As liv pointed out, as much notice as is humanly possible would be helpful...send certified letters ASAP explaining that the house is under contract and therefore they will need to seek other arrangements. Also explain that the new owner was not a party to the original contracts, and so can't be involved in any deposit rebates or whatever.

Perhaps the agent can tell you where people would go for that...sue the original owner, maybe?

On the upside, you may or may not accrue equity on a house...but chances are you will...especially over a longer period of time. You can never, ever get your rent money back though. When we sold our Vegas house, we worked the numbers, and found that we had gotten back almost exactly what we had put in (we made a little bit). Thats like getting a refund for 9 years of housing costs.

[Caligulette]

I am not planning to sell it, I am planning to keep it and live in it. Unusual, I know.

Friday the realtor and I are going to go and introduce me as the new owner to be. I am going to renegotiate leases, except one.

[LadyShea]

I am not planning to sell it, I am planning to keep it and live in it. Unusual, I know.

Sorry, the thought of living in the same place for the rest of my life is so alien to me, I forget some people plan and do exactly that. I have no plans to leave this house anytime soon, but it never occurred to me that I won't sell it someday.

In that case, then, you can use your equity in other ways; to help finance your retirement, for example, to have something to leave your kids.

[Caligulette]

So it turns out that legally the tenants need 90 days notice. Okay good, I guess, good to know. That frees up Friday. Also frees up me having to decide how to divide a household of not too much stuff so as to not have to buy too much stuff. But they'll have to pay rent in the mean time fo sho.

Ich will work up leases and notices and whatnot.

[Caligulette]

O my fucking gord it's still not closed. :faint:

The realtor apologized to me on Friday and said he's never seen so much red tape in a house transaction. Lucky me, maybe they'll name whatever stress-induced disease I get from this after me.

ETA - as it stands the assessor has been assigned, but who knows when s/he'll assess the danged thing.

[Crumb]

Caligulitus :sadyup:

[Qingdai]

As banks realize they have screwed the fuck up, they seem to have gotten more red tape orientated.
But they've also been cutting costs so haven't been hiring enough employees to actually move any transactions, at least that's the impression I've been getting.

Caligulatta Nervosa. An irritable condition that requires, beer, chocolate and a fair amount of kvetching. Followed by the rending of garments. Preferably other people's garments.

[Ensign Steve]

Ooooh boy can I relate. :hyperventilate:



PLEASE help by telling me the upside of your house-buying experiences?

When it's all over, you have a house. :thumbup:

[livius drusus]

My realtor was pretty awesome. Getting to work with him was an upside for me. I learned a lot about the city.

[Janet]

Caligulatta Nervosa. An irritable condition that requires, beer, chocolate and a fair amount of kvetching. Followed by the rending of garments. Preferably other people's garments.

And pie. I'm quite sure that pie would be required.