Bad News - May Have to Move

[MrAudio815]

Hey Everyone,

Got home from school today and the LOML told me our Realtor called and said the owner of the Townhome we are renting wants to Sell. :BangHead:

Our lease runs up in April 2011, but from the sounds of it, The owner is putting a forsale sign on the garage door and wants to sell quickly.

I just got my shop all set up in the garage~! :gar-Cr

Me bummed~! :wconfused:

 

[erasmussen]

Thats a bummer for sure, Maybe you'll find a place with a better shop.

 

[ehpoole]

I'm hardly a lawyer (I don't even play one on TV), but assuming your contract is in writing... Unless your contract contains a specific provision for the owner to drop your contract unilaterally without cause due to sale (or some other such provision), the buyer, I believe, would be buying not only the house but your contract in the sale and would be responsible for honoring it until the next renewal period (April 2011). They could, of course, offer to buy you out early, but I believe the choice would be yours to make.

If in doubt, first find out what the current owner's intent actually is (sometimes we read too much into things). Then, if necessary, you may opt to contact a lawyer for an initial consultation just to find out what your legal rights are as tenant.

Up to you, but if you need the advance warning to find yourself a more ideal location to move to, then it never hurts to stand up for your rights. Maybe (dreaming) a place with a 4-car garage...

 

[b4man]

Try not to be too upset yet! If the market there is like it is here it may take 'till spring to sell it. I think I would be more upset about having the intrusion of my home being shown!
At any rate, start looking around, you might get lucky:wink_smil

Barbara

 

[scsmith42]

Matt, I would not get too upset yet.

First, in today's market sales are slow. Therefore, it is doubtful that the property would close quickly.

Second, a prospective purchaser may be looking for rental property, and thus you would not be impacted at all. Matter of fact, the landlord may feel that they have a better chance to sell the townhouse if it is rented, as opposed to empty.

Regards,

Scott

 

[red]

Second, a prospective purchaser may be looking for rental property, and thus you would not be impacted at all. Matter of fact, the landlord may feel that they have a better chance to sell the townhouse if it is rented, as opposed to empty.

Regards,

Scott

+1. I would ride it out until your contract runs out then take it from there.

Red

 

[Dan Bowman]

This might be the perfect opportunity to consider owning instead of renting. Lots of ways to own a home if the seller is motivated.

 

[Marlin]

Also don't let them push you around when it come time for showing.

Read your contract but if I remember they have to give a 24hr notice to enter. For most this is nto a problem but I have seen that come up before so re-read your contract.

 

[sjack]

I know how you feel. We just went through about the same thing. Only we had just 40 days to pack up and find a new place and move. Not fun while working 60 hrs a week. Went from small shop to no shop. Still not happy. But it seems you will have plenty of time to look around. Good Luck.

 

[Mark Stewart]

I'm hardly a lawyer (I don't even play one on TV), but

Did nyou saty at a holiday inn express last night?:rotflm::rotflm::rotflm:

 

[Gofor]

Matt: Bad news maybe, but maybe not. As already stated, most properties like that are sold to other landlords, so you may not really be affected much. However, the realtor should be able to answer the questions as to how you would be affected. If the realtor is also the owner's realtor, and says you'll have to move, get a second opinion from a legal source.

If there are any military installations close by (even if not Air Force), you can visit their legal office also. IF you don't know of any, stop by a recruiter's office and find out who supports them. You may have some protection as a military member that others do not.

Just some thoughts and hoping for the best

Go

 

[jhreed]

Do not stress out. Check your contract. You may not have to allow access until the end of your contract. has your house in Goldsboro sold yet?
James

 

[boxxmaker]

Can't add anymore to what's been said already,but wish you the best of luck and hope it works out for you.

 

[MrAudio815]

Thanks everyone for the kind words. I'm sure I can stay end of April 2011, but I'd still have to move. I sold the trailer, so no way to move my heavy tools easily. A rental truck will suck getting that tablesaw into it. Plus the cost of moving again, down payments, etc.

These town homes (a lot of them) are all owner occupied. Many have sold since we have been here. Espeically the 3 bd 1.5 bath 2 car garage which we are in. The 2 bd 1.5 bath and one car garages take quite a bit longer to sell.

I have thought about buying this place, then we wouldn't have to worry about moving at least now. Thing is I have no job, and I am just living off of grants and the Post 911 Gi-bill.

Do not stress out. Check your contract. You may not have to allow access until the end of your contract. has your house in Goldsboro sold yet?
James

No James we haven't sold our house in Goldsboro yet. We did get it rented out and their contract last until June 2011. So even if we waited it out, and wanted to buy this place, we couldn't sell our house to get the money we would need to buy this one.

Unless some bank is willing to lend us the money based on our income from our rental, grant money and BHA of $969 a month????

Then we could buy this place and still have our Goldsboro house being rented out.



Sorry to run on forever.


Thanks~!!!