What would you do?? Rent ??

[EmilyVorpe]

We were told last month that our house was going into foreclosure. In the same breath, it was said the house was going for auction. So Im gessing the landlords shiny new car was paid for quite easily. ANNNNYWAY... landlord mentioned that if the house didnt sell at auction, it would go to the bank and we may be able to rent it from them. Well, today, auction...didnt sell.
I called the bank and they dont have all the info yet, but they did say renting was very likely something we could do if we wanted. Rent would be about 60% of what we have been paying and Im not sure how long we will be allowed to do that.
On the other hand, we have been looking for another apartment (we are a big family so finding one big enough is a little tricky) and we have found 2 that suit our needs in a lot of ways. They will be gone for sure in another few weeks. Do we give up both apartments and stay at the house we are in and save some money or do we move now???? we have the money to move so that wont be an issue...saving $400 a month for even a month or 2 would be nice, but....Im not sure its worth being stressed finding a big enough place in a few months, during the snowy months.
what would you do?

[sanguine_speed]

I would much rather move on my terms to avoid having to settle when I was forced out, especially with 4 kids' needs to consider.

[zebra15]

With 4 kids your apt options are going to be limited (# bed rooms required etc) so I would start looking NOW and if you find something that you like and you can afford, I would take it. Also if you find a house to rent that you like rent that. With foreclosures that house can go back to auction or back up for sale anytime. DO you really want to be living there with it 'for sale'? and potentially people coming to look at it? Do you want a potential 15-30 day close on that house and HAVE to be out in a max of a month? 4 kids, no thanks.... I'd much rather go on my terms and go now.


Plus you live in NH, the weather is going to start getting colder soon, yes its just august, but 2 mos from now is october... I do not want to move in rain and snow, DO YOU?

[The Duchess]

Also, despite you believing the apartments will be gone quickly I would still try and negotiate with the owners of the apartments on rental terms. Many landlords are very grateful to get tenants right now. Get a book on negotiation from the library and give it a go.

[zebra15]

Originally Posted by The Duchess

Also, despite you believing the apartments will be gone quickly I would still try and negotiate with the owners of the apartments on rental terms. Many landlords are very grateful to get tenants right now. Get a book on negotiation from the library and give it a go.

This is true, unless you are looking to move near on 'on campus' there will generally be apts available.

[SumnerRain]

Originally Posted by EmilyVorpe

We were told last month that our house was going into foreclosure. In the same breath, it was said the house was going for auction. So Im gessing the landlords shiny new car was paid for quite easily. ANNNNYWAY... landlord mentioned that if the house didnt sell at auction, it would go to the bank and we may be able to rent it from them. Well, today, auction...didnt sell.
I called the bank and they dont have all the info yet, but they did say renting was very likely something we could do if we wanted. Rent would be about 60% of what we have been paying and Im not sure how long we will be allowed to do that.
On the other hand, we have been looking for another apartment (we are a big family so finding one big enough is a little tricky) and we have found 2 that suit our needs in a lot of ways. They will be gone for sure in another few weeks. Do we give up both apartments and stay at the house we are in and save some money or do we move now???? we have the money to move so that wont be an issue...saving $400 a month for even a month or 2 would be nice, but....Im not sure its worth being stressed finding a big enough place in a few months, during the snowy months.
what would you do?

I am all for moving on my own terms, but I wish the bank had answers for you. With the housing market the way it is, you never know how long the house will sit there... could be days, could be years. Did they give you any idea how long you will have to wait for answers?

[A&A]

Originally Posted by SumnerRain

I am all for moving on my own terms, but I wish the bank had answers for you. With the housing market the way it is, you never know how long the house will sit there... could be days, could be years. Did they give you any idea how long you will have to wait for answers?

The house will probably sit for a long time. I'd keep renting it.

[celerydunk]

I would also continue to rent and save the money. The way the market is that house is probably going to sit for a while.

How long have you been looking for an apartment? If you were able to find two that you like in a short amount of time, chances are it wont be that hard in the future.

[EmilyVorpe]

I have had a very hard time finding good apartments. The ones we have found were word of mouth through friends. BUT, I know apartments and houses do exist....its just hard to find them. lol
The bank said we should know by Friday if we will be able to rent and we will be directed to talk to their foreclosure lawyer. This house is a 3 family home and has 1 floor thats been empty for years as well as been on the market for 2 years and only 1 view. I dont know if this will sit for very long, but I do know that we will have 30 days no matter what before we have to move.

[SumnerRain]

Hopefully they will drop your rent a ton and you can put that money into savings to fund any moving costs.... deposits, moving van rental, pizza & beer, etc.

In our city at least, I found that in the summer rentals are really hard to find (read: impossible), but in the winter months when moving is not ideal, they are plentiful and deals can be made easily because they are dying for renters. We first inquired about this house in January, and in March it was still available. There were a dozen other 4 bedroom houses on Craig's list, but we had too many pets for them to consider us.

Now, out of curiosity I looked to see what I could find and there was NOTHING in our price range that didn't reek of scammy, or were short term, like 2 months or on the market and having to keep it show ready at all times.

Hopefully you can update us later this week and the terms will be acceptable. With it being a 3 family home, I bet whoever buys it will want a home already occupied by tennants. You sound a lot more relaxed, I wonder if panic was making you want to bolt ASAP?

[EmilyVorpe]

Originally Posted by SumnerRain

Hopefully they will drop your rent a ton and you can put that money into savings to fund any moving costs.... deposits, moving van rental, pizza & beer, etc.

In our city at least, I found that in the summer rentals are really hard to find (read: impossible), but in the winter months when moving is not ideal, they are plentiful and deals can be made easily because they are dying for renters. We first inquired about this house in January, and in March it was still available. There were a dozen other 4 bedroom houses on Craig's list, but we had too many pets for them to consider us.

Now, out of curiosity I looked to see what I could find and there was NOTHING in our price range that didn't reek of scammy, or were short term, like 2 months or on the market and having to keep it show ready at all times.

Hopefully you can update us later this week and the terms will be acceptable. With it being a 3 family home, I bet whoever buys it will want a home already occupied by tennants. You sound a lot more relaxed, I wonder if panic was making you want to bolt ASAP?

Yes, Im a little more relaxed today. We did apply for 1 of the apartments. Everything looks good for it, but we havent seen it yet. We will be seeing it on Sunday. If we dont get it or dont like it when we see it, we will be waiting to move as long as possible and saving. Rent should be about 60% of what we were paying before so that will be nice to save up a little if we stay... aside from moving costs, it will give us a little xmas money.