Choose Your Own Adventure

 

You'll remember this little gem, yes?

Okay, so it's been a relatively quiet eleven months and if you've not been reading for much longer you maaaaay not know that when we moved?  Back in 2007?  We never sold this little puppy. 

Yep, that was the point in time that our country was calling this Nightmare Economy a "Buyer's Market" and people still had jobs and retirement accounts and one could score an interest only mortgage for as little as twelve cents down happily paid with a MasterCard and three salted french fries.  No shortage of buyers that visited our little place, for sure, and unfortunately, no shortage of deals gone bad when it came to the not-sale of our little house.

At this time last year the house was just to the point of tossing dirt upon our heads as we lay in our deep financial grave, and we were left with no choice other than to foreclose find renters.  Fast. 

I like to call myself a doggone economy-downturn pioneer.  Bitches.

(I don't know.  The title, it didn't seem complete yet.)

So our renters signed a one year contract with us, and they kindly paid on the first of each and every month for a whole year and as far as we are capable of knowing, they've taken care of the house.  And they're nice, too.

I took the year and worked my ass off to dig us back out of credit card debt for the second time (where credit card debt is to nine months of two house payments as vomiting from your toes is to the stomach flu) and I went to great lengths to begin rebuilding our obliterated savings account.  Oh yeah, and I had a baby, too.

You love happy stories, don't you?

So recently, just as we began talking sophomore contract with our totally fabulous renters, we were alerted to the fact that we unknowingly (wherein accidental landlords probably would not know but eventually came to know) did not remove the mortgage and homestead exemptions on our old house when it became --- now say it with me, and annunciate, in a slow whisper -- when it became an "Investment Property."  (In the "Buyers Market.")  (Haaaaaa hahahahahaha.)  

So apparently our county really likes you to live in a house if you're getting a tax exemption for living there, and therefore they estimated the back-tax bill to be rather extremely large, and in the mail. 

I'd like to say something clever here, but only the phrase Beginning of the End comes to mind.

Because then bad-ass Escrow had to get in on the action, causing the payment on this little non-homestead of ours to increase by a couple hundred bucks a month, nevermind the fact that our rent checks already aren't covering what actually gets paid to the bank every month.  (But hot damn!  We have great credit!  We're honest suckers payers and we didn't foreclose with the rest of the free world.)

Now let us pause for a moment and think about Spring tulips and baby chicks.  It is what I tried to do when I heard this news, and also I placed my fingers in my ears and sang loudly until I realized that I just looked like a damn idiot and needed to start making out the check.

 

Who can forget the Knucklehead Smiths next door, eh? 

So after our uber-fabulous renters accidentally disclosed the fact that they were not only fully committed to signing another year contract with us but also are currently house hunting for something later this fall or early winter (thus leaving us high and dry in the snow, oopsie) we sort of wondered with the couple hundred dollar payment shortage, the tax thing, the new renter search, if we shouldn't just try selling again.  Look, I know the market is still shit, but maybe we'll get lucky, right?

Hrrrrmmm...  Did I mention the Knucklehead Smiths next door did foreclose in the past year? 

Ohhh they did, and now the Banklehead Smith property is on the market for approximately HALF of what the Knuckleheads bought it for, capping our available asking price somewhere around the twenty eight dollar marker.  Why buy ours if you can get the house next door with a garage and an extra bathroom for thousands less, eh?

We tried to strike a deal with our renters to purchase our place, though they respectfully declined (though still looking for a new lease for whatever reason?)  We've talked about hanging on to it for another year and bleeding the couple hundred dollars per month, though lets face it, my husband works in the financial sector and jobs are anything but guaranteed and stable anymore.  Last, we've talked about bare asses to the breeze, listing the empty house again and shelling out an ungodly amount of cash from our recently partial rebuild of an emergency fund to cover the difference between the final sales price and what is actually still owed on the mortgage.  If we can sell it this time.

We've got mere weeks left in the safety of paid-up renters, so we're going to have to figure this one out pretty quick, eh?

Comments

[Erica]

Ahh shit. That sucks Molly. I say let them rent month to month and list the property while they are still there, that is, if they take pretty good care of the place and you wouldn't be afraid to show it to others while they are there. I loved the three cents down and 3 salted fries. It's actually a pretty close to the truth. When I was selling real estate some people got some houses they never should have, with nothing more than a signature. who knew people's autographs could be worth so much. Good luck lady. It will all work out.

[Alissa]

Can you let your renters go month to month, with a required 60 day notice intent to vacate?

[Laylabean]

Crap! I was really hoping when I saw the picture of the house at the top of your post that you were going to say something great like the renters decided to buy...or you struck oil in the basement...

*sigh*

Sorry.

[Nikki]

Sorry to hear this Molly. Hope your cloud shows its silver lining very soon.

[Amy W]

I feel your pain...our renters filed bankruptcy on the money pit home we still own in Virginia.

I will say this: try talking to your mortgage company on renogiating your mortgage for your "investment" property. We did, and we got a lower interest rate locked in for 30 years. Cry, plead and beg. At least that's what we did.

[Amy W]

Oh, and I totally can't spell - renegotiating

[BetteJo]

No ideas for ya here! Just .. um .. good wishes? Luck!

[Bethany]

Uh, burn it down? Kidding, people, just kidding!

Seriously I hope it works out for you guys.

[Frema]

Oh, Molly, no! Can't you skip this adventure and go after a new one? Preferably with vampires. The vampire stories were always the best.

Thinking of you, my friend.